Many beginners suppose that trading foreign currencies is all about gambling and guessing. Yet, in practice, you must put an abundance of diligence, discipline, and hard research work into it. Luckily, you can make use of diversified software products to relieve yourself from a certain part of that work without compromising the results.
We know that today’s market offers an enormous selection of such tools, so it is hard to pick the most efficient ones. Thus, below, we will provide a close look at one of the handiest sources of such instruments ― Forex Factory. This platform is a component of Fair Economy Inc. ― a community, which is dedicated to aiding traders, in general, to establish and maintain fruitful connections with each other and the corresponding markets. Meanwhile, Forex Factory is created exclusively for the needs of users earning from speculations on foreign currencies.
Furthermore, in addition to friendly and supportive communication and exchange of ideas via local forums, this project offers access to a comprehensive array of free tools for enhancing trading outcomes:
· Trades. In this section, you can view other members’ trades in a real-time mode, their highest monthly records, as well as the aggregated report of their current open positions.
· News. As you have probably guessed already, this feature offers recent news from the world of Forex trading. It is selected and published according to minutely, hourly, and daily schemes. They have a team of editors that work 24/7 to make sure that all the posts are relevant and accurate.
· Market Scanner. Its functionality goes far beyond standard price display. Due to its integration with Calendar and News, it provides an all-around view of the current market situation in connection with global economic events and historical context.
· Trade Explorer. First, one can utilize it for in-depth market analysis. However, in addition, it offers advanced automatic trades recording, which allows seeing all the details of the deals accomplished and evaluating their efficiency. As a result, a user obtains a clear vision of his merits and demerits and understands how to change his record for the better.
· Journal. Although only advanced investors have an opportunity to share their own feed and receive comments, all the rest can also benefit from viewing others’ statistics and experience.
· Brokers Monitor. It is a complex and detailed menu displaying rates, spreads, and terms offered by available brokers in real-time.
· Calendar. It includes standard features like data charts, event feed with filters, data stamps, and others, which are constantly updated, adjusted, and monitored so that users can get a comprehensive and true-to-life picture of market conditions based on the full range of impactful factors.
In sum, joining some kind of professional community is a must for every trader, especially a newbie seeking guidance and motivation. We believe that Forex Factory is one of the best choices as its entire functionality (except for advanced features) is accessible to every member, regardless of his position, free of charge.