The Forex Factory Calendar is by far the most user-friendly and accurate calendar to keep track of Forex-related news events. By the end of this tutorial, you will know how to use the calendar as well as how to read it in a way that is beneficial to your trading. But before we get into the vilatouch forex factory, I want to dispel a common misconception. Many technical traders make the mistake of thinking that, because they take a technical approach to the market, they don’t have to pay attention to news events.
Free PDF Guide: Want to learn how to use the Forex Factory news calendar in 5 simple steps? Click here to download the exclusive PDF guide. While it isn’t necessary to study the news, it is advantageous to know when news is expected. This is especially true for heavy-hitting news that can adversely affect the market. Not only can this type of news affect an open position, it can cause slippage and gaps that can wreak havoc for pending orders. Here’s how you can use a Forex news calendar to start making more informed trading decisions. The very first thing you want to do is navigate to the Forex Factory calendar.
Once there, you should be presented with a screen similar to the one below. Don’t be intimidated by all of the activity on this page. It will all make sense by the end of the tutorial. Next we will begin configuring the calendar so that you can get the most out of it. Now that you’re on the calendar tab, you will want to set your time zone.
To do this, simply click the time in the upper right hand corner. After clicking the time stamp, you will be taken to a page where you can set your time zone. This will synchronize the time for each news event with your local time. Note: Setting the correct time zone is extremely important. If not set, it will be difficult to determine the correct time for each news event. After saving your settings, you should now see the correct time displayed in the upper right hand corner of the screen. If not, repeat step 2 to make sure your settings were saved properly.
At this point you should have the Forex Factory calendar in front of you with each news event synchronized with your local time. Next we are going to set the event filter to determine the type of news and currencies to display. This is convenient if you only want to display certain types of news events or are only interested in specific currency pairs. This screen gives you the ability to filter events by expected impact, event type as well as currency.