The forex factory news trading EA is not a get rich quick scheme. Many online tools exist that turns the Forex Factory news thread into automating trading robots to be used on platforms like Metatrader 4. Usually these robots come with a fee for like $15-$30.
I would stay away from these robots if you are just starting out. I would learn about fundamental analysis and fundamental trading on your own. The beauty of any automated trading system is it saves time for trades, research, and strategies you are already doing. Purchasing a forex trading robot means the robot is trading the way your already trading. The robots save countless hours searching the charts and discovering trades.
If you purchase a forex factory news trading EA without any knowledge of what the automated fx robot is doing than you may be wasting time and money.
The forex factory news section is a great section for new news releases for currencies around the world. Many fx traders use this section as their top resource for late breaking news related to currency trading. A great section that delivers news faster than many of the other news releases related to the foreign exchange.
Forex factory gives it's members and guests the ability to do specific searches on their latest stories. Search news stories more associated with fundamental analysis, technical analysis, educational, breaking news and more. Also gives you the option to search the news releases over certain time periods up to the last 30 days a story was featured on their website.
Certain news releases also comes with extra data that members and guests of the website can see for free. It showcases the impact the news story can have on the currency it relates to and breaks the importance down into colors with red being the highest impact. Forex factory news stories goes into more detail of the actual story released along with percentages and graphs.
Here is an exaple of how it goes into further detail of the story and highlights stories which are related to the currenct release. A screenshot example of the German final CPI news detail which has an impact on the EUR currency.
Detailed graph of the German final CPI news story. Highlights the actual, forecast, and previous percentages of the impact it had on the EUR currency when it was released.
As a forex trader your going to want to learn how the market moves based on the fundamentals like oil prices, economies, wars and rumors of war, interest rates, monetary policy, jobs, acts of terrorism, and large scale disasters like Covid-19. You will also want to know for what time frame(s) on the chart the market is moving based on the fundamentals.
Learning the fundamentals, and then learning how the market moves based on economic news alone, will help you to make money in the foreign exchange. For example, if an announcement is released about a countries interest rates and they announce the interest rates will rise, many forex traders will buy into the countries currency because this signals the strength of it. Usually the bullish movements are temporary after the announcement is made.
Knowing this as a trader allows you to secure quick profits. If the Federal Reserve of the United States announced they would be raising the interest rates, the USD being the main currency inside the foreign exchange, a good strategy would be to buy into the USD for many currency pairs who's opposite economies are not so strong. You know the quoted currency economy is not doing so good based on your research you have been doing.
Instead of going through all of the currency pairs and charts for each pair, you can purchase a robot to make all the trades that mimic what you want to do manually anyway. As a trader, especially if you are doing it full time, you may have other work and trades to do throughout the day in relation to price action, or technical analysis trades. The robot saves time and allows you to attend to the other tasks. As a full time trader you may have other trading robots going at the same time that mimic a style and strategy that you were doing anyway.
With the forex factory trading EA you want to first discover how trades move based on the fundamental news reports you are reading. Once you have learned how the news moves the currency exchange rates, either up or down, and between the various currency pairs, you might want to consider finding a robot that thinks like you do. Learning forex trading on your own will be a lot better than purchasing a robot and not knowing for yourself exactly what the trading robot is doing.