timsk
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Update 7th March, 2022: The Essentials of Trading series has now been retired. A big thanks to timsk for all his efforts with this initiative. These threads will no longer by stuck to the top of forums, but will still be available for members to view. We decided to retire them because they are no longer being actively updated.
Welcome to the Essentials of 'Forex Discussion' Sticky. ‘Essentials’ Stickies are threads that are ‘stuck’ to the top of a forum index. They contain information about the forum you’re in that is of critical or ongoing value - hence the ‘Essentials’ name. If there’s anything missing from this Sticky that you hoped or expected to find, please contact timsk, T2W Content Manager and, if at all possible, it will be added.
NB:
The structure of the forums was completely overhauled in August 2012, resulting in a much simpler layout which is easier to navigate. In the case of Forex, there used to be three separate forums; whereas now there is only one. A consequence of this is that the ‘Essentials’ Stickies are out of date and will be amended in due course. In the meantime, we have left them in tact as they contain information and ideas that are of value to members. We apologise for any confusion caused and trust that you will bear with us through this period of transition. Thank you!
What is the Forex Discussion Forum?
This section looks at what comprises this forum and how it differs from the two other forums in the Forex Markets category.
T2W Forex Tips & Tools
As forex is such a large subject, this section of the Sticky aims to offer members an overview of the subject and includes a glossary of basic terms, a list of brokers and a FAQ section which covers the basics from ‘What is foreign exchange?’ to ‘What kind of trading strategy should I use?’
Other Resources on T2W & Beyond
Listed here are some great forex resources that you’ll find beyond the walls of this forum, including contributions to the Articles section, books and other websites. Each item has a short précis and a direct link.
What is the Forex Discussion Forum
‘Forex Discussion’ is the main forum within the Forex Markets category to discuss all things forex. The other two forums are Forex News & Analysis and Forex Strategies & Systems. This forum has three sub-forums:
Forex First Steps
As its name suggests, the Forex First Steps sub-forum is for inexperienced traders who know the basics and have decided to trade the forex market. If you are completely new to trading and / or new to T2W, there is a generic First Steps forum in the 'Start Here' category devoted to you. Please browse this forum first, starting with the 'Stickies'. The information you will find there will enable you to get a lot more out of T2W than you otherwise might and it will provide a solid foundation for your trading career, regardless of your chosen market or timeframe.
Forex Brokers
There are numerous forex brokers to choose from. Most - if not all - spread betting firms allow you to trade the major currency pairs. Unless you trade via an electronic communications network (ECN) provided by a direct market access broker (DMA) such as Interactive Brokers, TradeStation, and MB Trading etc., then the counterparty to your trade will be your broker. Brokers who fall into this category (i.e. most of them) are called ‘dealing desk’ brokers and are sometimes referred to as ‘bucket shops’. The reputation of such firms varies enormously and it will pay you to research your broker thoroughly. Unlike DMA brokers, spread betting firms set their own spread, which is how they make their profits and is why it is often wider than the underlying instrument. In this forum, members offer their views and experiences of all types of broker, from the good, the bad to the downright ugly!
MetaTrader
Metatrader is a very popular trading platform, favoured by many forex traders and brokers alike. If you have any questions or issues regarding this platform, then this sub-forum is the place to discuss them.
T2W Forex Tips & Tools
INTRODUCTION
The format of the ‘Tips & Tools’ section shown here is replicated in six other ‘Essentials’ Stickies: Essentials Of ‘First Steps’, Essentials Of ‘Indices’, Essentials Of ‘Options’, Essentials Of ‘Trading Software’, Essentials Of ‘Data Feeds’ and Essentials Of ‘Techies Corner’. The idea is to explore the forum subject in greater depth than is necessary in forums that don’t have a ‘Tips & Tools’ section.
WHY TRADE FOREX?
The Foreign Exchange market, also referred to as "Forex" or "FX", is the largest financial market in the world, with a daily average turnover of approximately USD$1.5 trillion. Foreign Exchange is the simultaneous buying of one currency and selling of another. The world's currencies are on a floating exchange rate and are always traded in pairs, for example Euro/Dollar or Dollar/Yen.
WHERE IS THE CENTRAL LOCATION OF THE FX MARKET?
FX Trading is not centralized on an exchange, as with the stock and futures markets. The FX market is considered an Over the Counter (OTC) or 'Interbank' market, due to the fact that transactions are conducted between two counterparts over the telephone or via an electronic communications network (ECN).
WHO ARE THE PARTICIPANTS IN THE FX MARKET?
The Forex market is called an 'Interbank' market due to the fact that, historically, it has been dominated by banks, including central banks, commercial banks, and investment banks. However, the percentage of other market participants is rapidly growing, and now includes large multinational corporations, global money managers, registered dealers, international money brokers, futures and options traders, and private speculators.
WHEN IS THE FX MARKET OPEN FOR TRADING?
A true 24-hour market, Forex trading begins each day in Sydney, and moves around the globe as the business day begins in each financial centre, first to Tokyo, then London, and New York. Unlike any other financial market, investors can respond to currency fluctuations caused by economic, social and political events at the time they occur - day or night.
WHAT KIND OF TRADING STRATEGY SHOULD I USE?
Currency traders make decisions using both technical factors and economic fundamentals. Technical traders use charts, trend lines, support and resistance levels, and numerous patterns and mathematical analyses to identify trading opportunities, whereas fundamentalists predict price movements by interpreting a wide variety of economic information, including news, government-issued indicators and reports, and even rumour. The most dramatic price movements however, occur when unexpected events happen. The event can range from a Central Bank raising domestic interest rates to the outcome of a political election or even an act of war. Nonetheless, more often it is the expectation of an event that drives the market rather than the event itself.
FOREX BROKERS
(NB: please see the T2W Reviews section as many of the brokers listed here will be reviewed there!)
Capital Market Services
FXCM UK
fxpro.com
Hotspot
Interactive Brokers
Internaxx
London Capital Forex
MB Trading
Oanda
TradeStation
SPREAD BETTING BROKERS (OFFER FX BETS)
(NB: please see the T2W Reviews section as many of the brokers listed here will be reviewed there!)
Alpari
Cantor Index
Capital Spreads
CMC Markets
E*Trade
ETX Capital
Finspreads
GFT
IG Markets
MF Global / Man Direct
ODL Securities
Saxobank
Worldspreads
CENTRAL BANKS & REGULATORY AGENCIES
Bank of Canada
Bank of England
Bank of International Settlements
Bank of Japan
Commodity Futures Trading Commission
European Central Bank
Federal Reserve Bank
Reserve Bank of Australia
Swiss National Bank
GLOSSARY OF TERMS
Base Currency
The first currency in a currency pair. It shows how much the base currency is worth as measured against the second currency. For example, if the USD/CHF rate equals 1.6215 then one USD is worth CHF 1.6215 In the FX markets, the US Dollar is normally considered the 'base' currency for quotes, meaning that quotes are expressed as a unit of $1 USD per the other currency quoted in the pair. The primary exceptions to this rule are the British Pound, the Euro and the Australian Dollar.
Central Bank
A government or quasi-governmental organization that manages a country's monetary policy. For example, the US central bank is the Federal Reserve, and the German central bank is the Bundesbank.
Cross Currency Pairs or Cross Rate
A foreign exchange transaction in which one foreign currency is traded against a second foreign currency. For example; EUR/GBP The second listed Currency in a Currency Pair.
Currency Pair
The two currencies that make up a foreign exchange rate. For Example, EUR/USD
Currency Symbols
AUD - Australian Dollar
CAD - Canadian Dollar
EUR - Euro
JPY - Japanese Yen
GBP - British Pound
CHF - Swiss Franc
Currency Swap
Contract which commits two counter-parties to exchange streams of interest payments in different currencies for an agreed period of time and to exchange principal amounts in different currencies at a pre-agreed exchange rate at maturity.
European Central Bank (ECB)
The Central Bank for the European Monetary Union.
Federal Reserve (Fed)
The Central Bank for the United States.
Foreign Exchange - (Forex, FX)
The simultaneous buying of one currency and selling of another.
Forward
The pre-specified exchange rate for a foreign exchange contract settling at some agreed future date, based upon the interest rate differential between the two currencies involved.
FX
Short for Foreign Exchange.
Interbank Rates
The Foreign Exchange rates at which large international banks quote other large international banks.
Intervention
Action by a central bank to affect the value of its currency by entering the market. Concerted intervention refers to action by a number of central banks to control exchange rates.
Kiwi
Slang for the New Zealand dollar.
Pip (or Points)
The term used in currency market to represent the smallest incremental move an exchange rate can make. Depending on context, normally one basis point (0.0001 in the case of EUR/USD, GBD/USD, USD/CHF and .01 in the case of USD/JPY).
Roll-Over
Process whereby the settlement of a deal is rolled forward to another value date. The cost of this process is based on the interest rate differential of the two currencies.
Round trip
Buying and selling of a specified amount of currency.
Spot Price
The current market price. Settlement of spot transactions usually occurs within two business days.
Sterling
slang for British Pound.
Swap
A currency swap is the simultaneous sale and purchase of the same amount of a given currency at a forward exchange rate.
Swissy
Market slang for Swiss Franc.
Two-Way Price
When both a bid and offer rate is quoted for a FX transaction.
Other Resources on T2W & Beyond
There are so many resources that it is tricky to pick out a handful in preference to others. Listed here are some of the best known resources culled from the T2W Articles section, Traderpedia and other websites.
T2W ARTICLES
The Articles section can be accessed via the ‘Articles’ tab mid way along the red menu bar at the top of the page. Once there, under ‘Topics’ on the left hand side of the page, click on ‘Forex’, which is listed under the heading ‘Markets’ There are many good articles on forex to chose from –listed here are just a handful to whet your appetite . . .
An Introduction to Foreign Exchange
This article is a good primer, providing a simple overview of the market as a whole.
FX Market Participants
In this article, veteran T2W member ‘GammaJammer’, an industry professional with 16 years experience in the financial markets, explains who does what in the world’s largest capital market.
Forex Scams – How to Spot them a Mile Away
The popularity of the forex market seemingly knows no bounds. Sadly, the surge of new traders entering the market is matched by a surge of unethical and sometimes illegal scams designed to separate traders from their money. Read this article and make sure you’re not one of them!
Spot Forex Vs Forex Futures
Understanding the market you trade is essential for any trader. In this article, Sam Seiden compares and contrasts these two markets and how they impact one another.
TRADERPEDIA
Like the Articles section of T2W, Traderpedia can be accessed via the tab mid way along the red menu bar at the top of the page.
Foreign Exchange
This Traderpedia article covers similar ground to the contributions in the Articles section but, what sets it apart, are links throughout which provide definitions for all the terms used. So, read this and you’ll soon pick up the jargon and know a SWIFT code from an ISO code, a central bank from an investment bank or a pip from a pipette and lots, lots more besides!
BOOKS
(NB: As with brokers, please see the T2W Reviews section, as there will be many more books reviewd there than are listed here.) If you search for ‘Foreign Exchange Trading’ on a site like Amazon, it lists over 300 results. Here are just a couple to get anyone new to forex started:
A Foreign Exchange Primer
By Shani B. Shamah - Published by Wiley - Used from around GBP £10.00
Book description: “A Foreign Exchange Primer provides a clear understanding of how this market functions, from the main products through to the techniques used, coverage of the main participants, details of the various ′players′ and an understanding of the jargon used in everyday dealings.”
Currency Trading for Dummies
By Mark Galant & Brian Dolan - Published by Wiley - Used from around GBP £8.00
Don’t be put off by the title! People tend to scoff at trading related books in the Dummies series, but they contain good, basic, practical advice that’s presented clearly and won’t hurt your pocket.
FOREX RELATED SITES
Babypips.com
If there’s one forex site that gets recommended by T2W members more than any other – it’s this one. Aimed primarily at the newbie forex trader, the layout and content is exceptionally good – and it’s free!
Forex Directory
As the name suggests, this is a directory for all things forex related. It’s an independent company based in Toronto, Canada and is not affiliated to any brokers and it’s free.
Fxstreet.com
This well known and comprehensive site offers an array of useful resources for the forex trader, including: rates, charts, news, fundamental and technical analysis, tools, a forum and a broker comparrison table. There is a lot of free content, but a ‘premium’ subscription based service is offered for anyone who wants streaming real-time news, ‘Visual Chat 4’ charting package, online webinars and more.
TheFinancials
This site provides access to a variety of information from major financial markets around the world and isn’t restricted to just the forex market. Real time live streaming news and data is available by subscription.
FOREX FORUMS
Forex Factory
A popular forum aimed mainly at retail forex traders with a further three resource areas: a comprehensive calendar with a simple graphic to indicate the likely impact of an announcement, a news section which is similar in content to T2W’s ‘Forex News & Analysis’ forum and, lastly, a simple charting package with displays a composite rate based on the average rates from industry leading brokers.
DailyFX
This forum claims to pride itself on producing above average content that is relevant and highly educational for their visitors, many of whom are clients of the parent company: the broker FXCM.
ForexPeaceArmy
This oddly named site has a strap line under their name which reads: ‘scammers pray that you don’t find us today’. The site reviews anything and everything in the forex world to help you make informed choices and to steer clear of the unethical and illegal scammers intent on parting you from your money.
Global View
This site claims to be the premier forex discussion site in the world with members from over 100 countries.
CommoditiyTrader
Linked to both the brokerage firm GCI Financial Ltd and Global –View.com (see above), this site offers a free forum, charts, news, quotes, a subscription based newsletter and paid for training.
If you know of any resources either here on T2W or beyond that would be of interest and value to members who want to learn more about trading forex, please contact timsk, T2W Content Manager and, if at all possible, they will be added.
Welcome to the Essentials of 'Forex Discussion' Sticky. ‘Essentials’ Stickies are threads that are ‘stuck’ to the top of a forum index. They contain information about the forum you’re in that is of critical or ongoing value - hence the ‘Essentials’ name. If there’s anything missing from this Sticky that you hoped or expected to find, please contact timsk, T2W Content Manager and, if at all possible, it will be added.
NB:
The structure of the forums was completely overhauled in August 2012, resulting in a much simpler layout which is easier to navigate. In the case of Forex, there used to be three separate forums; whereas now there is only one. A consequence of this is that the ‘Essentials’ Stickies are out of date and will be amended in due course. In the meantime, we have left them in tact as they contain information and ideas that are of value to members. We apologise for any confusion caused and trust that you will bear with us through this period of transition. Thank you!
What is the Forex Discussion Forum?
This section looks at what comprises this forum and how it differs from the two other forums in the Forex Markets category.
T2W Forex Tips & Tools
As forex is such a large subject, this section of the Sticky aims to offer members an overview of the subject and includes a glossary of basic terms, a list of brokers and a FAQ section which covers the basics from ‘What is foreign exchange?’ to ‘What kind of trading strategy should I use?’
Other Resources on T2W & Beyond
Listed here are some great forex resources that you’ll find beyond the walls of this forum, including contributions to the Articles section, books and other websites. Each item has a short précis and a direct link.
What is the Forex Discussion Forum
‘Forex Discussion’ is the main forum within the Forex Markets category to discuss all things forex. The other two forums are Forex News & Analysis and Forex Strategies & Systems. This forum has three sub-forums:
Forex First Steps
As its name suggests, the Forex First Steps sub-forum is for inexperienced traders who know the basics and have decided to trade the forex market. If you are completely new to trading and / or new to T2W, there is a generic First Steps forum in the 'Start Here' category devoted to you. Please browse this forum first, starting with the 'Stickies'. The information you will find there will enable you to get a lot more out of T2W than you otherwise might and it will provide a solid foundation for your trading career, regardless of your chosen market or timeframe.
Forex Brokers
There are numerous forex brokers to choose from. Most - if not all - spread betting firms allow you to trade the major currency pairs. Unless you trade via an electronic communications network (ECN) provided by a direct market access broker (DMA) such as Interactive Brokers, TradeStation, and MB Trading etc., then the counterparty to your trade will be your broker. Brokers who fall into this category (i.e. most of them) are called ‘dealing desk’ brokers and are sometimes referred to as ‘bucket shops’. The reputation of such firms varies enormously and it will pay you to research your broker thoroughly. Unlike DMA brokers, spread betting firms set their own spread, which is how they make their profits and is why it is often wider than the underlying instrument. In this forum, members offer their views and experiences of all types of broker, from the good, the bad to the downright ugly!
MetaTrader
Metatrader is a very popular trading platform, favoured by many forex traders and brokers alike. If you have any questions or issues regarding this platform, then this sub-forum is the place to discuss them.
T2W Forex Tips & Tools
INTRODUCTION
The format of the ‘Tips & Tools’ section shown here is replicated in six other ‘Essentials’ Stickies: Essentials Of ‘First Steps’, Essentials Of ‘Indices’, Essentials Of ‘Options’, Essentials Of ‘Trading Software’, Essentials Of ‘Data Feeds’ and Essentials Of ‘Techies Corner’. The idea is to explore the forum subject in greater depth than is necessary in forums that don’t have a ‘Tips & Tools’ section.
WHY TRADE FOREX?
The Foreign Exchange market, also referred to as "Forex" or "FX", is the largest financial market in the world, with a daily average turnover of approximately USD$1.5 trillion. Foreign Exchange is the simultaneous buying of one currency and selling of another. The world's currencies are on a floating exchange rate and are always traded in pairs, for example Euro/Dollar or Dollar/Yen.
WHERE IS THE CENTRAL LOCATION OF THE FX MARKET?
FX Trading is not centralized on an exchange, as with the stock and futures markets. The FX market is considered an Over the Counter (OTC) or 'Interbank' market, due to the fact that transactions are conducted between two counterparts over the telephone or via an electronic communications network (ECN).
WHO ARE THE PARTICIPANTS IN THE FX MARKET?
The Forex market is called an 'Interbank' market due to the fact that, historically, it has been dominated by banks, including central banks, commercial banks, and investment banks. However, the percentage of other market participants is rapidly growing, and now includes large multinational corporations, global money managers, registered dealers, international money brokers, futures and options traders, and private speculators.
WHEN IS THE FX MARKET OPEN FOR TRADING?
A true 24-hour market, Forex trading begins each day in Sydney, and moves around the globe as the business day begins in each financial centre, first to Tokyo, then London, and New York. Unlike any other financial market, investors can respond to currency fluctuations caused by economic, social and political events at the time they occur - day or night.
WHAT KIND OF TRADING STRATEGY SHOULD I USE?
Currency traders make decisions using both technical factors and economic fundamentals. Technical traders use charts, trend lines, support and resistance levels, and numerous patterns and mathematical analyses to identify trading opportunities, whereas fundamentalists predict price movements by interpreting a wide variety of economic information, including news, government-issued indicators and reports, and even rumour. The most dramatic price movements however, occur when unexpected events happen. The event can range from a Central Bank raising domestic interest rates to the outcome of a political election or even an act of war. Nonetheless, more often it is the expectation of an event that drives the market rather than the event itself.
FOREX BROKERS
(NB: please see the T2W Reviews section as many of the brokers listed here will be reviewed there!)
Capital Market Services
FXCM UK
fxpro.com
Hotspot
Interactive Brokers
Internaxx
London Capital Forex
MB Trading
Oanda
TradeStation
SPREAD BETTING BROKERS (OFFER FX BETS)
(NB: please see the T2W Reviews section as many of the brokers listed here will be reviewed there!)
Alpari
Cantor Index
Capital Spreads
CMC Markets
E*Trade
ETX Capital
Finspreads
GFT
IG Markets
MF Global / Man Direct
ODL Securities
Saxobank
Worldspreads
CENTRAL BANKS & REGULATORY AGENCIES
Bank of Canada
Bank of England
Bank of International Settlements
Bank of Japan
Commodity Futures Trading Commission
European Central Bank
Federal Reserve Bank
Reserve Bank of Australia
Swiss National Bank
GLOSSARY OF TERMS
Base Currency
The first currency in a currency pair. It shows how much the base currency is worth as measured against the second currency. For example, if the USD/CHF rate equals 1.6215 then one USD is worth CHF 1.6215 In the FX markets, the US Dollar is normally considered the 'base' currency for quotes, meaning that quotes are expressed as a unit of $1 USD per the other currency quoted in the pair. The primary exceptions to this rule are the British Pound, the Euro and the Australian Dollar.
Central Bank
A government or quasi-governmental organization that manages a country's monetary policy. For example, the US central bank is the Federal Reserve, and the German central bank is the Bundesbank.
Cross Currency Pairs or Cross Rate
A foreign exchange transaction in which one foreign currency is traded against a second foreign currency. For example; EUR/GBP The second listed Currency in a Currency Pair.
Currency Pair
The two currencies that make up a foreign exchange rate. For Example, EUR/USD
Currency Symbols
AUD - Australian Dollar
CAD - Canadian Dollar
EUR - Euro
JPY - Japanese Yen
GBP - British Pound
CHF - Swiss Franc
Currency Swap
Contract which commits two counter-parties to exchange streams of interest payments in different currencies for an agreed period of time and to exchange principal amounts in different currencies at a pre-agreed exchange rate at maturity.
European Central Bank (ECB)
The Central Bank for the European Monetary Union.
Federal Reserve (Fed)
The Central Bank for the United States.
Foreign Exchange - (Forex, FX)
The simultaneous buying of one currency and selling of another.
Forward
The pre-specified exchange rate for a foreign exchange contract settling at some agreed future date, based upon the interest rate differential between the two currencies involved.
FX
Short for Foreign Exchange.
Interbank Rates
The Foreign Exchange rates at which large international banks quote other large international banks.
Intervention
Action by a central bank to affect the value of its currency by entering the market. Concerted intervention refers to action by a number of central banks to control exchange rates.
Kiwi
Slang for the New Zealand dollar.
Pip (or Points)
The term used in currency market to represent the smallest incremental move an exchange rate can make. Depending on context, normally one basis point (0.0001 in the case of EUR/USD, GBD/USD, USD/CHF and .01 in the case of USD/JPY).
Roll-Over
Process whereby the settlement of a deal is rolled forward to another value date. The cost of this process is based on the interest rate differential of the two currencies.
Round trip
Buying and selling of a specified amount of currency.
Spot Price
The current market price. Settlement of spot transactions usually occurs within two business days.
Sterling
slang for British Pound.
Swap
A currency swap is the simultaneous sale and purchase of the same amount of a given currency at a forward exchange rate.
Swissy
Market slang for Swiss Franc.
Two-Way Price
When both a bid and offer rate is quoted for a FX transaction.
Other Resources on T2W & Beyond
There are so many resources that it is tricky to pick out a handful in preference to others. Listed here are some of the best known resources culled from the T2W Articles section, Traderpedia and other websites.
T2W ARTICLES
The Articles section can be accessed via the ‘Articles’ tab mid way along the red menu bar at the top of the page. Once there, under ‘Topics’ on the left hand side of the page, click on ‘Forex’, which is listed under the heading ‘Markets’ There are many good articles on forex to chose from –listed here are just a handful to whet your appetite . . .
An Introduction to Foreign Exchange
This article is a good primer, providing a simple overview of the market as a whole.
FX Market Participants
In this article, veteran T2W member ‘GammaJammer’, an industry professional with 16 years experience in the financial markets, explains who does what in the world’s largest capital market.
Forex Scams – How to Spot them a Mile Away
The popularity of the forex market seemingly knows no bounds. Sadly, the surge of new traders entering the market is matched by a surge of unethical and sometimes illegal scams designed to separate traders from their money. Read this article and make sure you’re not one of them!
Spot Forex Vs Forex Futures
Understanding the market you trade is essential for any trader. In this article, Sam Seiden compares and contrasts these two markets and how they impact one another.
TRADERPEDIA
Like the Articles section of T2W, Traderpedia can be accessed via the tab mid way along the red menu bar at the top of the page.
Foreign Exchange
This Traderpedia article covers similar ground to the contributions in the Articles section but, what sets it apart, are links throughout which provide definitions for all the terms used. So, read this and you’ll soon pick up the jargon and know a SWIFT code from an ISO code, a central bank from an investment bank or a pip from a pipette and lots, lots more besides!
BOOKS
(NB: As with brokers, please see the T2W Reviews section, as there will be many more books reviewd there than are listed here.) If you search for ‘Foreign Exchange Trading’ on a site like Amazon, it lists over 300 results. Here are just a couple to get anyone new to forex started:
A Foreign Exchange Primer
By Shani B. Shamah - Published by Wiley - Used from around GBP £10.00
Book description: “A Foreign Exchange Primer provides a clear understanding of how this market functions, from the main products through to the techniques used, coverage of the main participants, details of the various ′players′ and an understanding of the jargon used in everyday dealings.”
Currency Trading for Dummies
By Mark Galant & Brian Dolan - Published by Wiley - Used from around GBP £8.00
Don’t be put off by the title! People tend to scoff at trading related books in the Dummies series, but they contain good, basic, practical advice that’s presented clearly and won’t hurt your pocket.
FOREX RELATED SITES
Babypips.com
If there’s one forex site that gets recommended by T2W members more than any other – it’s this one. Aimed primarily at the newbie forex trader, the layout and content is exceptionally good – and it’s free!
Forex Directory
As the name suggests, this is a directory for all things forex related. It’s an independent company based in Toronto, Canada and is not affiliated to any brokers and it’s free.
Fxstreet.com
This well known and comprehensive site offers an array of useful resources for the forex trader, including: rates, charts, news, fundamental and technical analysis, tools, a forum and a broker comparrison table. There is a lot of free content, but a ‘premium’ subscription based service is offered for anyone who wants streaming real-time news, ‘Visual Chat 4’ charting package, online webinars and more.
TheFinancials
This site provides access to a variety of information from major financial markets around the world and isn’t restricted to just the forex market. Real time live streaming news and data is available by subscription.
FOREX FORUMS
Forex Factory
A popular forum aimed mainly at retail forex traders with a further three resource areas: a comprehensive calendar with a simple graphic to indicate the likely impact of an announcement, a news section which is similar in content to T2W’s ‘Forex News & Analysis’ forum and, lastly, a simple charting package with displays a composite rate based on the average rates from industry leading brokers.
DailyFX
This forum claims to pride itself on producing above average content that is relevant and highly educational for their visitors, many of whom are clients of the parent company: the broker FXCM.
ForexPeaceArmy
This oddly named site has a strap line under their name which reads: ‘scammers pray that you don’t find us today’. The site reviews anything and everything in the forex world to help you make informed choices and to steer clear of the unethical and illegal scammers intent on parting you from your money.
Global View
This site claims to be the premier forex discussion site in the world with members from over 100 countries.
CommoditiyTrader
Linked to both the brokerage firm GCI Financial Ltd and Global –View.com (see above), this site offers a free forum, charts, news, quotes, a subscription based newsletter and paid for training.
If you know of any resources either here on T2W or beyond that would be of interest and value to members who want to learn more about trading forex, please contact timsk, T2W Content Manager and, if at all possible, they will be added.
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