The best way to learn forex trading is through forex trading. Nothing can beat years of experience and hard work on strategy. However, there are definitely good habits on the road to being a profitable trader. Since you are already reading websites and blogs on some of the most popular forex websites, I’ll recommend some other tools for you to become a better trader.
TOOLS:
1.NEWS
2.SOFTWARE/APPLICATIONS
- News – Stay tuned with the news
Although you are a frequent visitor of forex websites, it is still important to keep up with other types of news as well. For world economic news, I would recommend Bloomberg or WSJ. These are both excellent unbiased websites that provide live news and analysis from experienced analysts. It is also a good idea to use Yahoo finance to look at detailed financial information and market trends.
- Software/Application:
It is important to have a reliable provider for a day trader to look at charts and the fluctuations of the market. More importantly, it needs to have accurate stats and suggestions for the trader.
- Bettertrader: I use this website to analyze scheduled news releases. It’s extremely beneficial with the back-tester that lets you view how the market reacted to the release of live events (i.e unemployment rate).
- For example, the image below shows how the S&P 500 reacted to a below-expected unemployment rate. Statistically, 8/9 times the S&P 500 has gone up since that release.
- This website is relatively cheap and can be used for free. It has excellent charts with various tools to help you analyze trends and reversals in the market. These charts can be your best friend when you are looking at multiple currency pairs or stocks at once.
Tradeview has a simple and free interactive chart for traders. Although you have to upgrade in order to view multiple charts at once, Tradeview is nonetheless great for amateur day traders to use since it is simple and provides all the necessary functions. The platform has headline news for the selected market in the corner which is great for traders to renew their knowledge of the stock or currency.
In addition to having a simple interactive chart, Tradeview also provides “pro” traders who advise traders through articles on the FX, futures and stock markets. The site also has live economic statistics and market summaries for traders in a rush. Tradeview is great for beginners to start day trading with.
Conclusion:
Since practice always makes perfect, making a demo account and practising is crucial before you commit a large amount of money into the market. Here is a great forex demo site that I used to help me get better.
