When you have a minimum understanding of FX trading, you already know several socioeconomic, microeconomic, macroeconomic factors that affect the price movement of currency pairs. Following fundamentals enables opportunities for FX traders to increase profitability.
This article describes the Forex Factory Calendar, one of the most acceptable forex economic calendars with millions of global followers. However, trading fundamental events involves specific skills and understanding. Thus, you have to follow an excellent economic calendar and learn the impacts of several events. This article explores features of the economic calendar and the using procedure.
What is the forex factory calendar?
One of the most accurate calendars keeps track of all forex-related events and publishes them on time. It is a very user-friendly calendar that has various attractive features. This website has a forum to discuss FX topics. Market participants from many regions will join, and you can learn many things about professional traders by observing their discussions. Forex factory shows a list of forex brokers and describes offerings so that choice will be easy.
You can check on trader sentiments or positions on specific currency pairs by surfing this website. However, the best part is the forex factory calendar. The calendar contains the news details. You can customize the time of news releases with your local time and select specific currencies news as you want.
Moreover, this economic calendar allows users to sort different impactful news items such as high, low, and medium by different colors.
How to use the forex factory calendar?
This part contains procedures of the forex factory calendar. We describe various features of the calendar in this part by some simple steps. Follow the steps below.
Step 1. Identify the calendar
Go to the website forexfactory.com through your browser. You can see several sections at the top bar, such as forums, trades, news, market, calendar, brokers, etc. Tap on the calendar as the figure below shows to see the economic events of various regions and currencies.
This window may look confusing if you are new to checking the economic calendar. You will get it clear after completing this article.
Step 2. Setup the time zone
We know that the FX market is a 24-hours marketplace. It’s always open during the five working days of the week. Different currencies news releases occur in the local time of the region of the currencies.
For example, The Reserve Bank of Australia (RBA) will release economic data in Australia’s morning. Meanwhile, it may be midnight in the USA. So better you set the calendar to your local timezone for comfort.
Click on the clock and then tap, and it will take you to a webpage, as shown in the figure below. You can sync your local time by simply clicking on the ‘match automatically’ or changing the timezone manually. After changing the time zone, click on ‘save settings’ to see the calendar data in the same format/time as you want. Now all data release you will see on your local time.
After doing this, if the time above does not match with your local time, repeat step two.
Step 3. Event filter
In this step, you can filter events on the forex factory calendar. In this area, you can choose the region or currencies you prefer to see news events, different impacts such as high, medium, and low impactful pieces of news. You can select any one or whatever types of events you want to check.
Moreover, you can choose the economic event types from this area, such as central banks, bonds, business surveys, growth, inflation, etc.
Click on the ‘filter’ at the upper right corner of the calendar window. Now you can filter the currencies or the news based on impact and the economic event types. After completing this, click on ‘apply filter’ to see the setting on the calendar.
For example, we select every high impactful news of the USD.
The calendar shows only the USD high impactful upcoming economic events.
Step 4. Choose the time frame
Now you have the calendar at your local time, and you have already set a filter to see pieces of news for currencies of your desire. Now it is time to select the time frame, which means determining the range of time that you want to watch.
The Forex Factory Calendar enables users to check time frames such as today, tomorrow, this week, last week, this month, etc. Selecting any of these options will show you economic events during that period.
You can also set the time manually by choosing the date range by going to the calendar. After selecting the time, click on ‘apply setting’ to see your desired calendar window.
Step 5. Detail about the event
The Forex Factory Calendar allows you to check on more details about any economic event. To check on more information about any news, click on the detail icon of that news.
After clicking on the icon, you can see all details about that news, including the source of the news, frequency of release period, next release date, usual effects, etc.
Moreover, you can check the history of the news and related stories from the right side of the detail window. When you are done with detail, click on the cross symbol that appears at the detail icon. It will take you back to the calendar.
Finally, now you know all the features of this calendar. You will get all the economic events of the leading currencies by following one of the most user-friendly economic calendars.
Checking on the calendar is a principal characteristic of successful forex traders. Checking on current week events enables traders to make trade decisions easier, the most common time frame for short-term forex traders.