Thursday, May 28, 2009

Where to find valuable Forex information

Anyone that has searched for currency market websites on the internet has probably come across an overwhelming amount of information, in fact so much info that it would take hours to delve into every single source, and which one is reliable?
By the time you're done researching, the market has changed already so much that the information you've researched is no longer optimal. It's a good idea to pick news sites that you're comfortable with and you find consistent in correlation with your market segment and currency analysis.
Currently for fundamental analysis I use several websites, them being Yahoo Finance, NY Times, CNN.com and news.bbc.co.uk, .
So when trading day starts, those are the first websites I check, in no particular order :P.
After that it's time for more specific fundamental information about Forex. For that segment I like to check DailyFX (my broker), FX 360 and especially FX Street. FX street carries a deep fundamental as well as technical analysis in the Forex markets. One source I particularly like is the currencies at a glance option with FX Street (set to EUR/USD, but you can change it to any other major currency index) link that literally shows you several different types of data for that particular currency at a glance together with buy and sell recommendations from several Pivot Points and EMA's.
For technials, Daily FX I found pretty helpful (since it's covered by several experts in the Forex market) although also here FX Street is shining through here.
Another helpful site is Action Forex, I use Action Forex if I want to verify another source. If a piece of news info seems to radical or I want to decrease my margin of error significantly. Although I must say Action Forex is also one of the primary news sources I check daily for the 'just in case' scenario. For a more community oriented audience, I like Forex Factory. Not only do they provide a helpful calendar of current and upcoming events, they also have a very interesting active message board that if filled with peoples opinion.
After that it's time to open your trading station and with all the knowledge you have for that period somehow mush it all together and make a profitable trade! That's the art of Forex!
If there is any other website out there that you think is worth checking out also, don't hesitate to share it with us and post it here, all the extra info we can get is more then welcome!

- happy trading!

Disclaimer:

All opinions expressed, trade recommendations/advice on this website are solely of John van der Munnik and are not affiliated with any investment firm or any other organization. You should not make an investment only based using this website VDM Trading for your trading needs without seeking help from your own financial advisor.