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How To Use Forex Factory Trading Tools For Free

Forex Factory is one of the few websites that hold high chất lượng, reliable information for traders for không lấy phí. Used in forex trading for beginners and experts. As individuals learn how lớn trade, costs associated with trading can eventually add up, which means one has to lớn trade better!

Which is always a positive sầu whilst forex trading.

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With the tools provided on the website, it is extremely helpful.

You can get the following completely free:


Economic CalendarExplorer – Record your own resultsForex Market ScannerForex Factory Forum

All of the above can quickly help you analyse the market’s bigger picture for just a few minutes a day work.

Now don’t get us wrong, this article isn’t the definitive be all and over all in terms of retìm kiếm – there is a lot more khổng lồ cover with different topics lớn highlight that.

We will also highlight some of the information on the website that is slightly misleading – for example the market sentiment tool they have. More details on that later.

Let’s get started with the main free tool – the Forex Factory News Calendar.

Forex Factory Calendar – How To Set It Up

Admittedly, the Forex Factory News Calendar provides a fantastic resource because it is so simple yet incredibly informative.

Ideally from a trader point of view is you want khổng lồ be able lớn digest the entire data & log it to lớn memory in seconds of reading it, which is achieved here.

As you can see from the image above sầu the layout showing the forex factory news calendar is “glanceable” meaning, you can take a quiông xã glance at the calendar to get an idea of an impact of an economic data release.

It covers:

The Date và Time – When it is releasedThe Currency Affected – Where the announcement will come fromIt’s Impact – How much impact it could have sầu on the marketThe NameIn-Depth Detail – what the data means and it’s impact + source of the dataActual ResultForecastPrevious Release

And as an added touch, it plots the graph for you of the historical data – which is super useful as you can generate trends from the data.


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As a quiông xã reference;

Red = High Impact – Major News Event


Orange = Medium Impact News Event

Yellow = Low Impact News Event

The forex factory news calendar will be updated automatically, usually within seconds of the official data release.

Which is great for major news events.

Now, all this being good there are two downsides of using the forex factory calendar in its mặc định state:

Potentially the wrong time zone – default is based on Eastern Time US

Shows all data points by default on the news calendar.

These can be resolved & personalised khổng lồ your needs in seconds.


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As you can see above sầu, we have switched it lớn our local time zone & preference, including 24-hour format. You will see the changes immediately.

Next, you can choose the timely view of the data – whether you want it day by day or have a weekly view. Because in the next section we filter out the data, we keep this at a weekly view.

Technical Note: This will be saved in a cookie so you won’t have to keep changing the time zone baông xã, but once you clear your cache/cookies it will revert back to the default time zone.

The next thing we can change is the type of data we see in the news calendar.

To bởi vì this go khổng lồ the right-hvà corner again and hit the filter.


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As a forex trader, you want to select the red and orange impact because these events can cause volatility during your day.

Keep all the event types.

Select the following currencies as a minimum:


CNY, EUR, GBP, USD. The rest are optional depending on what you trade – for example, if you trade JPY crosses then include JPY news events.

Cliông chồng apply và you will have a new, more concise news calendar.

Easy, right?

Now you have sầu this tool in place, you can quickly glance each morning what news has been released, what data will be released today, & keep notes on what lớn look out for during your session.

This single tool alone can improve your knowledge and help avoid bad timings, so we recommend you give sầu this tool a go.

To view the tool, cliông chồng here: https://www.forexfactory.com/calendar.php

How To Use The News Feature, Easily.

Now you can use the forex factory calendar and the market tool khổng lồ read the markets going forward và get an understanding of market behaviours surrounding the data releases.

(You can use this with the currency strength meter too)

Forex Factory provides a great news stream which also shows the impact a major news sự kiện may have on the markets.

In this section, you will learn how lớn read news events feature so you can quickly digest and understvà how the news event impacts the markets.


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As you can see in the image above, some articles have the same impact symbols as the calendar. This is great, quichồng insight, inkhổng lồ the news before you have sầu even clicked inkhổng lồ it.


Now, understanding news tool is very simple.

You can find this section updated in real-time.

If the news event has a symbol next khổng lồ it that is either red, orange, or yellow – this indicates that it may have sầu an impact on the markets.

The symbols are the same as the forex news calendar so you will know what they mean instantly.

From this you can deduce it’s potential effects on the markets, therefore allows you lớn focus only on an impactful news event that can help or hinder your activities.

Having a quiông chồng glance at the News tool every so often should be as common as looking on social truyền thông media to lớn see what is going on.

Keeping on top of news & data flow as a trader is important.

Ignorance is not bliss when trading forex.

If you missed out on a piece of high impact news, that has just been reported khổng lồ the market – yet the market, seconds before gave a valid signal to lớn enter the market – you could have sầu simply lost the trade for not being away of the recent news flow.


As exciting as technical analysis is, it pays dividends to lớn know about fundamental analysis too.

No matter the time frame you choose khổng lồ trade in, whether it is the daily time frame or the 1-minute chart.

You should always check-in on the forex news calendar frequently.

You can view the news section here: https://www.forexfactory.com/news

How To Use The Market Scanner Tool

Now you know about the upcoming data & what khổng lồ expect, wouldn’t it be cool if you could see what happened during previous news events & how it impacted the price?

You can vì chưng that too.

The importance of this is lớn signify how the market reacted to certain events, knowing the movements from the data helps you to lớn understvà the impact & where the market is now pricing in the data.

To bởi this, simply click on the Market tab at the top – click here to lớn go directly to lớn it now: https://www.forexfactory.com/market.php

Now you will be presented with a chart that will display the price action of the EUR/USD (default asset).

At the bottom, you will see the News sự kiện indicators.


The Forex Factory News indicators show when the data was released, it’s impact, & what the news was.

You can then simply look at the chart to lớn see if there was any impact or not on any time frame.

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This will help you generate a real-time idea of how the market is pricing in the information.

For example, if the market doesn’t move or continues in direction usually means the outcome was already priced in, & thus not a shoông xã, so the market can continue as it were.

Whereas if the market flipped the other way và reversed, it usually would indicate the market was caught by surprise và it was switching its positions aggressively.

Although you are looking at past data, you can use it lớn gauge how the market participants are reacting to lớn certain data releases, which can give you an edge in the future.

How To Record Your Own Trading Journal Using The Trade Explorer

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 lớn improve quickly as you can begin to lớn see trends in your results; what are the comtháng patterns for your success and what patterns are causing your losses.

The information generated from a journal is vital for an up & coming trader lớn succeed.

Here are our top 4 reasons why you should keep a trading journal:

Trachồng Mistakes

Trading can be fast & furious some days & as slow as a sloth the next day. You’ll get punched daily by market moves that are unexpected from time to lớn time, so it is important lớn note down mistakes that you made with trades that resulted in a loss.

Imagine having a notepad that had all your wins and losses in và you can learn from it each week, you bet you will become a more profound trader.

Become Accountable

When you trade each day you can forget the little trades your thảm bại & avoid realizing what led khổng lồ the mistakes. By having a journal, you can stiông chồng 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 kết thúc of it, you want to lớn be looking và reacting lớn opportunities with certainty.

Not looking for opportunities, double-checking it on your notes & worksheets, react to the opportunity late, và dealing with uncertainty.

Track Successful Patterns

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.

Enhance Opportunities To Learn

Every time to traông xã your trades you can reflect on how accurate that flag pattern was, or whether or not it is a supply & demand trading zone. This forces your brain to lớn wire lớn memory the solid, successful, patterns & results then chuông xã out the poor examples of losing trades.

The Difference Between Our Planner và Forex Factory Journal

The key difference between the two is that with the online trade journal is that you are publishing your comments, analysis, và results on one of the world’s largest forex forums.

This means anyone who is interested can read & follow your journal.

This may sound daunting, but this holds you khổng lồ a commitment of completing the journal và respond to lớn other traders who open up a discussion with you.

You may receive helpful comments when you are doing something wrong và learn from the community. Equally, you may be informing others on what they are doing wrong.

Teaching is the best way of learning too.

How To Set Up A Forex Factory Journal

To bởi this, you will need to open an account – this is completely không lấy phí.

Direct Link to get a better idea: https://www.forexfactory.com/forumdisplay.php?f=49

Once you have sầu opened an tài khoản and fill out your profile, you can open up a journal thread by clicking Start New Thread.


There you can lay out what you want from the journal, how long you will write for and what your goals/expectations are of providing a journal.

Then each day, return khổng lồ your thread và update it after your day.

It is as simple as that!

Or you can use ours:

Go here khổng lồ learn how to lớn use it: https://www.phunutiepthi.vn/forex-trading/best-forex-trading-plan/

How To Set up The Trade Explorer For Automated Trading Reporting

Sometimes life can get in the way of always reporting baông chồng lớn trading stats & check-ups using the journal.

You can plug in your Metatrader 4 trương mục khổng lồ the tool and it will automatically pull your data lớn their platform và generate statistics based on your performance instantly.

This is really useful if you want lớn understvà the granular aspects of tài khoản performance, plus all it takes is 5 minutes to lớn mix it up & get going.

How To Set It Up.

Go to the following URL: https://www.forexfactory.com/tradeexplorer.php


You’ll be presented with the above. Simply fill out the information as instructed.

With the correct information entered và verified, you’ll be able to automatically update your performance via the website.

Here is an example, of the output:


Forex Factory Forum – A Huge Trading Resource For Free

The Forex Factory Forum is one of the largest forex forums on the internet with over 500,000 active sầu members a month communicating trading tips, strategies, and news.

It would be a good idea khổng lồ have a browse of the forums every so often as there are a lot of traders who openly discuss their trading strategies that you can learn from và chạy thử.

In addition, there are plenty of other không tính phí resources within the forum for you khổng lồ 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 sầu account.

(That should be obvious!)

Not only that but you can become part of a community, make friends with traders and interact different trading ideas with one another.

Don’t forget, it is better khổng lồ learn from one another, but if you are already profitable – don’t change your own rules & strategies lớn think someone else does it better.

Don’t change up to or down time frames because someone is having more success on a lower timeframe.

If you are happy with a daily time frame and profitable, then stick to lớn it.

At the over of the day, it is your money at risk – not theirs!

One cool feature that you can use for không lấy phí is when you discuss something or discover a particular thread or strategy you enjoy reading about or want khổng lồ store a back up of the strategy you have sầu been learning about – you can tải về the thread as a PDF by clicking on the “Printable Version” of the thread. Simply save sầu this as a PDF then voila!

You can view the diễn đàn here: https://www.forexfactory.com/forum.php

Market Sentiment Tool (Free)

Although the tools available can be used lớn gauge market participation we must highlight one tool that you should underst& is misleading.

This tool shows you briefly what percentage of traders are long/short on an asmix such as EURUSD.


You must be made aware that this information is not on the WHOLE market, but instead of all the active traders who are using the Explorer tool lớn output this trade data.

Therefore, we recommend khổng lồ ignore this tool và hence why we have inserted this warning in case you thought they showed you if the market was net-long or net-short an instrument.

If you must reviews this trade data, then you can use it as a sentiment reading through the trang web.

That’s a wrap…

So we hope you found this post helpful & impactful.

The tools mentioned above sầu are all for free và can be used by anyone khổng lồ take advantage of.

The calendar và news flow is probably the most important tools available for you khổng lồ simply take advantage of each day.

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They can work with every time frame from 5-minute time frame to daily time frame and upwards.