The Best Forex Trading Tools

When you’re just starting out, learning to trade Forex can be stressful and time consuming enough without having to find the best Forex trading tools online.

There are literally thousands of websites offering various different tools to traders but that can be a problem.

As a newbie, it’s easy to become overwhelmed by all the information out there and tough to spot the Forex trading tools that are really going to help you as a trader.

Forex Trading Tools

You’ll find that although there’s plenty of opportunity to spend money for trading services or “special indicators” , free Forex trading tools are some of the most useful that you will find during your online search.

For the most part, the trick is to know what you’re looking for.

Plus it’s also important to realize that although many websites offer a number of tools in one place, you’ll find that you might tend to prefer certain sites that feature specific Forex trading systems or specific features that may suit your trading style.

Economic Calendar

You must know what news releases are upcoming.  There are many that can cause the volatility in the markets to spike and you do not want to be taken out of a trade because of lack of information.

You’ll probably start with something like an economic calendar and many seem to gravitate to Forexfactory perhaps as they offer a substantial forum-based community.

But for FX calendars, I prefer Dailyfx. They also have tools and commentary available on their website.

But perhaps the most substantial free economic calendar for Forex traders supplied by Investing. It is highly customizable with 85 different countries in the filter section along with the type of release and relative level of importance.

Forex News

There are a great number of mainstream free FX news sources online. Marketwatch and Bloomberg for example.

But these on their own are just not substantial enough when minutes and even seconds can sometimes make a big difference to your P/L.

This is why I like financialjuice – a free financial news source aggregator that allows you to filter for your specific areas of interest and alerts you in real-time.

forexlive is also a fantastic site for current market information, order price levels and trade ideas.

But personally, the one critical news source to me as a day trader is a live news squawk. I like the one provided by talking-forex as it keeps me up-to-date with all the current market moving information as it happens and gets me the economic figure releases in real-time.

At £20 per month, it’s an absolute snip.

But if you don’t need the data quite as quickly as this, you can get a delayed version for free over at zerohedge – zerohedge.talking-forex.com.

Charts, Analysis and Tools

There are a good number of sites out there that offer live, real-time Forex charts for free. One that I like a lot though is Tradingview.

Their charts are high quality, feature-rich and run in any browser using html5.

Because they are also cloud-based, their servers do the “heavy lifting” reducing the need for high-powered trading systems. They also have a fantastic chart/idea sharing facility where you can view other traders’ analyses.

Both fxstreet and forexticket have some useful tools too – pivot point calculators, FX volatility, correlation and more. Plus they also have great sections on current forex analysis.

Another great tool is the currency heatmap offered over at oanda and although it’s primarily for stocks, finviz also offers some great fx heatmaps

Forex Education

Although there are some fantastic courses available for a fee (including at Netpicks) there are some great free trading resources to get you started (or brush up).

There’s some great information over at www.babypips.com but why not try our free beginner’s guide to forex too! – Forex123.

There’s a vast number of free forex trading tools available online, but not all are particularly useful. Hopefully some of the resources I’ve highlighted will be useful to you and save you some of your valuable time.

Since many traders like to use indicators (usually the wrong way) for their trading method, Netpicks has put together a free and vital “Indicator Blueprint” to put you on the right track when using an indicator for your trading decision.
Get access to the PDF and videos by clicking here.