Why Retail Forex Traders Need To Stop Using Forex Factory
Forex factory is by far one of the most used and well known economic calendars which is used by retail traders. Mainly, due to referrals from educational sources online. However, reading between the lines retail traders are actually worse off using this calendar.
One major issue with Forex factory is that there are only Major currencies. They completely miss out the news from other economies which can indirectly affect currency pairs Forex traders trade.
This means you're already put at a disadvantage if you're trying to trade fundamentally. Yet, free educational sources keep on referring the website. There are many economic calendars which are more in depth. Such as the Logikfx Economic Calendar. Alternatively, you can use popular website such as investing.com for scheduled news. Additionally, Logikfx trader and professional members get access to 23 countries worth of analysis simplified.
Missing Scheduled News
This is Forex Factory's economic calendar (21/03/2019). As we can see between 9:30pm - 12:30pm there is 10 pieces of economic news. 7 Piece specifically for GBP. This is very misleading, retail traders are led to believe this is the only news coming out on this day. Where in fact, there is various pieces of news released.
As you can see from the image above, there was much more economic news released on that date. Yet Forex Factory does not release it. This skews the perception of retail traders only limiting them to specific pieces of news. Creating the narrative for traders to only trade on news which is absurd. As you can see in the Logikfx calendar, 12 piece of GBP news was actually released between this period.
We can conclude from this that Forex Factory is not the best or most useful economic calendar and there are actually many more resources out there. Don't be fooled by educational sources. Do your own research and compare different calendars.
Still using Forex Factory? You're better off changing.