Forex Trading Tools – Some Free Tools

I will cover some free forex trading tools that you can look at to help you on your way to making profits trading forex.

Firstly, though before you use these tools you need to have the following a PC or Laptop. In addition you will need a Broadband feed with a large enough bandwidth allocation if you’re not on unlimited usage. You can speak to your Internet Service Provider on this matter. You will also need a telephone! These are the essentials in terms of hardware and communications.

Notice that I have said ‘forex trading tools’ (plural). There’s a reason for that. It’s because their isn’t one individual tool in the market that has the breadth of capability to do an outstanding job in every aspect of the market. As a trader you will just have to accept these limitations and get ‘tools’ that provide the ‘best fit’ for your trading style or strategy (hopefully you have one!)

Free News Tools

Markets move on News, it’s the interpretation of News items which will often affect the volatility and trend in currencies. You can see this when the FED or the ECB (European Central Bank) is reported as being active in the market buying or selling USD (usually) in market stabilizing attempts. It’s not hard to look up in charts the effect such interventions have – they are usually identifiable as a pricing spike.

Anyway there are three good free news tools – which will give you an excellent ‘overview’ of the market. I have found the most useful one is FT.com. It has a wealth information at your finger tips in all categories and is ‘unbiased’ (hugely important – if you’re trying to get a feel for the market). The next favorite is CNN.com, I favor this over BBC.com because it just feels more commercial and tuned into the markets. I know of quite a few of my trading associates who trade with a live feed of CNN at all times. If you are a SKY subscriber (U.K.) there are also a whole host of ‘finance channels’ to check out. Maybe one will suit your information acquiring style a bit better than the other options I have discussed.

Free Chart Information

There’s an old saying that if something is free then it has a catch. This is especially true as far as ‘free forex chart services’ are concerned. The reason I say this is that they are usually a ‘leader’ into getting you to purchase some aspect of another offer that they provide, possibly a trading platform of brokerage service etc. However that doesn’t mean to say that you can’t get some value out of these services – especially if you are new to the forex market.

I have sourced some interesting ones for you to have a look at. They are dailyfx.com, which provides an overview of several chart types and concepts – this one is good to start the familiarization process and as you will see it is updated in almost ‘real time’. Another good one is free.charts.xe.com, I like this one – plenty of info and very clear picture.

Free Demo Accounts

These are often termed as practice accounts and most forex broker services will provide you with one. There is sometimes a catch, though, and that is you have to sign up – nine times out of ten you won’t have to pay any money and if they start bombarding you with emails that you don’t want just unsubscribe.

These are just a few of the free forex trading tools that are available!