Here are some useful forex resources and tools that you can use with your trading routine. Note that these are both for the advanced forex trader as well as the beginner.
This entire website is a valuable forex resource in itself, and has a vast collection of tips and tricks that will greatly help you with both your understanding of forex as well as heing of value when you're actually trading :) So bookmark this site now while it's fresh in your mind.
World Time Clocks
Firstly, a world time clock is a resource that can make your life easier. This is because having access to world times will mean that you can relate the time on your charts, which may be quoted in GMT, New York, or other time, to your local time at home. Also, weekly forex economic calendars are also usually quoted in GMT and EST (US) times as well.
Check out these sites, these accurate world clocks are free:
Even more importantly, by synchronising your computer time to official world time, you’ll know when the major economic announcements are, precisely to the minute. Some systems rely on chart patterns and price actions occurring at specific times in relation to the precise time of an announcement, so you must be precise for these systems as well.
Free Alert Service
There is a free service where you can set forex alerts to be sent to the device of your choice. It’s a resource that’s invaluable if you’re trading a system which requires you to check the screen when a price level or indicator level has been hit.
You can have alerts sent to your email address to play a sound for example, or even to your mobile phone (as long as your mobile phone provider has an email address for your phone specifically).
You can set either price or indicator alerts, and which currency the alerts applies for. You can save them, in order to activate or deactivate them later on, by checking a box, so that you don’t have to re-enter your commonly used alerts.
Alerts are commonly used when trading a system. A price or indicator alert will alert you to a possible change on the chart which will mean, for example, that a trade "set up" has occurred, or that a "take profit order" is to be taken. This means that you’ll need to place, or adjust an order.
Forex Weekly Economic Calendars
Forex weekly economic calendars is a resource that is required to know when exactly a major economic announcement is coming.
It’s not for fundamental analysis believe it or not (though of course you can use it for this) but rather it can affect your system if it purely relies on technical analysis.
Click here on forex weekly economic calendars to find out why…
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