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Step 1
A good forex web site will provide you with daily news in the currency markets since it is a 24 hour market. This will help you decide when to place short term forex trades. One of the things I find helpful is make a list of the news times that break each week. Most good forex web sites will update daily on the news and when important news is released. One such news event is the U.S. non farm payroll which has a big effect on the forex market. Forex web sites will project what they think the report will say and what trades will be effected but the news.
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Step 2
Most Forex broker sites have a news feed that comes along with the trading platform. This is very helpful if your a short term forex trader.
It is important that the FX site has live updating charts in many of the world's currencies. Remember that there are different time zones to deal with in the market. Each site is different but most of the forex sites will show the different time zones and when they are most active in trading. The site should have a currency converter this can be very helpful. -
Step 3
Another good resource to look for is a daily calendar that shows the times of the forex news release and what time zone it is in. The site should give FX news that is relevant to the FX market not just news releases but general information on the world banks and different forex brokers.
Most web sites also include charting tools to calculate pivot points and support and resistance areas for different currency pairs. Sites such as Bloomberg and fxstreet are excellent at helping the Forex trader learn how to trade the currency markets. The forex site should have a forum and live chat room with active traders to help in making your trading decisions.
Comments
rlaframboise said
on 11/23/2009 Great article! I trade FOREX also you should swing by and check mine out if you get a chance! Forex traders have to stick together!
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