This gives me a complete picture of what to expect over the coming days without cluttering the calendar with news that will have little impact on the markets. You can change this any time by repeating this step. You should now have your time zone set and your filter configured the way you want. This is the span of time that will be shown on the calendar. From this window, you can choose a single day, a week or even the entire month.
Also note that you can quickly select predetermined time frames in the bottom half of the navigation pane. Pro Tip: Choosing to see the entire week is often the best approach when trading the higher time frames. This allows you to prepare for the next few days rather than just the next 24 hours.
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Be sure to use this feature with caution. It can be far too easy to get caught up in the nuances of each event. From the screen above, you can see additional details such as the source, frequency and history of the event to name a few. Before we move on, I want to reiterate how important it is to use these additional details sparingly, if at all.
The real advantage to using a calendar as a technical trader lies in the scheduled time and expected impact of the news. Anything more than that and using a news calendar can become more of a distraction than an asset. That concludes the process of setting up the Forex Factory news calendar.
How to Use the Forex Factory Calendar in 2021: The Ultimate Guide
Knowing how to set up the Forex Factory calendar is one thing, knowing how to use it properly is quite another. The first thing to understand is that you only want to focus on the market-moving events. This means setting the filter to include only the medium and high-impact news events. Pro Tip: Below is a list of some of the major news events you should keep an eye on as you trade the Forex market.
By now you should have the time zone, filter and time frame set for your calendar. You should know how to view additional details of a news event as well as which events are most likely to cause an increase in volatility. Next we will get into how to strategically position your trades around major news events so as to minimize your risk.
Step 2: Configuring Your Time Zone
The reason we want to use the Forex Factory calendar is to know when market-moving news is expected and thereby avoid or prepare for periods of high volatility. As such, I want to run through a few basic rules when it comes to trading around the news. All of the scenarios below assume that the news event in question would hypothetically impact your trade.
This is obviously the safest place to be with major news around the corner. You have nothing at risk and you get to objectively analyze the price action that forms as a result of the news. How much time is needed between putting on a new position and a scheduled news event that could adversely affect that position? As a general rule, I like to see at least a 24 hour window in which there is no scheduled major news before putting on a trade.
This of course can change depending on the last two factors listed above. This scenario involves an open position that is in profit, but stands a good chance of turning negative if the news event in question adversely affects the position. Should you close the trade and book a small profit to be safe? But then what if the market moves in favor of your position?
If you close it now you risk missing out on potential profits. Your number one job as a trader is capital preservation. Making money always comes second. Whereas if the market flipped the other way and reversed, it usually would indicate the market was caught by surprise and it was switching its positions aggressively. Although you are looking at past data, you can use it to gauge how the market participants are reacting to certain data releases, which can give you an edge in the future.
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The key behind having a trading journal is that it will keep track of all the past trades you have made, with a description of whys and outcomes. This is important if you desire to improve quickly as you can begin to see trends in your results; what are the common patterns for your success and what patterns are causing your losses. The information generated from a journal is vital for an up and coming trader to succeed.
Here are our top 4 reasons why you should keep a trading journal:. Trading can be fast and furious some days and as slow as a sloth the next day. Imagine having a notepad that had all your wins and losses in and you can learn from it each week, you bet you will become a more profound trader.
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When you trade each day you can forget the little trades your lose and avoid realizing what led to the mistakes. By having a journal, you can stick it in there and manually watch your growth, day-by-day, as a trader. This will give you a tremendous boost in confidence and experience with dealing in certain market conditions.
By the end of it, you want to be looking and reacting to opportunities with certainty. Not looking for opportunities, double-checking it on your notes and worksheets, react to the opportunity late, and dealing with uncertainty. Similar to point one, but success breeds success.
Every time you succeed, note down the one-key thing that helped you; this can then be formed as a habit of success. Every time to track your trades you can reflect on how accurate that flag pattern was, or whether or not it is a supply zone. This forces your brain to wire to memory the solid, successful, patterns and results then chuck out the poor examples of losing trades. This means anyone who is interested can read and follow your journal. This may sound daunting, but this holds you to a commitment of completing the journal and respond to other traders who open up a discussion with you.
You may receive helpful comments when you are doing something wrong and learn from the community. Equally, you may be informing others on what they are doing wrong. To do this, you will need to open an account — this is completely free.
- How to Use the Forex Factory Calendar in The Ultimate Guide.
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Once you have opened an account and fill out your profile, you can open up a journal thread by clicking Start New Thread. Then each day, return to your thread and update it after your day. Sometimes life can get in the way of always reporting back to trading stats and check-ups using the journal. You can plug in your Metatrader 4 account to the tool and it will automatically pull your data to their platform and generate statistics based on your performance instantly.
This is really useful if you want to understand the granular aspects of account performance, plus all it takes is 5 minutes to set it up and get going. The Forex Factory Forum is one of the largest forex forums on the internet with over , active members a month communicating trading tips, strategies, and news.
Forex Factory: 5 Free Tools That Will Improve Your Trading
It would be a good idea to have a browse of the forum every so often as there are a lot of traders who openly discuss their trading strategies that you can learn from and test. In addition, there are plenty of other free resources within the forum for you to view at your own leisure.
However, never commit to a trading strategy or service you may come across without testing it previously before you go on a live account. Not only that but you can become part of a community, make friends with traders and interact different trading ideas with one another. Simply save this as a PDF then voila! Although the tools available can be used to gauge market participation we must highlight one tool that you should understand is misleading.
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