Forex factory is a social trading community that is extremely well known within the industry.
Their primary offering that they’re most known for is the calendar on the homepage that shows you when all economic news releases are due, what currency they’re going to primarily effect and how high the impact is predicted to be on that currency.
This is helpful for all types of trading but absolutely crucial knowledge for day traders. For that reason a HUGE number of day traders use the website to help them prepare their trading schedules around these news releases. This ensures that the forex factory community is a thriving one and is extremely active.
You can also find extensive opinion pieces on the latest news releases which can be really helpful with your understanding of the economics of trading. These are listed either by most recent or most important to help you find your way around.
There’s also a tool to show you what session of the 24 hour forex market is currently open and how long until the close, as well as giving you a rough idea of the current liquidity in the market.
Finally, there are some huge forums on the website which are extremely active and contain a huge amount of information for you to look at. There are 3 major forums, the interactive trading forum, the trading systems forum, and the trading discussion forum. The names are pretty self explanatory and splitting the forums up in this way is very helpful when you’re after some specific information.
Considering how much money some system sellers charge for their products, it’s amazing to look at how many great systems there are available for free in the trading systems forum. Due to the nature of forums there’s obviously a lot of rubbish on their as well, and you do find that great threads can get hijacked by idiots from time to time but all in all there’s a huge amount of great information available. In fact the strategies that I personally use to trade the markets with my own accounts are all derived from information that’s present in the forex factory forums.
You can sign up for a free forex factory account and everything on the site is free to use. If anybody does start trying to charge for their stuff on the forums then they’re quickly moved to the commercial section so it’s all very transparent.
Overall I would say that forex factory is my most viewed forex website. I use it everyday for news information and also frequent the forums to share trading ideas with other like minded individuals. Considering it’s all free to use I can’t recommend it highly enough and encourage anybody starting out in forex to take a look.