Forex traders can get a free education if they go online
THERE is no shortage of online information for forex traders, whether through newswires, providers, dedicated websites, blogs or Twitter. Our favourite, of course, is morningwire.eu, which you should all visit. Here are some others.
WORD ON THE FX STREET
Kathleen Brooks of Forex.com says “the Reuters market reports along with FX Street and the Bloomberg currencies section are a great way to get up-to-date on which currencies are moving and how they have performed.” Richard Nehme of International FX also recommends FX Street (www.fxstreet.com). He likes its economic calendar, which shows the importance of the release relative to currencies, as well as good synopses of what the releases are about, making it good for training junior traders.
FREE RANGE TRADING
For the more advanced trader in need of some actionable ideas, Brooks suggests a couple of blogs dedicated to FX fans. She particularly likes Trade2Win (www.trade2win.com) and Forex Factory (www.forexfactory.com). She says: “Trade2Win has a section with articles from FX experts that discuss topics such as how to read candlestick charts to learn various correlations that exist within markets. These articles give you extra detail about the FX market and can really enhance your knowledge about the FX market.” She adds: “It also has a trading forum that allows you to discuss trading ideas and strategies with your peers and enhance your trading style by learning from the success, or mistakes, of others.” Brooks says that Forex Factory “has forums, communities and conversation threads where you can post a question or make a statement and get instant feedback.”
FUNNY MONEY
For a forex site with a slightly satirical bent, ForexLive (ww.forexlive.com) comes highly recommended. For those new to forex trading, it offers an easier and more entertaining read than the jargon-swamped commentary aimed at those familiar with the various forex dialects. New Yorker Jamie Coleman launched ForexLive. He used to be chief dealer at Baring Securities, until Nick Leeson lost £827m down the back of the futures market. The best way of keeping up with the content of ForexLive is to sign up to its email bulletin.
TRADING IDEAS
Most of the major trading platform providers have plenty of free educational materials to tap into. For example, GFT’s FX360.com has regular commentary from its directors, Kathy Lien and Boris Schlossberg, as well as access to charts, videos and technical analysis. Your trading platform can also provide you with research through a third party.
Among others, Alpari and IG both offer access to Trading Central, which supplies plenty of detailed technical commentaries.
TWEETING TRADERS
To plug into IG’s analysis of the four major currency pairs follow @IG_ForexFocus on Twitter, which is updated around the clock by their offices globally. Ian O’Sullivan of Spread Co (@Spreadco) recommends the tweeters: @50pips, @FxGuy, @SE1 and @FX Forex. James Hughes (@JHughes00) of Alpari (@alpariukforex) also recommends @50pips, whose “insightful little nuggets throughout the day,” he says, are “very comprehensive and very helpful.” Hughes also advises following the big newswires to confirm stories from independents.
Hughes suggests that Twitter is not just about garnering information, but sharing ideas: “You want to follow people who are willing to share ideas, answer questions and generally share their knowledge. That, for me, is what using Twitter for market data is best for. Sharing knowledge and ideas is what is all about.”
Forex traders and people who work in the industry are remarkably willing to give away their knowledge online. It would be a mistake to ignore the virtual forex community that has sprung up. Anyone serious about their trading should listen to the online gurus making serious money.