Forex Resources: A Wealth of Materials to Improve Your Trading

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Forex Resources

Forex Tools and Articles for Your Use

Here is where we provide you with some links to free resources you can use to enhance your Forex Trading. First we'll start with some articles that I'm sure you'll find useful. Bear in mind some of these resources address trading from the stock market perspective. The psychology is the same, as are the chart indicators....so don't be put off if one of these is talking about stocks rather than forex.

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For starters it's important to get into the proper mindset for trading successfully. Toward this end we offer a number of thoughtful pieces on the psychology of trading. These will help you develop the right perspective and outlook.

Next we offer a couple of articles on using the Fibonacci tool for measuring retracements and projections. You'd be surprised how often this is dead on.

We have two articles on Japanese Candlesticks. You'll find it'll be worth your time to learn a few of the basic patterns of these candlesticks...since they can identify turning points and other important price behavior on a chart.

Next, I'd like to offer you a couple of miscellaneous pieces of information I have found to be most useful. First is provided by our friends at Forex Profit Pro. They have devised a Cheat Sheet that tells us when trends in the Forex market are most likely to begin...the day, the hour, etc. You'll want to see this one.

Are you mystified by the meaning of all the economic news that comes out? And the impact it has on the currency market? See this explanation of all the US Economic Indicators. This explains what each one means and how important it is. Number 29 is the Employment report that we've talked about.

There is a lot of interest, no doubt, in day trading. Day Trading the Currency Market is authored by Kathy Lien of GFT. She is one of the foremost analysts in the foreign currency arena. When she speaks, traders listen..to paraphrase an old slogan. This is a bit of a treatise: a very comprehensive treatment of day trading. If this is your niche, then it's worth a read.

Another popular approach to trading is making use of the Pivot Point which is calculated based on the previous day's High, Low and Closing price. There is a site called Daily 20 Pips which provides such a calculator. The calculator is here and the directions on how to use it are here. You can also sign up to have them send you a daily trade recommendation.

Sometimes you need to know what time it is in another time zone: When does the market open in London or close in Tokyo? What time is it on your MT4 server? One tool that I've found very handy is Qlock.

You can pick practically any city in the world. I have London, NYC and Salt Lake on mine. It resides on your desktop, not in MT4. It's free to download at Qlock. You can set alarms, change the color of any of them even adjust the size and transparency. It's very handy and completely removes the guesswork of "What time is it in _______?"

Some other good Resources for Forex information are our Online Resource Center and our Forex Bookstore.