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 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.

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.

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 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.

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.

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.

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 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.

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.

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, 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.

Beginners Forex Education Forex Basics

Can We Still Be Successful with Bad Tools?

Everybody has a different opinion on how forex works and how exactly we should trade. There will always be some group of people that take issue with the things are said and done. We will always be surrounded by people who tend to discredit certain strategies. With something complex as forex is there will always be expressions of disapproval. We like to say that there are 2 types of people who really stick out in the trading parliament. Those are complainers and arguers. With complainers is simple, if we don’t do and say things exactly the way they want, then they are going to take the issue with it. With these kinds of people, disagreement will be the most possible outcome. Life goes on.

With arguers is much different, here we have just people with a contrasting opinion which is perfectly fine. In the end, we are all trying to figure out what is happening in the market, the world economy, and how big banks are affecting our trading. If we ask 1000 people the same question we would probably get 1000 different answers on the same topic, it’s just like that and that is how is going to be in most cases. So the best thing we can do is to give our own opinion after the research and try to back it up as much as we can. Constant pursuit for a better understanding of how forex works behind the scenes should always be one of our main goals.

Is it still possible to ride on big waves even if we use bad tools? There can be some winnings for sure, but it would be a lot more difficult to trade with bad tools. Because at their core these are sub-standard tools to use and by using them we would certainly have an uphill battle ahead of us. There have been a lot of traders that still became professional traders despite this fact. Even with sub-standard tools if our trading strategy is in place we might do some damage. The traders with good money structures who have their emotions well-settled might do good even with wrong tools. Way too often the game is over before even starts because some of us might be using terrible, outdated technical tools on our chart. But even with the almost perfect money-making algorithm, there is a big chance for messing up if we don’t have good trading psychology and adequate money management.

Surely there are tools and indicators invented a long time ago so we can reasonably assume they were not made for the market that we trade. They are certainly not the only options among more than 10.000 indicators and tools that we could put on a chart at any given time. There is no need to be trapped using the same tools if they don’t do the job as they should. We want to keep our chances as higher as possible and honestly, we are not going to score with outdated tools. We should always try to eliminate a lot of stuff before we can even think about moving forward but following the same tired advice, the same tired old technical tools being used every time is not going to get us anywhere. We need to be aware which tools could be totally useless for our trading and that we might be way better without some of them. Also, we need to distinguish which parts of some potentially bad tools we could actually use because there are tools with the most parts that we could not declare as beneficial.

There is a whole new horizon of indicators out there so just by being aware of their existence could put us in a very exclusive company. Most people, even professionals don’t know that there is a whole new world out there. Depending on a different type of tool or indicator that we are discussing, all types of arguments are falling into a few categories. Firstly, people like to say: “Well my friend, you just didn’t use it in this setting, that’s what you have to do”. Our response on that would be that the chances are we did try on that setting because of our through nature of approaching to forex and it didn’t just work for us. If something works for someone else that’s great but systems are different like we all know. If someone has a success in the particular setting then that somebody has figured something out. We always like to give applauses of admiration for those who manage to discover something revolutionary. Friends traders, please do share.

We have people typically connected to the Fibonacci tool. The Fibonacci crowd might say: “Oh you are just not using it this way, maybe you should try this method…” or “If you use the Fibonacci from an intraday stand of point it will work better”. Well, some don’t trade intraday because they have great success with the daily chart and that would usually be one of the main ingredients for the right way of trading forex as we like to point out. Still, it may not be for everyone. Further, there have to be at least 50 different ways we could use the Fibonacci in our trading like there are a lot of different ways we could use a bunch of other tools and indicators. The problem is that the explanation of any of those deserves a book or two. We could often see similar arguments when we debate about other tools. But all we care about here should be our personal success, no matter which tools took us there.

If somebody found a way to make a bunch of pips consistently, for example, using the RSI we could only salute to that person. If somebody has overcome a gigantic obstacle, well deserved. Here we are putting our systems to work and testing them as much as we can therefore our directions in trading are based on our great effort and long experience. So if someone has the method that works better, something like moving average crossovers mixed with the support and resistance lines, we wouldn’t have much to say than to be forever grateful if that somebody shares his knowledge with us. Do we think that our method is superior? Of course, everybody thinks that their method is better. We all see the values in our methods because we appreciate the benefits they give us. We should stay unpopular, we have wisely allocated our time, and we have a system that gets to take some emotions out of the game. These are some of the things that we endorse.

Traders, our advice on this would be to always keep improving on what you have. If somebody is an RSI trader and he is getting good results over time, he should never stop searching for better options out there. There is no reason to stop searching for improvement. If the results are not there it’s ok to jump from the ship, but traders, be honest with yourself, make sure that the results are there, and then try to upgrade your system. There is a whole brand-new world of tools out there, relevant tools, created for the forex market that we trade and they are certainly worth discovering and testing out. Successful or not we are not stuck, we could start to make money if we educate ourselves properly or we could make more money if we dare to embrace more education. We should try to discover the best tools around, we should closely observe our results and never stop improving our system. That might be the only way.