A Complete Guide to Using Forex Factory Free Trading Tools.

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What is Forex Factory?

If you have been trading Forex for some time now, then chances are you have heard of Forex Factory.

Forex Factory is a leading forum for Forex traders which was established and launched in 2004.

Being a forum for Forex traders, what is it used for?

Of the traders I have interacted with, only a few enjoy the full functionality of Forex Factory.

Most of them do not take full advantage of all the tools that Forex Factory has to offer.

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All they do is just go there and look for trading strategies which they channel to the bin if fails.

However, there are more tools on Forex Factory than those trading systems traders search for.

This post is a complete guide to using Forex Factory free trading tools.

I will highlight the major trading tools which Forex Factory offers free of cost, and show you how to use them.

Here is my list:

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  1. Forex Factory Calendar.

Forex Factory Calendar

This tool on Forex Factory shows significant news that is coming up.

It is so useful to fundamental analysis traders, those who rely heavily on news to trade profitably.

Is it any useful to technical analysis traders?

Of course, because news may quash your good technical analysis and throw you away from the money.

You don’t want to enter a trade analyzed technically ahead of a major news release, first because of the wide spreads, then the high risk of loss.

So whether technical or fundamental, use the free Forex Factory calendar to track news events so as to adjust your trading.

You can also use it to shape the direction of your new trades and adjust the running trades accordingly.

To use the Forex Factory calendar, go to the Forex Factory website and click on the ‘Time’ button.

Proceed to choose the time zone you are in and the calendar will be ready.

So what news events are significant?

You will find so many news events loaded on Forex Factory.

Use the Forex Factory news filter to enjoy only the relevant news.

To do so, click on the ‘Calendar’ tab and then select ‘Filter’.

Next, tick on the first red and the second orange boxes, to activate high and medium impact news events only.

That way, you will have filtered and removed less important news events.

You should then tick all the event types so that you don’t miss any.

Also, you can select which currency or country you want the news to be related to, but for convenience, tick all.

You might also want to be aware of breaking news which may throw you off the money from an otherwise winning trade.

Click on the ‘News’ tab and select ‘News/Hottest Stories’ to keep abreast of all incoming news.

  1. Forex Factory Sentiment Indicator.

Forex Factory offers you free trader sentiment to help you decide whether to long or short at any given trigger of the market.

At Forex Factory, trader sentiment is derived from Forex Factory Trade Explorer.

How many traders are long and how many are short?

This data is then converted into a visual chart in terms of percentage.

How do you access and use Forex Factory trader sentiment?

Click on the ‘Trades’ tab at the top of the interface.

You will see each currency pair and its respective trader sentiment.

For example, you may find EUR/USD showing 44% long traders and 56% short traders.

Forex Factory may proceed to show you the exact number of traders.

So how do you use that information to make trading decisions?

Most traders follow how the market behaves and when it makes huge strides in a particular direction, they tend to trade in that direction.

However, the market has a way of proving them wrong most times.

So what then?

Look for a currency pair or asset which has at least 60% of the traders going either short or long.

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Then wait for a trade set up and signal which hints to price move against those many traders then trade in the direction of the signal.

You will have gone against the crowd and it works, most times.

  1. Forex Factory Real-Time Trade Monitor.

Forex Factory Real-Time Trade Monitor.

If you have a full-time job and can only afford little time for analysis and execution of trades, Forex Factory got you covered.

After placing your trades, you don’t have to sneak away out of the sight of your boss to go monitor how your trades are doing.

You have a computer at your workplace, right?

Then Forex Factory, being a website, is accessible from where you are.

You need to download no software, no login credentials are required and no subscription at all, is required.

Just access Forex Factory on your PC and click on the ‘Market’ tab on top of the page.

Live Forex Charts will appear, and just below your chart, you can see which Forex session is currently open.

What a convenience!

With this tool, you never need to be afraid because you can monitor your trades.

You will see whether you are losing or gaining, and take the appropriate action from there.

Thanks to the free Forex Factory real-time trade monitor.


  1. Forex Factory Broker Advisor.

I know the challenges that come with trying to settle on a broker to trade Forex with.

You are never sure which broker to trust and which not to.

But Forex Factory has a feature where they give you a list of trusted brokers to choose from.

They offer you a side-by-side analysis of various brokers so that you can choose the broker which meets your needs.

Brokers are compared in terms of markets they offer, minimum deposit, real-time spread, accessibility, regulatory bodies, and so on.

To access the Forex Factory Broker Advisor for free, click on the ‘Brokers’ tab at the top of the interface.

I would then suggest that you pick brokers which meet these criteria:

  • Regulated in key jurisdictions as well as your country.
  • Affordable spreads and commissions.
  • Diverse markets.
  • Convenient deposit and withdrawal methods.
  • Reachable for customer support.

Factory Free Trading

  1. Forex Factory Trading Journal.

Serious Forex traders keep a trading journal.

Doing so enables them to keep track of their trading journey for improvements.

Traders operating without a journal may tend to gamble.

Most of the traders I have interacted with do not actually keep a trading journal, so this is relevant to most of you.

You can choose to keep your trading journal on your computer but wait, I have a better deal for you – Forex Factory Trading Journal.

By having a trading journal on Forex Factory, you will be kept accountable.

Other traders will give useful input as regards your public trading journal and you are not likely to lose your information because it is backed up in the cloud.

So how do you access and use this tool?

Click on the ‘Forum’ tab at the top of the interface, then select ‘Trading Journals’, then ‘Start New Thread’.

You can then go ahead to chart your trading, then post the thread every time you update it.

Final Thoughts on Factory Free Trading Tools

Still, thinking that Forex Factory is meant to give you trading strategies only?

Leave your thoughts in the comment section.

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