Forex Factory Forum Pros and Cons
Forex Factory Intro
The most popular Forex Forum online is, and has been for a long time, the Forex Factory. There are some great benefits but also some disadvantages which is what I want to talk about in this post. Since I am a person who always prefers the positive over the negative I will start with all the pros.
Forex Factory Forum Pros
First of all the Forex Factory Forum is the busiest Forex Forum online today, at the time of writing this article there are 384,168 members. With those kind of numbers you are sure to find, connect, and learn from many experienced traders. You can also share your own ideas and be sure that other members will chime in and help you fine tune anything you have discovered. There is a real chance for learning here and there are some extremely intelligent people that have not let any success go to their head are willing to help you out.
Secondly, and also due to the large member base, you will be able to find and connect with coders of various skill levels. If you have a solid idea that is worth developing then the chances are someone will try and automate as much of it as possible. Software can prove or disprove if your ideas work out long term much quicker than trying to do the same manually. Learning how to code yourself however would take a while so this can be a great resource for you.
Lastly, the Forex Factory provides a great news feed that informs you of all the upcoming news events. The news results are updated once released and there are several MT4 news indicators that pull the data from the Forex Factory. You will find these news indicators in the Forex Factory Forums but if you don’t want anything like that on your charts you can just check the website.
Forex Factory Forum Cons
The first and biggest disadvantage to the Forex Factory Forum is actually also due to the fact that it is the busiest Forex Forum online today. Due to the massive amount of inexperienced traders you will find a lot of useless information that you would be better off without. This can end up giving you a case of information overload, some of the charts I have seen in some threads are hilarious to me but if you are new to Forex than you might take them seriously. The only advice I can give you to avoid most of the garbage is that you don’t need many indicators, if any! Everything you need is actually right there in price movement all by itself. Any Forex Factory Forum threads you enter where you see a pile of squiggly lines and layer after layer of indicator windows, run away!
The second problem with the Forex Factory Forum is that you will encounter rude and obnoxious people. Fortunately this is an easy one to overcome, just ignore them and don’t let them get to you. It is a basic certainty that they are not successful traders anyway so you don’t need to waste any time with them. From my experience this is just a common problem with any busy website so laughing and moving on is the best way to go.
The last problem I have encountered at the Forex Factory is that after sharing some of my expertise for free I was marked as a commercial member. This just meant that my info ended up in a part of the Forex Factory Forum that is not as busy. My info was free and my participation and help that I was giving was free so there was nothing commercial about my thread, the fact that I run a Forex related website was simply held against me. If real professional info gets hidden away and amateur info gets the spotlight I don’t see how this helps.
My experience at the Forex Factory many years ago helped me decide how I wanted to shape ElectroFX. I could see what I didn’t want and what I did, you will not find hardly any advertising here and I don’t list any Forex Brokers that I haven’t tested and used myself. All of my material, free and otherwise, is focused on techniques that have proven themselves year after year. The focus on helping you learn remains true and I hope you enjoy your experience here. I also have my own very focused Forum for you to use and for me to stay in touch with everyone.