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We have a subscriber here saying that they currently they’re not using something like MetaStock Xenith for their economic calendar like we do, which is this one over here, but they are using the Forex Factory calendar and wanted to know whether the calendar was okay to use and how they can get the most from it.
So thanks for the question and yes, you can certainly use the Foreign source, or Forex Factory calendar rather.
I use Xenith, the Xenith calendar on a daily basis, but you know, I also go through the Forex factory one, from time to time as well as making sure whether there’s, you know, anything extra or significant that I might’ve missed. So absolutely nothing wrong with using the Forex Factory calendar. And it would be a calendar that I would recommend any new traders to use, if they don’t have Xenith because it’s very user friendly. So let’s just pop over to the Forex Factory calendar.
Now you asked specifically about Forex Factory, so I’m not going to go into any major details right now about any of the other free calendars, but just for reference like, you know, the economic calendars from investing.com as well as the other one from Trading Economics as well as Myfxbook, all of them offer great calendars on their sites and definitely other options you can also consider apart from Forex Factory, so just keep that in mind. So jumping into the Forex Factory calendar, having a quick look at how we can get the most from it. So I think the first place to start will be just the basic navigation of the calendar.
So I’m looking over to the left-hand side we have the dates that’s obviously going to be important. Yeah, you can select either a specific days, or you would just wanna see the upcoming day coming up, which is Monday the 15th, or you wanna see the entire week, you can just click that arrow, it’ll show you the entire week, or you can select, you know, this month, if you select this month, it’s obviously gonna give you the entire month. So that’s just a quick navigation tool to use on the left-hand side. The other one that’s handy is the time selection.
So if you go right, you’re on the right hand side, you’ll see there’s an actual time there. And if you click on that, you can actually change the GMT to fit your time. So a very useful thing for you to do, to make sure that whenever you are seeing the news event, you’re seeing it in your own local time. Then looking at the basic layout of how it’s structured on the left-hand side we have the dates. Obviously we have the time when it’s coming out, which will be important once you’ve changed your local time, then you have the currency that it’s expected to impact. You’ll also have the impact measurement. Now take this one with a pinch of salt. It’s not always as accurate.
Obviously news, the importance of news events will change based on the anticipation, based on the market’s expectations of it, based on the current market sentiment and the fundamental analysis or fundamental bias with the currency. So take the impact with a patient of salt. Sometimes a red or high impact event won’t have any impact in the market and sometimes a very lightly, or a light impact a marked event can have a huge impact in the market. So just keep that in mind. There we also we’ll get to the details just now.
Then we have the forecast column, which is obviously handy to see where the consensus is aimed. Also keep in mind that the consensus year, it’s probably not gonna be as accurate as some of the paid versions, and because we’re not sure where they get that full cost information from. So also keep that in mind. And then very handy is to see the prior reading for these events as well.
Now going into the details, this is really very handy from the calendar. If we take something like, let’s take the Cayman counts change, for example coming up this week. Now, if we click on that little folder, which has open detail actually gives us a nice description of exactly what the economic event is all about, you know, what it measures the usual effect and why traders care about it. And of course, that’s very handy on the right-hand side, it gives you the history, you know, so it gives you a trend, it gives you an information on a more trending basis showing you what the recent numbers looked like. And then also very handy apart from that is you also have a graph.
So it can actually show you the historical chart for these economic indicators, which is also very handy, to give you that overall bigger picture context for any upcoming events during the week. And also once it’s occurred, you know, to see what the impact was in terms of the historical data. Also handy, right at the bottom of the page, there’s normally a central bank interest rate and table just showing exactly where the various interest rates are for the central banks. And the legend also very helpful.
So if you’re struggling with reading any of these data points, you know, so what is, you know, what is the B what is the K what does this stand for? This will give you, or M over a month or a month, quarter over quarter, etc. So it’ll give you a little bit of a rundown of exactly what these things mean, which is also handy.
Overall all in all a great free economic calendar with plenty of nifty features as we’ve seen. As with most calendars, you know, the events they’re gonna be fast, but not as far as some of the pay calendars like Xenith in my opinion. And it also lacks some of the more in-depth details, for more thorough analysis.
But for those looking for a free calendar, that this is definitely one, a great option in my opinion to use. So hope that helps with all of the questions we’ve gotten about Forex Factory. Great calendar to use from a free, as a free source. And any other questions on this, please don’t hesitate to let us know.