The Most Needed Tools for Trading Forex (A Guide for Newbies)

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Published on May 14th, 2015 | by Joan Makai

Trading foreign currency for a living is exciting as it is challenging. In one turn you could double your investment or lose everything that’s why it’s important to equip yourself with as much knowledge and experience as you can in order to be prepared with the twists and turns in the market.

If you are a newbie who wants to try your hands on trading Forex, having an adviser or a broker that you could turn to every time you get confused can really help. But without the right tools and proper knowledge, it would be easy to lose your hard earned money in this volatile world.

Below is a listing of those which can help traders worldwide, even those who have been doing this for a long time and especially for people wants to give this a try.

1. Analysis Sites

Some experts would argue that stock market prices are unpredictable but with technical analysis, one will get to be informed about price direction based on past market data particularly the price and volume.

Investopedia is probably the most popular site for technical analysis online. And this is also very helpful for newbie traders. It would be beneficial for everyone to check out Hard Right Edge, The Pattern Site, All About Stock Market and several other investment sites on the internet.

2. Market Research

Aside from knowing the price trends, you should also have a broad view of the market, including the different sectors and the individual companies’ performance. You could read these in newspapers. But online tools have charts and other forms of visual representation which can give you an idea about which to target in just a glance.

Yahoo! Finance has daily financial news plus commentaries from the experts. On the other hand, Yahoo! Earnings helps you see the when your stocks will come out, comprising of earning releases.

3. Online Trading Courses

Scheduled seminars for stocks trading are hard to come by. And those who are busy with other matters would find it more difficult to sign up for one of these. Luckily, there are trading courses online.

Dr. Barry Burns’ 5-Day Trading Course can be downloaded online. Because it’s a video, it can be watched at one’s own convenience. There are so many more instructional videos regarding stocks and Forex trading on the web these days. Aside from learning the basics, one will get the chance to ask important questions from the experts. And that is always a great thing.

Learning stock trading is no joke. It’s not easy. It is not simple. Jumping into this business without knowing a lot about will surely lead to financial loss. But if you are thinking of doing this soon, it’s best to stick to what works. But don’t be too hesitant in taking risks, especially if you already know the ins and outs of the business. And make sure you have those tools mentioned above right next to you.

Photo Credit: PinkPersimon via Compfight cc

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Joan Makai

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