Forex factory 1

How to use Forex Factory (Economic Calendar)


Forex Factory is one of the most popular sites for forex traders online today. Its calendar provides great information for all types of traders. Using it will help you to understand the impact of news on the market, which could reflect on increased profit on your account.


So, how do you use the Forex Factory calendar? To use the Forex Factory calendar, you’ll need to:


Go to Forex Factory Understand each column, including the actual and forecast results. Set up your time zone, Set up your event filter, and Filter your news.


Since there aren’t many articles available that show how the Forex Factory calendar works, we created this guide to help you out. Below we’ll explain how to use this resource, what each column means, and how to set everything up, including your time zone, event filter, and news filter.


Table of Contents.


1 The Forex Factory Economic Calendar 1.1 Forex Factory Calendar’s Navigation Panel 1.2 The Currency Column 1.3 The Impact Column 1.4 The Name of News Column 1.5 The Detail Column 1.6 The Actual Column 1.7 The Forecast Column 1.8 The Previous Column 1.9 The Graph Column 4.1 Most Relevant US Forex Trading News 4.2 CPI or Inflation to Mark in the Forex Calendar News 4.3 ECB and Inflation 4.4 High-Frequency Trading.


The Forex Factory Economic Calendar.


The Forex Factory calendar provides a list of news releases that impact global economics. The schedule includes significant news releases like:


Housing data Employment data Inflation data Interest rates.


The different news releases are posted for many countries at different times and dates. You’ll see these displayed on the calendar:


So, how do you access it?


One of the things that’s great about Forex Factory is that you won’t have to download anything onto your computer to use the calendar. Then all you need to do is simply go to the Forex Factory calendar website here .


Once you do that, let’s have a look at the different columns on the calendar so that you can customize them to suit your needs.


Forex Factory Calendar’s Navigation Panel.


The section on the right of the screen the navigation panel . Inside it, you’ll notice a few useful items. The first item is the current month. If you want to select any dates from that month, you’ll move to an area where a schedule of upcoming forex news data will be made available.


You can also choose dates that have passed, and you’ll see news and information that was posted on that particular day.


You’ll also notice a few options for short cuts with some links that say:


If you click on those links, they’ll give you the news information for that day, or the schedule of news:


The Currency Column.


In the currency column, you’ll see information about currency pairs that will be affected by the release of particular forex information . For example, let’s say that the United Kingdom decided to announce interest rates. That means that GBP and the currency pairs that are linked to it will be affected.


The Impact Column.


The impact column discusses the possible impact forex news will have on a particular currency and its pairs. These are the four colors used:


Red means that a high impact will occur due to upcoming forex news. Brown means that there will be a medium impact depending on the forex news to come. Yellow means the upcoming forex news will have a low impact. Grey is used to highlighting bank holidays. So most probably the currency will have a low trading volume that day.


The Name of News Column.


There’s nothing particularly fancy about this column. With this column, you’ll see a list of news information that is expected to be released and their schedule.


The Detail Column.


The Detail column displays a yellow folder icon. By selecting that icon, you’ll get a section displayed that contains more information about a specific event. You can use this feature to access more information about items like:


What the forex event indicates How it might impact currency The source of the event release When similar news will be released The history of both the actuals and forecasts.


The Actual Column.


The actual column represents present figures that get released or have been updated recently. So, if you’re looking for actual statistics covering the unemployment claims in the US, and the news released that the US unemployment claims are 6606k, then you should see that number listed in the actual column.


The Forecast Column.


Following the actual column, you’ll notice the forecast column . That column demonstrates what people were predicting before that news being released. You’ll see whether those predictions were correct or incorrect, and that’s measured by the “actual” figure information that is shown in the actual column.


It’s essential to understand both the forecast and actual columns . Most traders look at the differences between these two columns and analyze them. For example, let’s say experts are predicting that Australia’s Reserve Bank will drop the interest rate from two and a half percent to two percent within the month, if that prediction were made, traders can make trading decisions or adjust their strategies involving the AUD when the actual figure is released.


The Previous Column.


When you click on the previous column , you’ll see the former figures for the news event you are searching for.


The Graph Column.


The graph column can be used by clicking on the graph icon . Once you do that, you’ll see the actuals versus the forecast figures based on the news events and dates graphed out for you. This can help get a notion of how certain economic indicator has been evolving for a while.


For instance, you can see how the US Unemployment Claims increased exponentially during the COVID-19 crisis.


Setting up Your Timezone.


One of the best things about the Forex Factory calendar is that you can tailor the schedule to fit your timezone. That way, you’ll get news events based on where you are living, which helps a lot when it comes to organization. To accomplish this, follow these steps:


Move your mouse to the top right-hand area of your screen. Select the time stamp and then enter it according to your preferences. You should then see the feature configure the news event information so that it’s displayed in your time zone.


You shouldn’t overlook setting up your time zone when you first start using the Forex Factory calendar. That’s because you need to have the platform in your time zone. That way, you’ll have the right time for every event. Once you set-up your time zone, it should stay that way in your settings until you decide to change it again. So, you won’t need to do this each time you use your calendar.


Using the Event Filter.


While it’s nice to see all the information, you’ll probably feel overwhelmed with all the data the forex calendar is going to give you. So, it’s better to stay organized and have only the information you need immediately. To avoid spending wasted time scrolling through news information that won’t apply to you, you should consider setting up an event filter.


Using the event filter in the Forex Factory calendar will give you the option to restrict the news that you see so that you’ll only have information about your preferences. If you only focus on particular currency pairs as a trader, then you’ll want to set-up your event filter to prevent yourself from feeling overwhelmed with unnecessary event information.


To set this information up, please do the following:


Go to the “Calendar” tab located at the page’s top area. Click on the “Filter” button that’s located on the right-hand side of the screen. Enter a check on the orange and red boxes. By doing that, you’re asking the calendar only to tell you information that has a high and medium impact. If you also want to select low, that’s up to you.


Another thing you can do to save you time is to select the news only of the countries you want to follow. However, we’d recommend checking all the biggest economies because it’s important to know what’s going on and how the major currency pairs can be impacted.


You can also get access to breaking news when you need it so that you can be aware of new information that could impact your trades. To do this, follow the steps below.


First, click on “News” located on top of the page. Then, go to “News/Hottest Stories,” which is located on the right side. Now, check the boxes that say “Breaking News” and “Latest.” Now, you’ll only see essential news updates on the right-hand part of your screen.


How to Trade Forex Using Fundamental Analysis.


The best way to interpret economic news is to have a trading plan for the week/period ahead. Knowing what data follows is a great advantage ahead of the market. The problem is that everyone looks at the same data. Yet, not everyone makes money in the Forex market. One way to succeed is to use the FX trading calendar correctly. Keep in mind that fundamental analysis in Forex trading is as important as technical analysis.


Any discussion about Forex volatility and what causes it starts with the USD. As the world’s reserve currency, it influences the entire Forex dashboard like no other currency. Because of the dollar, the currency pairs form two categories: majors and crosses. Any major pair has the USD in its componence. Hence, a major don’t.


Only by splitting the pairs in such a simple manner, traders can avoid Forex volatility surrounding critical economic events. For example, one way to prevent wild swings in the trading account is to trade cross pairs during American Forex news. After the Bretton Woods conference, the USD became the pillar of the world’s financial system. Moreover, the Nixon shock in 1970’s decoupled it from the gold standard.


From that moment, it was only a matter of trust in the USD that kept foreign investors buying it. Nowadays, the USD is still the preferred choice when nations build foreign exchange reserves. This is an enormous privilege the USD enjoys, and other countries envy the USD status.


Most Relevant US Forex Trading News.


The Forex calendar news out of the United States is one of the busiest of them all. Because of the dollar’s role, every market depends on the shape of the US economy.Moreover, the Intermarket correlation means the dollar will move not only the Forex market but also other markets like bonds, stocks, options, and so on. Hence, it is all about interpreting the economic news.


For a currency, it is all about the interest rate level. Hence, the Federal Reserve interest rate announcement and press conferences move the dollar. And, the Forex market. The Fed meets every six weeks. On a Wednesday, right after the London’s close, the Fed releases the FOMC (Federal Open Market Committee) Statement.This is a text describing the monetary policy.


Once a quarter, or every two sessions, a press conference follows the FOMC statement. Never has the Fed hiked or cut the federal funds rate without a press conference to follow.


Therefore, the federal funds interest rate level is THE Forex news to watch. As a rule of thumb, the higher the interest rate goes, the stronger the dollar becomes. The Forex market volatility increases tremendously during the Fed presser. Press representatives from around the world ask questions. And, the Chairman/Chairwoman answers. No one knows the questions. And, no one knows what the answer will be too. As such, the USD makes large swings all over the charts. Effectively, it trips stops both for longs and for shorts.


CPI or Inflation to Mark in the Forex Calendar News.


Inflation shows the change in the price of goods and services over a period of time. Typically, the inflation or Consumer Price Index (CPI) comes out monthly. It is one of the closely watched Forex news. The market reaches extreme Forex volatility levels if the CPI deviates from the target. Traders know the Fed closely watches inflation. Part of its mandate, the Fed targets a two percent level for the CPI. However, it doesn’t look at the regular CPI. Instead, it considers the Core CPI. Or, inflation without transportation, energy and food costs.


The standard interpretation is that when inflation falls, the currency depreciates. When inflation is in the fall, expectations grow that the Fed will ease the monetary policy. Or, it’ll cut rates. Because there’s a lag between the two Forex news, traders react on the spot. After all, trading is a game of expectations.


As a Forex volatility indicator, inflation doesn’t “damage” the charts as when the Fed changes the rates. However, if deviates strongly, the Forex volatility spikes as traders bet the Fed will react.


ECB and Inflation.


Everyone knows these days that the ECB has a problem with inflation in the Eurozone. More exactly, with the lack of it. As part of the ECB’s mandate, a normal inflation should hover around 2%. In this relation, levels of 1.8% or 2.2% are enough for a steady economic growth. Higher inflation levels lead to the central bank raising rates. Contrary, lower inflation results in the central bank cutting rates. Higher rates mean a higher currency, while lower rates are bearish for a currency.


It is clear now why inflation is so important for the central banks. Hence, it is one of the most important Forex fundamental analysis indicators.


The end of October 2013 saw the inflation in the Eurozone unexpectedly falling. As per the economic calendar, the expected or forecasted value was 1.4%. However, the actual number came at 0.8%. Before moving forward, please refer to the mandate of a central bank: to keep inflation below or close to 2%. Such a release was far, far away from the ECB’s mandate. Hence, market participants started to sell the Euro in a frenzy. Why?


Because part of the fundamental analysis of Forex market is to trade expectations. In this case, based on the inflation data, expectations grew that the central bank will cut rates at the next meeting. Cutting rates are bearish for a currency and sellers step in. So they did, as the chart above shows.


The next ECB meeting was after two weeks and traders sold the Euro on rate cut speculations. This is how the economic calendar Forex influences trading decisions. For the next two weeks, all Euro pairs suffered across the dashboard. No other news part of any economic calendars mattered anymore.


The ECB did deliver. The central bank cut the interest rate, and the EURUSD dropped like a rock: two hundred pips in a few minutes. However, the lows in that day turned out to be the lows for a long period ahead. The explanation comes from the press conference.


A press conference follows forty-five minutes after every ECB meeting. The President reads the statement, and press representatives ask questions. During the press conference, the ECB President (Mario Draghi) supported the rate cut. However, he added that the ECB expects inflation to pick up next year.


Because of that message, traders focused, yet again, on expectations. It turned out that was the low on the EURUSD pair for quite some time moving forward. It didn’t matter that the next day the NFP in the United States came better than expectations. So, bullish for the U.S. dollar. Traders simply disregarded the data and before you know the pre-ECB highs disappeared. So powerful the fundamental analysis in Forex is.


High-Frequency Trading.


Part of understanding the fundamental analysis Forex market moves upon is to know the players. Who’s responsible for the sudden spikes or dips in a currency pair? Retail traders represent less than six percent of the Forex market. The rest are big commercial banks, Forex brokers, liquidity providers, investment funds, and so on.


The last decades brought a shift in the trading industry. Technological advances made room for one of the most powerful industries of them all: High-Frequency Trading (HFT). HFT stands for algorithmic trading. Super-computers or trading algorithms buy and sell a currency/currency pair thousands of times per second.


The Forex calendar news is the reason why these robots trade. They buy or sell based on the difference between the actual and forecast value of the economic calendar Forex news. Buying or selling happens in a blink of an eye. This is why the market moves so aggressively. This happens in less than a second after the economic calendar FX news comes out.


The chart above is only an example of how a Forex fundamental analysis strategy might work. While the U.S. Presidential elections and the 1 st round of the French elections were difficult to interpret, the Fed’s rate hike wasn’t.


The best Forex fundamental analysis is the result of adjusting your positions to the central banks’ monetary policy. Instead of following a technical trend, traders follow a fundamental one after they learn Forex fundamental analysis.

Forex factory

How to Use the Forex Factory Calendar in 2022: The Ultimate Guide.


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 details, 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.


Step 1: Getting Started With the Forex Factory Calendar.


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.


Step 2: Configuring Your Time Zone.


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.


At this point you also have the option to turn Daylight Savings Time (DST) on or off. Lastly you can toggle the time format to show either am/pm or 24 hour “military time”.


Once you are happy with the settings, click “Save Settings” so that you won’t be required to do this each time. As long as your browser’s cache is not cleared, your settings will remain the same each time you revisit this page.


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.


Step 3: Setting the Event Filter.


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.


To set the filter, click the “Filter” icon in the upper right hand corner while on the calendar tab.


After clicking “Filter”, you will get a screen like the one below. This screen gives you the ability to filter events by expected impact, event type as well as currency.


Pro Tip: Hover your mouse over the colored boxes under “Expected Impact” to get an explanation of each one. In short, red equals high-impact, orange is medium-impact and yellow represents low-impact news.


I personally like to focus on the medium and high-impact news events. This gives me a complete picture of what to expect over the coming days without cluttering the calendar with news that will have little impact on the markets.


Once you have everything set the way you want, click “Apply Filter” to begin showing only the events and currencies you selected. You can change this any time by repeating this step.


Step 4: Selecting the Desired Time Frame.


You should now have your time zone set and your filter configured the way you want. Now it’s time to select the desired time frame. This is the span of time that will be shown on the calendar.


The navigation pane you see below will allow you to set any time frame you desire.


From this window, you can choose a single day, a week or even the entire month. Also note that you can quickly select predetermined time frames in the bottom half of the navigation pane.


Pro Tip: Choosing to see the entire week is often the best approach when trading the higher time frames. This allows you to prepare for the next few days rather than just the next 24 hours.


Step 5: Digging Deeper.


In addition to seeing the “surface content” such as the event name, expected impact and scheduled time, you can also expand each event to see additional information.


Be sure to use this feature with caution. It can be far too easy to get caught up in the nuances of each event. As price action traders we need to be more concerned about what’s happening on the chart and less concerned about the fundamental significance of news.


The image below illustrates how you can expand the details of a given news event.


Once the icon above is clicked, you will immediately see additional details of the event.


From the screen above, you can see additional details such as the source, frequency and history of the event to name a few. To close this window, simply click the “X” shown in the image above.


Before we move on, I want to reiterate how important it is to use these additional details sparingly, if at all. The real advantage to using a calendar as a technical trader lies in the scheduled time and expected impact of the news. Anything more than that and using a news calendar can become more of a distraction than an asset.


That concludes the process of setting up the Forex Factory news calendar. Now let’s get into the second half of this tutorial and discuss how to use what you’ve just learned to your advantage when trading Forex price action.


Choosing the Important Headlines.


Knowing how to set up the Forex Factory calendar is one thing, knowing how to use it properly is quite another. The first thing to understand is that you only want to focus on the market-moving events.


This means setting the filter to include only the medium and high-impact news events. By doing this, you don’t have to sift through the low-impact news to find the events that are likely to cause increased volatility.


Pro Tip: Below is a list of some of the major news events you should keep an eye on as you trade the Forex market.


Federal Open Market Committee (FOMC) Nonfarm Payrolls (NFP) Unemployment rates Final Gross Domestic Product (GDP) Monetary policy announcements Any rate decision announcement from central banks.


Before moving on, let’s recap what you have learned thus far.


By now you should have the time zone, filter and time frame set for your calendar. You should know how to view additional details of a news event as well as which events are most likely to cause an increase in volatility.


Next we will get into how to strategically position your trades around major news events so as to minimize your risk.


Trading Around the News.


The reason we want to use the Forex Factory calendar is to know when market-moving news is expected and thereby avoid or prepare for periods of high volatility.


As such, I want to run through a few basic rules when it comes to trading around the news. All of the scenarios below assume that the news event in question would hypothetically impact your trade. For example, trading USDJPY with Nonfarm Payrolls (NFPs) on tap.


No open positions ahead of a news event.


This is obviously the safest place to be with major news around the corner. You have nothing at risk and you get to objectively analyze the price action that forms as a result of the news.


But what if the news isn’t just around the corner? How much time is needed between putting on a new position and a scheduled news event that could adversely affect that position?


This is a hard question to answer as it depends on a few factors.


The trader – Trading style and risk tolerance come to mind. Every trader is different and therefore has different requirements when it comes to how risk averse they are. The time frame – On average, a trade on the 4 hour chart will require less time between the entry and the pending news than a trade on the daily time frame. This is because, hypothetically speaking, a trade on the 4 hour chart has a greater chance of running to profit before the news event occurs. Distance to take profit – Aside from the time frame, the distance from the entry to the take profit also plays a role. A trade with a 50 pip profit target will require less time than a trade with a 300 pip target, hypothetically speaking of course.


As a general rule, I like to see at least a 24 hour window in which there is no scheduled (major) news before putting on a trade. By “major” I’m referring to one of the events listed above. This of course can change depending on the last two factors listed above.


Open position – small profit.


This scenario involves an open position that is in profit, but stands a good chance of turning negative if the news event in question adversely affects the position.


We’ve all been there – that point of indecision before a major news event is about to hit.


Should you close the trade and book a small profit to be safe? But then what if the market moves in favor of your position? If you close it now you risk missing out on potential profits.


In my experience, most traders fear a missed opportunity more than they fear losing capital.


This couldn’t be more wrong.


Your number one job as a trader is capital preservation . Making money always comes second. The path I choose 95% of the time in this situation is to take my small profit and get out. I can always get back in later if the market presents a favorable opportunity.


Just remember – when in doubt, get out.


Open position – large profit.


The last scenario we’re going to discuss is the second safest place to be behind having no open position, of course.


When a high impact news event is around the corner and you have a position that is well into profit, you have more options. It’s much easier to ride out a major news event if you know your position is 200 pips in the money.


One thing that can influence your decision here is how far away your trade is from its profit target. Let’s assume this position was originally aiming for a 300 pip profit target and is now just 40 pips from the target. In this case I would be more likely to close the trade before the news event to book profits. To risk giving back 260 pips for an additional 40 pips isn’t the greatest of propositions.


Your other options are to take a partial profit and leave the remaining position on or keep the entire position open throughout the event. I’m not a huge fan of taking partial profits so I usually opt to go all or nothing. But one thing is certain, you have a lot more options with a position that has run into considerable profit.


Now it’s time to bring it all together. By now you should know how to configure your Forex Factory calendar as well as how to manage news events. Let’s finish up this tutorial by discussing how price action plays a role in all of this.


I have written before about how to use the news to gauge market sentiment. However this time I want to talk about actually reading the news through the price action strategies that form on your chart.


What is a pin bar, really? How about an inside bar? You probably know what they look like, but have you ever thought about why they form?


These two strategies have a common thread – they are both the byproduct of news. Whether it be something that was just announced or a more gradual flow of news that causes market sentiment to either fluctuate or remain constant.


In fact, all Forex trading strategies are a byproduct of news in one way or another.


However, the pin bar and inside bar really embody the essence of how news can influence a market.


Pro Tip: Stick to the higher time frames (4 hour and daily) in order to get a better feel for the impact of a major news event. This will help to eliminate the “whipsaw” effect that is common on the lower time frames.


Pin Bar.


Some of the best pin bars form on the back of a major news event. In fact one of my favorite setups is the NFP pin bar. This is because NFPs are released at 8:30 am EST and the 4 hour candle on my New York close chart closes at 9am EST, giving the market thirty minutes to react.


The timing of a news event like this can often cause the price for US Dollar pairs to rise or fall quickly, thus forming a 4 hour pin bar. Of course it isn’t always the case, but when an NFP pin bar forms at a key level, it’s often worth taking.


Inside Bar.


The inside bar can be thought of as the opposite to the pin bar. While the pin bar represents a volatile push in either direction, the inside bar represents consolidation after a large move.


So whereas the pin bar forms as news is released, the inside bar often forms the day after a news release. This is why the inside bar setup is often referred to as a type of breakout strategy.


Pro Tip: While the pin bar can be traded on the daily or 4 hour time frame, the inside bar is best traded only on the daily time frame.


Before we end this section, I would like to point out that the news which causes these types of moves isn’t always immediately apparent. The markets can move because of an unscheduled event or perhaps an event that has already passed and the market is just now realizing the impact. Regardless of how or when the news occurs, the two strategies above give you a quick and easy way to read the news via your charts.


Final Words.


We have covered a lot of material in this tutorial. Everything from how to configure the Forex Factory calendar to how to use it when trading price action. As such I would like to summarize some of the more important points to keep in mind when using the news calendar.


First and foremost, the news calendar should never be used as a tool to help you enter the market. In other words, attempting to trade a news event for the volatility it causes is a surefire way to blow up a trading account.


The calendar can, however, be a great way to keep track of upcoming events. Knowing when these events are scheduled can help you make decisions about the timing of your entries. It’s also helpful if you have an open position as it gives you the opportunity to book profits before a potential increase in volatility.


As a price action trader, you have a distinct advantage over other market participants using something other than price action. You have the ability to read the news through your charts using strategies such as the pin bar and inside bar. Just remember to stick to the daily and 4 hour time frames with the exception of the inside bar, which should only be traded on the daily time frame.


Frequently Asked Questions.


What is a Forex calendar?


The Forex news calendar is a vital tool for any serious trader. It shows the scheduled news events for the week and usually ranks them from low to high impact.


What is the best Forex news calendar?


I prefer the Forex Factory news calendar. It’s incredibly easy to use and is one of the more accurate calendars out there. Plus, you can enter your timezone so events are displayed in your local time.


Should you trade Forex news?


In my opinion, the answer is a resounding no! Trading the news is gambling. I’ve found it far more useful to study the price action that follows a news event than trying to guess.


Now It's Your Turn.


Are you ready to start using the Forex Factory news calendar?


If so, you definitely want to download the free PDF guide that I just created.


It breaks down how to use the calendar in 5 simple steps and explains which news events produce the most volatility.


Click the link below and enter your email to get instant access to the PDF guide.


About Justin Bennett.


Justin Bennett is an internationally recognized Forex trader with 10+ years of experience. He's been interviewed by Stocks & Commodities Magazine as a featured trader for the month and is mentioned weekly by Forex Factory next to publications from CNN and Bloomberg. Justin created Daily Price Action in 2014 and has since grown the monthly readership to over 100,000 Forex traders and has personally mentored more than 3,000 students. Read more.


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