Forex Factory has been the most popular Forex Forum online for quite a long time now. The platform is packed with loads of benefits. However, every good thing has its disadvantages. Below are some of the disadvantages of Forex Factory.
Exposure to loads of unnecessary information
The most glaring disadvantage of the Forex Factory forum is its nature of overcrowding. It is the busiest online Forex forum. Hence, you are likely going to find massive amounts of useless information from newbies or inexperienced traders – information which will do you no good, which you are better off without. For this reason, you might end up becoming a victim of information overload. Some charts I have come across in most threads are just so hilarious to me. Only those new to Forex trading will take them seriously.
What you should know is that everything you need is already right there in the price movement all by itself. You don’t need many indicators, so, my advice for you is that you avoid most of the garbage (useless information) you will come across. Stay away from threads with lots of squiggle lines and endless layer of indicator windows.
Rude and Obnoxious People
Another problem with the Forex Factory forum is that you will definitely come across a considerable number of rude and obnoxious people. People who are extremely obnoxious. However, this is not really going to be a problem if you learn to avoid them and don’t let them get in your business. It is quite obvious that this category of people are usually not successful traders, so you would be wasting any minute you spend with them. I have come to realise that this is a normal problem of any online busy forum, not just Forex Factory. So, the best way to stay focus is to try not to fall for their belligerent attitudes. It’s just like in the real world, where some jobless and troublesome people intentionally bump into strangers, just for the fun of it. A smart person would know that that is trouble and just ignore them and move on.
Marking of Experts as Commercial Members
Finally, the last problem you are bound to encounter at the Forex Factory Forum is that if you are an expert who wish to share some valuable information, you could be marked as a commercial member. Even though you are sharing the information for free. Take my own case as an example. After sharing some of my expertise for free, I was tagged a commercial member. But my information was totally free and my participation and help I rendered to people who needed them were also free. In a nutshell, there was nothing commercial about my thread, their problem was that I run a Forex related website. Implicitly, they are letting amateur information get the spotlight while hiding away professional information from highly experienced traders.
Forex Factory is a great place though. I must say, it is a place where every serious trader needs to be. The platform is designed for traders of all levels (experts, intermediates and newbies). Like I earlier mentioned, Forex Factory is the busiest online Forex Forum, today. The platform has hundreds of thousands of users. Hence, you are sure to find, learn and connect with experienced traders. In other words, due to its massive number of users, you can easily connect with different level of traders. Also, worth knowing, Forex Factory provides a great news feed that keeps users informed about upcoming news events. As a trader, one of the prerequisites of becoming successful is to stay informed, and in that aspect, Forex Factory’s got you covered.
You just have to watch out for the above-mentioned disadvantages. Stay away from rude and obnoxious people. Let me reiterate this, you do not need too many indicators, everything you need is already in the price movement. Stay away from useless information in order to avoid information overload.