Friday, November 20, 2009

Trading FOREX, check several sources for your final analysis

Trading foreign exchange carries a tremendous amount of research (home work) with it. Most likely you will find yourself spending a lot of time reading newspapers, articles online and a few charts here and there along with technical indicators. These are some of the sources that I check before jumping to a conclusion how to execute a trade. None of these sites are sponsored so you'll have to type each address in yourself in your browsers search bar. FX360.com I find pretty good because it shows you not only a little background information (technical as well as fundamental) but also their current trades in progress or if they expect a trade to happen they'll keep you posted. DailyFX.com is also a valuable resource. Sign up for a micro account with them (minimum of $25) and you'll have access to their info platform that informs you instantly what the best currency pair to trade is (alerts). Also DailyFX has news, tips and info regarding the forex markets. Another one is FXStreet.com and Action Forex also carry valuable info with it in different sections of the website. Funny thing is that most likely all of them tell you something different about the same currency pair. Some are bullish, some are bearish or some don't see any pattern at all. But it's up to you to make sense of it all and combined with your own personal research make a successful trade. At the moment those are the websites that I check. But I know that there are tons of other websites out there that cover this topic. In fact I've made a list of them that I regularly check here.
Let me know if I missed any or are worth checking out. :)

 

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.