18 Handy Resources For Busy Forex Traders
18 Handy Resources For Busy Forex Traders
One of the hardest things for any busy trader to do is to get organised. Balancing commitments and keeping up to date with a thousand news sources can be stressful when it never seems to end. Luckily, the solution can be simple.
As a busy forex trader, the key to success is to separate your tasks into different compartments. Once you do that, open each compartment as necessary, but focus on only one thing at a time. If you’re planning, plan at the expense of everything else. If you’re reading the news, read the news like your life depends on it. If you’re trading, trade like a hedge fund manager! If you can find 10 minutes a day to do each of these, you can find success.
Here are some resources that help make your trading life much more efficient:
1. An up-to-the-minute News Source
Want to find out what’s important right now? Head on over to Forex Live for the latest market-moving news.
Resource Link: Forex Live
2. A Daily Market Overview
Stay in tune with the markets with a daily recap.
Resource Link: BlackBull Markets Market Reviews
3. Trade Ideas
Looking for well-constructed trade ideas? Browse through FX Street.
Resource Link: FX Street
4. Macroeconomic Data
Trading economics collates more statistical data on countries than you can shake a stick at.
Resource Link: Trading Economics
5. Stock Market Analysis
Forex traders should be keeping an eye on stocks to determine if the sentiment is risk-on or risk-off. Here’s an easy way to do it.
Resource Link: Weekly Stock Market Recap
You can also access free charts on Stock Charts
6. A Finance-focused Twitter Account
A twitter account directed towards financial news is one of the best and fastest ways to stay up to date.
Resource Link: Set up a Twitter account
7. RSS Reader
Combine all your news and analysis in one spot for easy viewing with the Feedly app on your desktop or iPad. This is a serious time saver!
Resource Link: Feedly RSS reader
8. News Event Calendar
While you don’t always need to follow the news in detail, it’s important to be aware of what upcoming events could impact your position(s). The last thing you want to do is enter a trade right before a volatile news event you did not know about.
Resource Link: BlackBull Markets Economic Calendar
9. Demo Account
Need to get familiar with how the markets work before you risk your trading capital? Get started with a practice demo account.
Sign up here for a free BlackBull Markets Demo Account
10. Pip Value Calculator
It is the amount you trade that determines your returns. Perfect your position sizing with this free calculator.
Resource Link: Pip Value Calculator
11. Trading Session Map
The timing of your trade matters. New York open is a different kettle of fish to lunchtime in Sydney, for instance. Those interested in exploiting volatility can consult a forex session map to discover the ultimate time(s) to trade.
Resource Link: Forex Market Hours
12. Alert System
Taking a break from the markets but worried about what might happen?
Resource Link: Netdania Alert System
13. Free Basic Education
When you are first starting out, it can be tricky to find a good source of basic information about how to trade. Check out Baby Pips, which is one of the more reputable sources. Also, don’t forget BlackBull Markets’ carefully cultivated education section.
Resource Link: Baby Pips Education and Learn to trade Forex with BlackBull Markets
14. Trading Glossary
Wondering what a “One cancels other order” is? No sweat. Head on over to BlackBull Markets’ comprehensive Forex Trading Glossary.
Resource Link: Trading Glossary
15. Trading Guides
Looking to upskill on technical analysis or any number of other topics? Check out BlackBull Markets’ comprehensive collection of free forex guides.
Resource Link: BlackBull Markets Trading Guides
16. Trading Performance Analysis
You know you should be monitoring the performance of your trading system. That’s why this free trading performance analysis tool for MT4 from FX Blue is so helpful.
Resource Link: Trading Performance Analysis Tool
17. Commitment of Traders Report
The Commitment of Traders report provides the current speculative positioning in the futures market, which can help decide if a market is overbought or oversold.
Resource Link: Commitment of Traders Report
18. Account Manager
Finally, as a client with BlackBull Markets, you’ll have unlimited access to our seasoned team of expert account managers who are available to assist you every step of the way in your journey as a trader with BlackBull Markets.
By taking a mindful and dedicated approach to do a lot in a small space of time, we can greatly enhance our productivity.
Ten minutes of intense study is much better than a day’s worth of wishing you could focus properly on the news. Fifteen minutes of solid planning is priceless when the alternative is wishing you could find the time.
Simply be aware of what you need to do when and then give it your full attention when you do it. It takes some getting used to, but if you do it properly, you’ll never look back.
If there is a time for a currency to be relatively weak, it’s during recessionary periods. A stronger currency entails a rougher time for goods and services to be exported out of the country as those exports are more expensive due to the stronger currency.
We have a relatively light data week ahead regarding the amount of significant data points coming out. However, the economic events are extremely significant in determining the state of their respective economies. Hope you all are staying safe. Here is your week ahead.
In 2020, Silver had a legendary rise from its low during the peak of the Coronavirus lockdowns in March – up over 140%. Analysts (including me) attempted to justify its price and separate its strong correlation with Gold by arguing that Biden’s climate change policies will boost Solar Panels’ use, which extensively uses Silver. This may be a catalyst in the longer term.
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Risk Warning: Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money you cannot afford to lose. You should make yourself aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any questions or concerns as to how a loss would affect your lifestyle.
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