If you are new to trading, chances are that you’re feeling quite overwhelmed by the sheer amount of tools and platforms dedicated to trading.
With a market as big as Forex and trillions being traded on a daily basis, it is a given that there will be many wanting to build their businesses on the backs of those trading in the market.
Where this can be a great thing as it means there are more options and aids available for traders to choose from, it can also mean that there is more playing ground for scammers. Our article on ways to identify scammers might help combat this threat, if you’d like to read up on this subject.
This article is dedicated to some of the tools and outlets that are not only safe but genuinely useful for traders.
We have not made too long a list of tools because the purpose of this article is to help you shortlist the ones you will be using on a daily basis.
So let’s get right into it.
New, Analysis & Forecasts:
News and reading market analysis by experts is very important when it comes to trading. Following the news and reading forecasts and analysis are great ways to predict what the market sentiment is going to be like. This will help you take more informed decisions when you actually sit down to trade.
Read the latest news, see market analysis and read market forecast on any of the following:
Did you know you don’t really need to know a lot of formulas and do calculations for your trades yourself?
You should explore your trading platform to find tools like this too. You will be surprised at what you can find.
However, if you still need some additional help, here are some useful calculators available to use for free online.
|NAME||TYPES OF CALCULATORS||URL|
|Good Calculators||Forex Margin, Fibonacci, Pivot Points||https://goodcalculators.com/|
|My FX Book||Fibonacci, Margin, Pips, Pivot Point, Position Size||https://www.myfxbook.com/forex-calculators|
|XM||Pip Value, Margin, Profit and Loss, All in One||https://www.xm.com/forex-calculators|
Discussion forums and boards:
If you are new to trading and would like to talk to other traders and find out what everyone is saying, joining a discussion forum for Forex might be a good idea.
When you are trading from your room and have just started, one can begin to feel quite isolated. Plus, new traders often begin to wonder whether what they are doing is right or not. In such times of uncertainty, it is often helpful to get advice from other traders or just get clarity on things.
These are three trade forums that might help:
|The Motley Fool||Discussion board||https://boards.fool.com/|
|Invest Open||Discussion forum for Stocks, Forex, Crypto, Bonds, Funds, Businesses||https://www.investopen.com/forum/|
|Stocktwits||A social media platform for investors||https://stocktwits.com/|
New economic data being published will affect a market directly. Even if it does not push market in one single direction, it often does cause confusion and uncertainty which renders a market unsafe for participation.
Stay on top of economic data by following economic calendars on these websites.
|Forex Live||Economic Calendar||https://www.forexlive.com/EconomicCalendar|
|Forex Crunch||Live Forex Calendar||https://www.forexcrunch.com/live-forex-calendar/|
|Forex Factory||Economic Calendar||https://www.forexfactory.com/calendar|
|FX Street||Economic Calendar, NFP, Interest Rates etc.||https://www.fxstreet.com/economic-calendar|
If you are just starting out and are overwhelmed by the amount of brokers out there, you can turn to these websites to find some verified brokers
|My FX Book||https://www.myfxbook.com/forex-brokers|
Finally, if you are trying to improve as a trader, starting a trade journal is a great idea. They help you record your performance so you know what to work on and improve as you go along.
We hope this will prove to be useful to some of you and will make trading seem a little less daunting. And of course if you are looking for a reliable signal service you can always have a trial run of ours.