The 3 Best Resources for Forex Trading

Forex trading is a huge market with many resources, both free and paid, made available to the Forex traders. With so many resources to choose from, what is the best resources that other Forex traders are using?

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There are many resources like forums, charting software, books and financial calendar blooming up online, each trying to outshine one another to attract more users to use their resource. While some of these resources are not useful, there are a handful of these resources that are well-liked by many traders.

The following resources are what I am using in my Forex trading and I think they are worth recommending.

BabyPips.com

BabyPips.com logoBabyPips.com is a wonderful place for Forex trading beginners. It has become the premium destination for learning how to trade the Forex market. Offering daily articles on trading news, strategies and market analysis on important Forex topics and events.

As the foundation of the website, the School of Pipsology offers the first and most comprehensive collection of lessons, starting with the basics like Forex brokers, fundamental and technical analysis, and many more.

I had personally learnt about forex trading through BabyPips.com and the lessons learnt are all important. Other important features of BabyPips.com is the helpful community within its forum and the blog section where the authors who are seasoned Forex traders will share their views on the market.

Forex Factory

Forex Factory logo | Investor MonkeyDesigned as a website to provide traders, beginners to professionals, with detailed and high-quality information in their pursue to profiting from the Forex market. Forex Factory has got various features that can help the traders of all experience to make a well-informed decision on which currency pairs and direction to trade.

Forex Factory is the most-viewed Forex-related website and the Forex Factory calendar literally changed the way that financial calendars are made. Prior to the launch of Forex Factory’s calendar in September 2005, financial calendars do not have impact rating, adjustable time zones and many other features.

One of the two important features that I personally liked about their calendar is the impact rating. Not all events or news have the same impact on the individual currency. Having an impact rating allows us, as traders, to have a feel on how much price movement can be expected from the event or news. The higher the impact of the event or news, the expected price movement can be higher.

The other important feature of the calendar is the adjustable time zones. The Forex market is a 24 hours market. Events or news occurs at different times of the day and depending on individual websites, the time of the event or news may be reported using a different time zone. Although converting the reported time zone to the reader’s time zone is easy, without the adjustable time zones in Forex Factory, the time may be converted wrongly especially when there is daylight savings or worse still, we do not know the time zone that the author is referring to.

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