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These Resources Will Make You a Better Forex Trader

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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. 

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