Forex Factory is a popular forex-related website with news, a forum, live trades and much more on forex trading.
The site has a huge following with thousands of members and large numbers of traders online at any one time.
Here we take a look at some of the key features of forex factory and how it could aid your trading.
Major Pairs Summary
At the top of the website you have a nice summary of the major forex pairs, for example the current position of the EUR/USD or the USD/JPY together with a small candlestick chart of the recent direction of the pair.
This summary is useful for giving you a quick picture of currency movements in snapshot form.
There is a comprehensive news section at Forex Factory, with lots of information on current events on the markets.
You can see all the upcoming events such as announcement from the Fed, production figures or bond auctions.
Clicking on the upcoming news story will give you a wealth of details about the story, including the source, the particular item(s) that are being measured, the usual effect of the announcement, the next scheduled release of the news flow, information about “why traders care” and some additional notes.
So overall, well worth knowing to plan your trading around and be aware of what the upcoming announcements are, as well as what effect they may have on the markets.
There is also a collection of major news stories from assorted media sources such as Business Insider, Market News, the New York Post and many others. Also worth having a look at to gather the latest news and opinions from expert publications.
One of the major features of Forex Factory is the forum, where a wide range of topics are discussed.
There are some very active threads on the forum, some with over 60,000 individual posts! So you can certainly find out a great deal of information and other’s opinion on all things forex and related to the markets via the forum.
Some of the major topics being discussed at the moment include people’s own trading systems and strategies, general views of the markets and where they are going and explanations of how to make trading more simple.
There is also a section for the “hottest” forum posts – i.e. those being commented on and viewed most often recently.
Live Account Positions
There is an interesting measure of the totality of positions of traders on various currency pairs, as to whether they are long or short and by what percentage.
So for example it shows the EUR/USD, with exactly 50% of current traders on the site going long and 50% going short.
Where as for the GBP/USD, 59% are long and 41% are short.
There are also recent histories of trades taken by individual traders, giving details of what currency pair they traded and at what price.
So there you have it, a full picture of things at Forex Factory and what you can get out of the site. All pretty impressive when you consider it is provided for free. Plus there are additional features such as a comparison of brokers and live market charts for the various major currency pairs.
The site is well worth a look to aid your forex trading, chat with other traders and share your views on the direction of the markets.