Fundamental Forex Trading Course | A Complete Forex Factory Guide Part 1
How are you all?
This is my very first blog for the BITLANDERS. I am a Forex Trader and I am very busy with my work. Since I've joined this site, I have seen one thing that only top 30 users are earning enough here. That’s why I am sharing my experience with Forex Trading. I hope it will help you to learn about Forex Trading and a new way of online earning. So Let’s Start the Guys.
"Basics of Fundamental Analysis in Forex Trading"
In the Fundamental Trading the first thing you need to learn about how to read an upcoming news in the market. For Example, if you want to trade with the pair EUR/USD, you need to read about all news and economical condition about Europe and United States of America. There are many sites which provide us useful news about forex but the main thing we need to learn how to read and use these sites. Here is the list of few top sites;
In this blog, I will guide you only to the first site is Forex Factory. In my upcoming blogs I will talk about the other sites too, so let’s start our first site Forex Factory.
The Guide to The Forex Factory
Image Source: bar camp
Match the Time Zone:
Please click here to open the site or write manually in your b tab https://www.forexfactory.com/ when the site is opened the first thing you need to do is just hit on the clock, on the right top of your screen and match the time zone with your computer machine. You can match time zone simply click on “Match Automatically” or if you want to manually match the time zone please click on the bar down and select your desired time zone. Now you will see the news time accordingly to your time zone.
Please follow the image to set your time zone. ↓↓↓↓↓
"How to Match the Time Zone in Forex Factory?"
When you have done here, now click on home button to see the news.
The Forex Factory has seven buttons to operate on an entire page.
1- Home Button
I will elaborate all of these one by one.
The forex economic calendar contains a table which has 8 columns.
iii) Currency Impact
Okay so now I’m elaborating these points respectively.
This column contains present date of the day. Because the calendar has all the news but we should just focus on the present date. So we can verify the present date via this column.
This column guides us about news publishing time. It tells us which time the news is coming. As the time is very important in the fundamental trading so we have to carefully check the time and should be ready for trade before the news time.
"Date & Time in Forex Factory"
iii) Currency Impact:
In this column, at first, we have the currency name, the impact type, and the type of news. This is a very important thing in the fundamental trading; here we have three types of currency impact during news time, Yellow, Orange, and Red. Most traders just trade when currency impact will go with Red Color as they not considered yellow and orange as fundamental trading news.
"Currency Impact in Forex Factory"
Okay, so what means of these three types in fundamental trading language?
The yellow means market will move through some pips, or maybe it will remain dead as it was.
The orange impact means the market will move a bit fast before that. For Example, if it was moving 10 pips in one minute before news time, it will move 13-15 pips when orange news impacts the currency.
The red impact is very important in fundamental trading. Most traders only follow the red impact news. They always ready themselves before the news time and keenly observe the market movement before news time, when the red impact news comes up, the market move like a rocket. For Example, if the market was moving 10-20 pips in a minute, it will move around 80-90 pips while red impact news. Here I have a suggestion for newcomers please don’t trade on news time if you didn’t have enough knowledge about the fundamental trading.
Please watch this complete tutorial, In this video you also can learn about how to match the time zone?↓↓↓↓↓↓
"How To Use and Read Forex Factory Calendar"
Okay so here we can get the details about the coming news, we can read the news which type of news is coming. This is also an important part of the news. We can see the history of previous news impacts and read the news in detail. Honestly, it really helps us about what this news will impact on the currency.
"How to Check and Read Details in Forex Factory?"↓↓↓↓↓
We can see here news source, news measures, its usual effects, its frequency, when the next news will come and finally what it’s also called. So I think you should check details about each news, it will help you to make your trading more easily.
This column shows the value of news actual impact of the currency, it’s usually shows the value after few minutes of news time. If it comes better than forecast, it will mark as green and if it comes worse than forecast it will mark as red by forex factory, it will remain same color if the market doesn’t have any big difference.
There are many experts in the forex market, they forecast about the news impact on behalf of its history, the economic condition of the related country and many more tools. They forecast about the news impact and we can see it in this column. It may be vary from the actual impact but some time it’s miraculously matches.
As I said above the history of the news has its importance in the fundamental trading so we should know about the previous impact of the news on market, in this behalf we can manage our trading plane on the news. So here we can see its previous impact on the market.
"Actual, Forecast and Previous News Impact Value in Forex Factory"
Here we can see the graphical chart of news previous impact on the market. Here we have two adjusters by which we can adjust the chart layout horizontally and vertically. This really helps to read and learn more about the news of any currency.
"How to Read and Check The Graphical Chart of Any Currency in Forex Traing"
There is a scanner tab before the Forex Calendar, which has a different currency price and their candle chart. If you click any pair you can see its full chart. You can also see it by clicking on the Market button from the rows available above.
This was just a Home button functions, please stay connected here I will come back with the Second part of this blog soon.
Thanks for Reading, Please comment quires.
Written on Dated: 10-Jun-2018 (Sunday)