Last updated on May 12th, 2020
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.
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.
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.
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.
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.