Forex Factory Calendar Tutorial:
The Only Forex Calendar You Need

Forex Factory Calendar Tutorial: The Only Forex Calendar You Need - InvestGrowRepeat.com

The Forex Factory Calendar is one of the most popular and reliable forex calendars available to retail traders. In this Forex Factory Calendar Tutorial, you will learn how to setup and use the free tools available for modifying the calendar to suit your personal needs.

Forex calendars are used to get immediate up-to-date information on important forex-related news events. There are many forex calendars available to the general public, but many of them fail to update immediately with important financial figures, despite their claims otherwise.

This is where Forex Factory's Calendar is different. Not only can you modify the calendar to suit your preferences, but the information is truly available as soon as it is released.

To begin, visit the Forex Factory Calendar and then follow this tutorial to set it up.

Related: Stocks vs Forex: Why Trade Forex?

Tutorial Step 1: Configure Your Time Zone

Unlike many other free forex calendars, the Forex Factory Calendar should automatically populate with your current time zone. However, to ensure that all the calendar events have the appropriate time listed, you should double check to make sure the Forex Factory Calendar time matches your current time.

If the Forex Factory Calendar time is not the same as your current time, then click the time stamp (red square in picture) in the Forex Factory Calendar in order to configure the time zone.

You will have the options to set the time zone, turn on/off Daylight Savings Time, and switch the time to military time.

Once you have set your preferences click "Save Settings" and make sure it displays the correct time. Once the time is setup, you are ready to move on to the next step of the Forex Factory Calendar Tutorial.

Note: As long as you do not clear/delete your browser's cache files, these settings will be remembered. However, you can also create an account with Forex Factory in order to ensure your settings are always saved.

Tutorial Step 2: Filter Out the Forex News Noise

The Forex Factory Calendar will likely display much more information than what you actually want to know. However, you can use the "Filter" feature in order to only display the information that is important to you. Specifically, you can choose to display:

  • Impact Level: High, Medium, Low
  • Type of News Events
  • Specific Currencies

Click on the "Filter" button on the top right:

Once you have the Filter menu open, all you have to do is uncheck the boxes for currencies you don't want news about, or for specific news events you don't want to display.

You can hover over the impact event symbols in order to see what each symbol represents. The four types of impact events are:

  • High (red)
  • Medium (orange)
  • Low (yellow)
  • Non-economic (gray)

After you have made your decisions, select the "Apply Filter" button to update the Forex Factory Calendar.

Tutorial Step 3: Select Your Timeframe

Unlike other forex calendars that only allow you to view one day at a time, the Forex Factory Calendar allows you to select how many days of news you want to appear on the page. You can select a full week or even a full month to display in order to plan your trading.

Use the calendar navigation panel on the left to select your timeframe.

The options for selecting a timeframe are easy to use: just click This Week, This Month, Next Week, Next Month, etc. You can also use the little arrows on the calendar to make your selections. Once you have your timeframe selected, you are ready to move on.

Tutorial Step 4: Familiarize Yourself With the News Display

In the Forex Factory Calendar, all the news events display the date, time, currency, impact level, name of the news event, and then the financial information associated with the news event. However, there is a small folder immediately after the name of the news event that allows you to display more details.

This details section is an extremely useful tool, because it actually explains everything you would want to know about the news event, and more. If you are interested in learn more about fundamentals in forex, then this details section is extremely effective for understanding how fundamentals affect the forex market.

Also read about the Top 7 Forex Fundamentals.

Tutorial Step 5: Learn How to Use the Forex Factory Calendar

How you end up using the Forex Factory Calendar will depend on how you trade. Are you a technical trader or fundamental trader?

Technical Forex Traders

Technical traders primarily trade off the charts and do not actually pay attention to the news results. For them, the whole purpose of using the Forex Factory Calendar is to know when volatility might significantly increase.

For technical traders who primarily daytrade forex, this provides an excellent opportunity to make large gains very quickly due to the increased volatility.

However, for technical traders who trade more long-term, they actually try to avoid news events. Instead, they use this forex calendar to know when they need to be out of the market. These long-term technical forex traders wait (sometimes for a full day) until the news event is over in order to see what direction the long-term trend might take. Then they position themselves accordingly for a trade lasting a few days.

Both technical groups (forex daytraders and long-term traders) have no need to use the details section described in step 4. They only need to pay attention to the basic information displayed on the Forex Factory Calendar, especially the timing of the news events.

Fundamental Forex Traders

In contrast, forex traders who trade primarily based on fundamentals will be very interested in the details of the news events. Rarely do fundamental forex traders daytrade, because they generally understand that long-term success in forex requires long-term trading. While there are long-term technical traders, the fact that they are long-term is the primary factor influencing their success as forex traders.

Granted, fundamental trading does not mean technicals are not used – generally these types of forex traders make decisions on a mixture of fundamental and technical information.

If you are interested in learn why long-term trading is more consistent and profitable than daytrading, then read How to Win in Forex.

Want my advanced forex knowledge?

Learn how I win with advanced risk-reducing techniques and leverage management, as well as the buy/sell signals I use. Normally available for $50, you can have access for only $29.

 

$50 $29

(Select "Pay with Debit or Credit Card" if you don't have a Paypal account.)


Disclaimer: Purchasing does not guarantee success, although it may significantly increase your chances of success – you are always trading at your own risk. All transactions are final.

Beyond the Forex Factory Calendar

Market Tab

There are also a lot of other really useful tools available at the Forex Factory. If you select the Market tab at the top, then you can view charts of any currency pair you want.

On the chart, you can add indicators using the options at the top right (red box in the picture).

The red icons at the bottom of the chart are the news events with high expected impact.

You can also view the four primary forex sessions on the Market tab: New York, London, Tokyo, and Sydney.

Technically, the forex market is an Over The Counter (OTC) market with no physical location, and trading happens 24 hours per day, 5 days per week. However, volume tends to pick up when the operational hours of these four locations overlap, especially when London and New York overlap.

Trades Tab

The Trades tab is especially interesting because you can see the account activity of verified traders. Notice the section that has a Leaderboard for Live Accounts.

The Leaderboard is automatically ranked by the Monthly return, although it gives no credit to the actual account size. Therefore, to find the truly successful forex traders, change the settings to the Yearly return:

If you look through the list, you will find a few small accounts, but most of the forex traders who show up on the Leaderboard under the Yearly return have very large accounts (over $100,000).

These forex traders also all have something else in common: long-term trading.

Check out this account as an example:

This forex trader has a current account value of $343,714 with a yearly profit of $103,373 so far - really that's a $100,000 gain in only about 7-8 months. They started with an initial deposit of only about $3,000.

If you look through their account several years back, you can see that they started off as a daytrader and lost a lot of money in the beginning several times. For the first 2 years, this forex trader had virtually zero account growth overall. They would manage to win some gains only to lose it again from their daytrading.

However, about a year and a half ago (from when this screenshot was taken) this forex trader started trading more long-term, with trades lasting for weeks (and even months) at a time. Their account grew very fast from this type of trading.

Here's a list of trades lasting for 12 days, 2 weeks, and 4 weeks. This forex trader also has trades lasting for 8 weeks.

And the rest is history for this forex trader.

If you want to know why long-term trading works, then read How to Win in Forex.

Want my advanced forex knowledge?

Learn how I win with advanced risk-reducing techniques and leverage management, as well as the buy/sell signals I use. Normally available for $50, you can have access for only $29.

 

$50 $29

(Select "Pay with Debit or Credit Card" if you don't have a Paypal account.)


Disclaimer: Purchasing does not guarantee success, although it may significantly increase your chances of success – you are always trading at your own risk. All transactions are final.

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