I been studying forex for a few months now. I was just introduced to Forex Factory Calander but not sure how to use this tool with my bids. Today i see NZD has a High impact event. How to i use this info to bake a bid? Do i use NZD agains a weaker currency and buy? or do i sell? I am confused how to use this tool
I’m not familiar with the tool but by the sounds of it, you’d be just as well flipping a coin. High impact events can result in a volatile move in either direction & without a crystal ball, a mere speculator such as yourself will more than likely end up on the losing side. News calendars highlight when the event is, it should just draw your attention to the chart at the right time but not in to a trade.
What you want to do is wait for the event to take place, let the market make it’s move & from there, you’re looking for a signal that there will be a continuation of the initial impulsive move or you look for a signal that would justify fading the news.
If it’s good news for NZD, it should appreciate so you want to buy NZD & you want to pair it with a weak currency (the weaker the currency the bigger the differential in the move). If it’s bad news for the NZD then you want to sell. Wait for a set-up to appear though as news trading is a dangerous game.
Good call… 
My opinion is to avoid trading on significant economic events because the volatility is high and unexpectable. So, you can use the calendar for being informed from economic data and some indicators that you believe can you help you in your trading.
Remember when the “experts” told us a Trump win would crash the stock market, just the opposite happen as the market has had the greatest 4 month run following the election of a new president in history. Event base trading is very risky, best to just trade in the direction of the trend,