The forex trading community has been growing exponentially, and that is partial because of the hype that has been built around the forex market, and much of it is not well founded.
It is important to find a community of forex traders who know how it is to trade and do it successfully and a community that is centered on the growth of a trader.
About ForexFactory Forum
A community like this is hard to find at this day and age, but with a lot of research, you will find ForexFactory that has been offering such a platform for forex traders since its inception in 2004.
They have been very open and have provided their resources freely to the average and experienced forex trader alike.
ForexFactory has been on the forefront of engaging their members with credible forex related information for the past 12 years, and they have not failed to impress with their services for the longest time now.
To understand how much ForexFactory should offer it is important to look at the numbers first because as it said they do not lie.
Their website www ForexFactory com is the number one most viewed website in relation to forex trading in the world, and aside from that from Alexa a company that ranks website as per their visits and performance, ForexFactory is number 21825 most viewed website in the world.
Given the number of websites in the world at the moment, that is a very high ranking, and that means they have the attention of many traders and the financial community too.
The fact that they are ranked so highly one might think that they are a sort of social trading network rather they are just a website that offers information and forums for their members to discuss and share forex trading ideas.
That is one of the most impressive things about ForexFactory which is simply unheard off. They have their location in Tampa, Florida in the United States but they have expanded their reach over the world because of their reach.
They have been patenting their trademark in several countries that are known to have a massive following of forex traders.
They have a pending trademark inquisition in Australia, china, the European Union, Israel, Japan, Russia, Singapore, Switzerland, Turkey, Ukraine and Vietnam.
It may be expected that ForexFactory is owned by a brokerage firm, but that could not be further from the truth because they are a privately-owned company that has zero affiliations with any brokerage firm.
This is even made more interesting by the fact that they do not charge for their services and one might ask how does ForexFactory make its money then, they have featured on their site where brokers pay to be featured or advertised and compared with other brokers, and that is how they make their money.
Features on ForexFactory
Their website www ForexFactory com is one of the best websites to visit; the reason is it has a lot of information and features that to any trader are eye-catching and interesting.
That means they are able to keep their clients interested because they have new information being churned out every single day.
The features range from the ForexFactory forum page, trades, news, calendar, markets, and lastly brokers. The ForexFactory forum is one of the most interesting features on the site, and that is where the sense of community is truly felt, and that is why most people might mistake ForexFactory for a social network.
The ForexFactory forum is categorized into sections based on the attention the forums attract from the participants; there is the hottest forum or the most active forum at that moment, there is the latest forum created, the last forum viewed by the participant, the latest thread posted by the participant and lastly the last thread read by the participant.
The forums attract a lot of attention because they are from traders who have different opinions about the market and so they have been able to gain followership from the members who uphold the same opinions and these members are passionate they will protect and defend their ideology in whichever way possible.
The trades section of the features shows the traders with open positions both the traders who have real and demo accounts linked to ForexFactory through the trade explorer a tool that helps traders analyze their trades in more critical manner.
The rest of the features are also interesting especially the market section where ForexFactory has offered access to charts for the various forex pairs traded and that way the members can easily follow the market movements without having to log into their trading platforms.
The broker section only covers the brokers who wish to have their brokerage firms compared and analyzed and also those brokers who want to get their name out there can advertise on their site using banners that are posted on the websites page.
The calendar or the economic calendar is one of the most used tools on ForexFactory since the members use the information provided on the feature to make trading decisions or filter their trading decision.
The economic events are graded in order of their seriousness, from low impact to medium to high impact news.
Advantages of Using ForexFactory
Many traders for a long while have been looking for resources based on the forex market and a community where they can share their trading knowledge and at the same time learn.
The fact remains that with a website that can offer the resources that ForexFactory do there is no doubt that the traders will end up settling for it as a choice.
The trader can keep in touch with economic news and data being released do their analysis, post their trading idea in a forum and get comments or critics on it without leaving the website at any one time.
This kind of efficiency is what every trader wants since trading the forex market is already tough enough ForexFactory will always make trading easier.