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21 Handy Free Resources for Busy Forex Traders

“I would be unstoppable if I could just get started.” – Coffee cups at workplaces everywhere.

One of the hardest things for any busy trader to do is to get organized.

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. The key is to create compartments, which are opened as necessary.

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 are helpful in making your trading life much more efficient.

1. 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.

2. Daily market overview

Stay in tune with the markets with a daily recap.

Kathy Lien and Boris Schlossberg also provide excellent twice-daily summaries on their website:

3. Trade ideas

Looking for well-constructed trade ideas? Browse through FX Street.

Or, plan your week ahead with this FX trading opportunities report and video.

4. Macro Analysis

Marc Chandler of Marc to Market provides top notch free macro analysis of the currency markets

5. Macro-economic data

Trading economics collates more statistical data on countries than you can shake a stick at.

6. Stock market analysis

Forex traders should be keeping an eye on stocks to determine if sentiment is risk-on or risk-off. Here’s an easy way to do it.

7. A financial Twitter account

A twitter account directed towards financial news is one of the best and fastest ways to stay up to date.

8. 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 big time saver!

Hint: Connect Feedly to your twitter account and share your favourite articles with your friends.

9. 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.

10. Practice account

Need to get familiar with how the markets work before you risk your trading capital? Get started with a practice account.

11. Position size calculator

It is the amount you trade that determines your returns. Perfect your position sizing with this free calculator.

12. Trading session map

When you place your trade matters. New York open is a different kettle of fish to lunchtime in Sydney, for instance.

13. Alert system

Taking a break from the markets but worried about what might happen?

14. 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 School of Pipsology as one of the more reputable sources, and don’t forget Pepperstone’s carefully cultivated education section.

15. Trading glossary

16. Trading guides

17. Free advanced forex course

If you want to take your trading to the next level, check out this free 20-part course based on the principles and practices of the famous market wizards.

18. Trading plan template

If you want to take your trading to the next level, check out this free 20-part course based on the principles and practices of the famous market wizards.

19. Trading performance analysis

You know you should be monitoring the performance of your trading system, which is why this free trading performance analysis tool for MT4 from FX Blue is so helpful.

20. Market Data

If you want to get accurate results from your back-testing clean (and real!) data is essential. Download free data from Pepperstone.

21. Commitment of Traders Report

Over to you…

By taking a mindful and dedicated approach to doing 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.

 

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The information provided here has been produced by a third party and does not reflect the opinion of Pepperstone. Pepperstone has reproduced the information without alteration or verification and does not represent that this material is accurate, current, or complete and therefore should not be relied upon as such. The Information is not to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; or to participate in any particular trading strategy. We advise any readers of this content to seek their own advice. Reproduction or redistribution of this information is not permitted.