In forex trading, certain tools ensure the effectiveness of trading forex. One of those tools is Forex Factory Calendar, it is one of the required tools a good forex user makes use of.
Many Forex Traders especially the novices don’t know its use or even how to make use of it, or maybe even want to improve their knowledge on it, which is the purpose of this article, we will educate you on that.
In this article, we will discuss the meaning of Forex Factory Calendar, How to set it up, How you can make the best use of it, and other indicators you need to know about in Forex Factory Calendar.
What is Forex Factory Calendar?
Forex Factory Calendar also referred to as the Economic Calendar is simply a calendar that is seen on the Forex Factory Website, with this calendar traders organize and see upcoming events regarding trading, and the impacts they will have on trading.
Traders can use this calendar to set their times and zones as they desire and as it will best affect their portfolio.
How To Set and Use Forex Factory Calendar
Many traders set the forex factory calendar as it will best affect them, this is because there are options that allow you to make your choices. Listed below are the best ways to help you configure your Forex Factory Calendar:
1. Visit the Forex Factory Calendar Website
The first step you are to take in setting up your Forex factory calendar is to visit the website through forexfactory.com.
Once the screen opens, click on “Calendar”, then proceed to the next step.
2. Select and Set The Time Zone
To choose your time zone, just look at the top, there is a “Time” Button there, so click and set it accordingly to keep the calendar correct.
With this, it can help make your trading more easier as time is one of the factors that affect trade.
Other settings such as (DST) Daylight Savings Time, The Meridian (AM/PM), and Time Format are all available there.
After you are done with the settings, click “Save Settings” and those changes will be saved. Now move over to the next step.
3. Configure The Calendar News Filter
Here, you are to configure the type of events or news you will have to always get, and also the type of currency to be displayed.
This part is very essential because you may exclude relevant news that may help or positively impact your trading.
To configure the news filter, click on “Filter” which is situated in the right corner.
After you have clicked the filter, it will list out news/events and currencies as well, choose the ones that can impact your trade.
Click the colored boxes under “Expected Impact” as it contains the information you need to know between the High, Medium, and Low Impact News and which colored box represents each.
You can go for the news with high impact as they will provide you with good updates that will positively impact your trade.
Click “Apply Filter” after you are done with the settings, those you selected will start displaying.
4. Choose The Dates You Desire
In this step, you have set the date or the time frame you think will be most suitable for you, as to always help you prepare ahead.
This setting is different from that of step 2 (time zone).
So here, you are expected to choose how you would like it to be displayed.
Either a day, a week or even a month.
You are to choose the one most convenient for you.
If you choose “Today” it will only show details for that particular day.
If you choose ” This Week” It will show the details for each week. If you choose “This Month” It will show the details for the whole month. Once you are done with the settings, move to the last step.
5. Check The News Details
This involves checking those events/news to see the content of it and how it can prepare you for the trade, especially for the future trade and its impact.
To access each piece of news, click the yellow icon (message icon) which is also under “Data”, and the details of the news will be unveiled.
You are done with setting your Forex Factory Calendar, so news will be displayed according to how you configured yours.
Conclusion
Forex Factory Calendar has been a very effective tool for most successful traders.
With all the above explanations, you can make good use of the calendar starting right from the time zone to the news filters and others.
Once you carefully utilize them, they will help make your trade as smooth sailing as ever.
