14 Cool Forex Freebies you should Know About

Posted on 24. Jan, 2010 by admin in EA, How To, Link Love, Random Noise, Review, forex signals

I have posted about most of these before, but I thought I would sum it all up in one post. These are great resources for forex traders, and they are free. Check it out and throw a comment. Do you have any additional ones we should know about? Feel free to share your thoughts.

1: MetaTrader: This is without question the most popular free software for forex traders out there. This is a free charting program, where you can get real time data on major and minor currency pairs. It allows you to add indicators, expert advisors, and a dozen of way to customize it for your needs. You don’t need a broker account, and signing up is free. Lately they released a beta version of MetaTrader 5.

2: Calendars: There are many different versions online, whereas the most popular probably is ForexFactory. This is a great source where upcoming news, and specific details about them are announced. No matter if you trade the news or not, it is essential that you are aware of them, in order to trade appropriately.

3: Currency Meter: Henry Liu, the author of Newsprofiteer, has released a free currency meter. There are similar commercial versions out there, all in the range of $100 – $200, but this one is free. A currency meter can be a great help when trading the forex market, in order to spot which currency is strong and which one is weak.

4: BabyPips: If you are new to forex trading, BabyPips is an awesome place to start out. Although there are more to forex trading than what being taught in their school of Pipsology, it gives you good foundation and understanding of where and how to approach the forex market.

5: LearningCenter: If you have been through all the material on BabyPips and still feel like reading, then head over to FxStreet’s LearningCenter. Although there is a lot of information similar to what you have read on BabyPips, it is still a great source of information on how to trade the forex market.

5: Currensee: Currensee is the first social platform for forex traders. It has many similarities to facebook, just where everything is related to forex trading; chatting, private messaging, strategy sharing, currency index, etc. They continuously develop the site with new cool features, with their latest addition of Trade Leaders. Basically it’s great place to hang out for individuals interested in forex trading.

6: Forex Peace Army: This is probably the largest forex portal on the net. Their main focus is reviews, which covers everything from forex signals to managed accounts. They also run their own signal service (Forex Diamond), a forum, testing of managed accounts, signal services, expert advisors, etc. A great source for due diligence.

7: Sive Morten’s Weekly Outlook: This is a part of Forex Peace Army. They have made an arrangement with Sive Morten to post his weekly outlook on the forex market. He mainly focuses on EUR/USD, but he looks at it from several different perspectives. Although there are a dozen of daily and weekly fundamental and technical analysis out there, this is one I particular enjoy reading.

8: Profit Mongers Daily Outlook: Profit Mongers is a new forex signal service. Although a membership will cost you a monthly fee of $180, they do post a daily analysis, which can be read for free on their website. This is a part of my daily reading, and often the foundation for possible trades. Read my review of Profit Mongers.

9: NewsDataReport: If you are in to forex news trading, it is highly essential that you get the news as fast as possible. There are several paid services on the net, whereas the cheapest one is TradeTheNews. However, NewsDataReport will give it to you just as fast as the paid services, and you don’t have to pay anything. One disadvantage is that they only post certain news, but at least this way you can give it a try and see if this is something for you.

10: Forex NewsReader: Forex NewsReader can be plugged into MetaTrader and it will show you details about upcoming news events, in the top right corner. This way you don’t need to have your browser open, in order to see the results of fundamental news releases, or be informed about upcoming news. One disadvantage is that the data it uses is from forexfactory, which means that you will have to wait a minute or two before the actual numbers are posted. However, if you don’t trade the news, but simply want the information because you plan on entering a trade later on, this should be a good option.

10: MyFXBook: MyFxBook is a new website where you can track all your trades. Simply sign up, add your MetaTrader account information and you are ready to go. All the trade you enter will be shown on MyFxBook and you can then analyze it in several different ways. This is a cool addition to a log book, as it simplifies the work, and gives you a better visual picture of your performance.

11: MeetPips: If you don’t know exactly how to get started with a trading log, you should sign up with MeetPips, as website from the founders of BabyPips. Once you have a profile, you can share your trades, and enter all the details you need, in order to analyze it properly at a later point in time.

12: Support & Resistance Levels: The founder of Forex4Noobs has created a great short report about support and resistance levels. I am a huge fan of S&R levels and I always apply this to my trading. If you want some good reading on this topic, you should grab a copy.

13: Forex on the Go: If you are such an addict, that you simply cannot wait to check the charts before you get home, you might want to consider getting an iphone and Forex on the Go. This way you can always keep track of the market, no matter where you are.

14: My signals: I am sharing all my trades. Currently I post them on Twitter (which is about to change, so sign up for my newsletter). Check out my performance, and start following me here.

That’s it for now. Next time I will look at some great blogs related to forex trading. Stay tuned.