Tag: forex resources

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Beginners Forex Education Forex Basics

Check Out These Go-To Forex Resources

Knowledge is power alright, but where do you build that knowledge matters more. There is nothing worse than learning the wrong. Many successful investors are not really different from average people, they are just well informed and act. They are willing to put their capital to risk based on the information they have. Having valid […]

Knowledge is power alright, but where do you build that knowledge matters more. There is nothing worse than learning the wrong. Many successful investors are not really different from average people, they are just well informed and act. They are willing to put their capital to risk based on the information they have. Having valid […]

Knowledge is power alright, but where do you build that knowledge matters more. There is nothing worse than learning the wrong. Many successful investors are not really different from average people, they are just well informed and act. They are willing to put their capital to risk based on the information they have. Having valid and relevant information also requires the right timing, and this is the secret sauce. 

We are about to share with you one of the best sources of forex trading information sources you can find online, it is up to you to decide if you want to act upon them. These will be diversified on different aspects of trading, some are fundamental, others deal with technical analysis while some are specialized. Note that we will also try to provide less known resources since the majors are easier to find, and some other resources not mentioned before in our articles.

BabyPips.com

We must start with the beginners’ resource for learning all about forex and trading, even though it is popular. Of course, there is nothing for the seasoned investors here however, beginners would need an easy to consume resource to get literate about something serious as forex. It all starts here and it is important to deliver indulging content, forex and trading are not as complex as many people think. BabyPips portal does the job with good lined-up lesson follow-ups that just urge you to keep learning. 

Statista.com

Now let’s go into the world of statistics. If you want to get the picture, look at the picture. Charts about every market segment are on this website, pick any economic area and there it is under the magnifying glass. Many of Statista.com charts are used in other publications and the sources are credible. There is so much variety and so much information here it is easy to get lost, so it is advised to have a plan for what you want to research. Also, if you just want general articles they are also available, for example, a report on 2020 by the numbers covers the COVID-19 stats, economy, politics, and society. Investors take special attention to trends in certain markets and based on these one could understand the long-term implications on state currencies. 

finviz.com

A great resource if you want customized currency heatmaps, performance charts, and other stats scaled to different timeframes. Additionally, this portal provides more information on other related markets, not just forex. A free subscription covers most of the needs but if you want specials like backtesting, advanced charting, alerts, and more, you will have to subscribe. If your forex trading is based on basket correlations and price action, this portal is a must resource. 

dailyfx.com

A well-known company with great content not found on other portals, mostly because of its sentiment index indicator on many markets, but focused on forex. The sentiment index is not an easily found indicator as precise calculation requires a good sampling of traders’ positions only larger brokerage can have. Dailyfx sentiment report is just one of many other tools forex traders find useful. It is a great resource for strategies, currency data, education, market news, and more. 

fxcodebase.com

A fantastic resource for indicators and technical analysis if you do not mind the lack of website makeup. Custom-made indicators are the main takeaway however the forum gold nuggets could be found in other sections. Most traders have MetaTrader clients but Station II/Marketscope 2.0 is not far behind by use. Custom indicators for this platform are made daily so be sure to check it out. Of course, it does not end with custom indicators, find automated trading solutions, strategies, and coder help if you want to learn to code and make your own indicators. MetaTrader freebies have a separate section, with equally deep and fresh content. 

barchart.com

Barchart does not focus only on the currency majors but on exotics too. The forex market coverage is very wide and deep where you can find a good overlook of all things forex. One of the more interesting analyses is The Commitment of Traders Report and The Commitments of Traders Financial Traders (TFF) Report. They are both structured overviews that answer who are the major movers of the specific currency or market – large speculators, commercial or other small actors. If you want to look where the “smart money” is going, this is a good window.

Barchart has many other interesting tools that are worth checking out, such as the Forex News section for fundamental analysis and Long term Trends charts within the Market Pulse section. 

fxssi.com

Another interesting website featuring the sentiment type indicators like on DailyFX except there are a few additional tools to complement it. These tools are about Stop Loss clusters, similar to what some crypto exchanges feature with their charting. Then the OrderBook indicator, CurentRatio, and more. Some of these are not for free but the strategies that can be made with these are something not seen elsewhere. FXSSI is a specialized website for such contrarian trading strategies made for the MT4 platform, on top of that you will also see additional MT4 utilities for forex trading such as Sessions, Spread warner, Calendar (events), etc. Combining these will transform how your platform looks and more importantly, add analytical value to your trades. 

desynced.net

A rare find with thousands of indicators and the code behind them. This means that if you happen to be a coder you can also create and mix your own creations using the published coding lines. The only problem is the somewhat poor structure of the website, it is almost a list of indicators without really explaining their trading purpose. So some coding and trading knowledge is required to get some value out of the text but still a great resource, for Expert Advisor creators especially. 

The Secret Mindset YouTube Channel

If you are into indicators, this channel is one of the best when it comes to presenting them what they can do, their purpose, and what could be composed with them. The website, thesecretmindset.com has great articles too, but their videos are very well made (if you do not mind the accent) and will present trading ideas better. The videos are not biased, are not marketing anything, and very deep if you want to nerd out on strategies and indicators. Maybe the best value of this channel is that each video inspires listeners to try something of their own. Beginners will like how everything technical is explained easily but scientifically while experienced traders will enjoy new approaches that could be utilized for their strategies.

Categories
Beginners Forex Education

These Resources Will Make You a Better Forex Trader

If you’ve recently decided to become a forex trader, there’s a lot you’ll need to know before opening your first trading account. The truth is that there are hundreds of websites and resources that can be accessed (for free) online but some are more helpful than others. If you don’t want to waste your time […]

If you’ve recently decided to become a forex trader, there’s a lot you’ll need to know before opening your first trading account. The truth is that there are hundreds of websites and resources that can be accessed (for free) online but some are more helpful than others. If you don’t want to waste your time […]

If you’ve recently decided to become a forex trader, there’s a lot you’ll need to know before opening your first trading account. The truth is that there are hundreds of websites and resources that can be accessed (for free) online but some are more helpful than others. If you don’t want to waste your time reading pointless articles or surfing websites with incorrect information, you’ve come to the right place. Forex Academy provides thousands of articles, videos, training courses, educational resources, and more – all at no cost to you. But once you’ve seen all that we have to offer, feel free to check out this list of forex resources that can help make you a better Forex trader. 

Demo Accounts

Traders should never downplay the importance of forex demo accounts, as this is the best way to familiarize yourself with a trading platform, practice, test a broker’s conditions, test strategies, and more. Opening a demo account is truly the closest you can get to real trading because accounts mimic the same conditions you’ll find on the broker’s live account, except for the fact that you aren’t risking any real money, as demo accounts allow you to trade with fake currency to gain experience. A demo account is also a great tool to use if you think you’re ready to open your live account but aren’t quite certain, as you will be able to see whether you would be gaining or losing money on a real account. For all of these reasons, we just can’t overlook demo accounts as one of the best hands-on trading resources out there. 

Investopedia

If you’re looking for informational articles, news, a dictionary, updates on trends, popular stocks, personal finance information, broker reviews, training courses, a stock simulator, or anything else that can help you with forex trading, Investopedia is one of the best places to go. If you don’t know where to start, you can scroll down to find featured articles on the website’s homepage, or you could go straight to the Academy section of the website to jump right in with courses and investing resources for beginners and more experienced traders. Having related resources grouped together and organized into categories can help take some of the stress off of forex traders that no longer need to search multiple websites for different information, so don’t forget about this website when you’re looking for forex information.

Bloomberg TV

If you prefer videos or television programs with audio over reading articles or surfing the web for information, Bloomberg TV is a great option. The TV station can be streamed live online and covers important financial information, including breaking news, global business news, live exchange rates, and any type of subject that affects the financial markets. If you tune in, you’ll have the luxury of multitasking, as you can listen out for anything important you need to know while you get ready for work, clean, cook, or perform any other activity. 

The Balance

The Balance is a financial website that offers insight into budgeting, credit cards, banking, investing, taxes, loans, the US economy, and more. While everything on the site isn’t specifically related to forex trading, there are a lot of helpful ideas that can benefit traders, especially when it comes to budgeting, retirement planning, tips for using a financial advisor, stocks, and investment apps. The homepage also features a “Money Snapshot” tool that offers quick information about current mortgage rates, saving rates, credit card interest rates, and more. Overall, this is a great site that covers a broad range of financial topics that can affect forex traders. 

TradingView

TradingView is yet another website that we found to be extremely helpful to forex traders. The site offers live market information updates in real-time on their homepage, news events that are updated every few minutes, crypto ideas, and more. Traders can even sort through different asset categories and find specific need-to-know information related to those categories. For example, under “Stocks”, you can choose from “Top gainers”, “Top losers”, “Overbought”, and more. Another section focuses on harmonic patterns, chart patterns, technical patterns, fundamental analysis, and many other subjects. This really only scratches the surface of the helpful topics you’ll find on the website. In a way, it could even be said that we saved the best website option for last, so be sure to check it out. 

Categories
Beginners Forex Education Forex Basics

Comprehensive List of FREE Forex Resources

Education about forex should be free according to some mentors but you will find most of the online content has a price tag, some even reaching triple-digit numbers. If we compare the educational value, free resources are not always basic in scope and depth, on contrary, what you find on forums, social media channels, and […]

Education about forex should be free according to some mentors but you will find most of the online content has a price tag, some even reaching triple-digit numbers. If we compare the educational value, free resources are not always basic in scope and depth, on contrary, what you find on forums, social media channels, and […]

Education about forex should be free according to some mentors but you will find most of the online content has a price tag, some even reaching triple-digit numbers. If we compare the educational value, free resources are not always basic in scope and depth, on contrary, what you find on forums, social media channels, and portals are much better than any class you may have about forex you paid for, including the one you may get out of universities. Simply, you will face practical problems, ideas, and solutions people have when trading, with all the varieties you can think of and the ones you cannot think of.

Luckily, we now live in an age where information is widely available; however, it is not always reliable, truthful, or without any background marketing intent. The Internet is flooded with dishonest intent presented as the right source for your queries. This problem is so dominant it is not easy to recognize what is an ad or a sales funnel page from what might be matching your interest. Whatmore, the content you are after might not point you in the right direction. 

This list of free resources comes from personal experience by prop traders and suggestions smart and successful traders have made, but now listed progressively on how one’s interest and knowledge grows, from a beginner trader to a pro. We will start with a basic understanding of forex and how one can trade and then explore topics that will define you as a trader. Forex crates unlimited variations of how one can become successful and each professional trader has its special way to the top. 

  1. When you think or hear about forex trading it is logical to start with the basics. How to trade, principles, terms, and topics. The best source for this is free at babypips.com. The content is fun and easy to consume, and will get you inspired and motivated to get going. Now, understand that some of the content may guide to indicators and strategies professional traders do not use, so keep yourself open to find out more before you adopt anything on babypips.com as ready to roll, especially what you learn in later classes. Their forums section could also be useful for anything you might be interested in additionally. 
  2. Invetopedia.com is our second stop on the list. Their content is dressed up in a banker’s suit although you will add on to the babypips.com knowledge to the point you might even become interested in other investing ways. Completing everything they have is a very demanding task however you could probably beat many experts in a quiz after finishing. In the simulator you can practice your investing strategies but do not stay for long, you are in for a much longer and interesting journey. 
  3. Time to get into forex talk, next stop is forexfactory.com. More specifically the Rookie Talk thread in the Forums section of the site. Forexfactory is the most popular portal for traders. You can meet legendary traders and coders, their topics, strategies, Expert Advisors, ideas and so much more you might feel lost. If you are into forex, it is like a candy store without limits. Since you are just starting and fresh out of babypips.com free course, the rookie thread might be repetitive for you. In that case, move into more advanced topics and make your account. You will likely feel at home here once you start trading. Forexfactory is your source for basically everything, although orientation and organization might be lacking. 

Now you probably understand how wide and deep forex trading is. You have seen some strategies, some indicators, you follow some ideas and you are into politics, events, charts, and fundamentals. It is time to open your first demo account where you can shape your first trading systems. 

  1. One of the most popular trading platforms is Metatrader 4, while MetaTrader 5 is slowly picking up where version 4 left. Most brokers that offer demo accounts also support MetaTrader clients where you can insert custom indicators and strategy templates you found on Forex Factory or elsewhere. This platform is probably the best place to practice your skills since it offers so much customization. This said, your next stop could be their website, metaquotes.com. 
  2. However, an important clue about the brokers and their quality comes from the Forex Peace Army website. Here you will learn what makes a good broker and the most reliable broker ratings. The portal does not stop there and allows you to really see how big the rabbit hole is in the brokerage industry. 

After spending some time you may find you need some guidance, some traders ascend alone, however, most professionals had a mentor at some point, champions had one at an early age. Real mentorship is not free unless you are getting one from your family, but we are talking about free online resources here. Time to turn to the best alternatives. 

  1. Youtube! Of course, this portal is full of amateurism and marketing you are probably skipping with ease by now, but diamonds in the rough exist. One such channel is from VP, a professional trade that shares his way of trading is a very careful and meticulous way. The most important aspects and barriers a trader can experience are covered here. His blog and channel go by the name of “no-nonsense forex”
  2. Tweeter. Follow like-minded people that align with your trading philosophy but also try to follow other trading ways, you never know what goodies you might steal. @FXCM_MarketData channel is great to stay informative, tweeter has a nice feature to offer you useful and related profiles. 

Once you become skilled you might want specialized forums and market information. Such sources are hard to find but we found some readers might enjoy it.

  1. Forex-station.com. An amazing resource for indicators, strategies, and coding help. One of the most interesting aspects of this forum is the fact many of the indicators and strategies are free, updated, and customized to impressive levels. Each indicator type has its own thread where you can find a plethora of variations pimped up with alerts, multi-timeframe options, filters, price calculations options, and more. If you have favorite indicators, you will likely find their ultimate version here. 
  2. www.stevehopwoodforex.com is a closed type forum that is carefully moderated so only quality content can be found with minimal redundancy. All information is carefully catered to a trader, be it a beginner or experienced. The founder of the forum is also a host for the HGI system. Also, the EA section is very rich with hard to find resources. 
  3. If you nerd out you might be interested in this gem – zorro-trader.com. This is a special kind of platform that can take your trading to whole new levels. Let’s just say it is for hardcore market analysts also adept at coding.