5 Websites That Will Help You Trade Forex Like a Pro
Forex trading is a great way to make some extra money - or even build a full stream of income. Here are some websites to help you trade Forex effectively.
Trading Forex is a great way to make some extra cash on the side. Anyone who has invested enough time in learning how to trade Forex effectively will tell you that the payoffs can be enough to sustain yourself without having to go into an office or have a boss.
Doesn’t that sound like something? If you’re keen to learn how to trade Forex properly, then the learning curve is quite steep. In short, you’ll need to know the system inside-out, as well as know who to follow for the best information (which is a process that can take a long time). You’ll also need to recognize the patterns and how they work - and know when to buy and sell different currencies.
It’s all going to take practice, but if you put the work in to learn it, then it’ll pay off eventually. Just don’t think that you’re going to be able to pull this off right off the bat.
Best websites to help you trade Forex effectively
Fortunately, there are a lot of websites out there that you can use to get information and knowledge about how to trade Forex effectively. You shouldn’t just rely on one source of information when it comes to trading.
There are many sites out there providing analysis, strategies, news, and other useful forex tools, but you can build a strategy that is your own based off of elements from all of them. In short, if you want to be a good forex trader, then you’ll need to diversify the list of websites you’re digesting information from.
This is one of the older forex websites - it used to be the largest forex forum online. Forex Factory still provides great analysis and news, and their trading calendar feature is very useful. What’s more, they have hundreds of trading systems and forex tools that you can pick and choose from to help you build your own strategy. All this is mostly free.
As the name suggests, Babypips is a website for beginners to Forex trading. A ‘pip’ in the world of forex refers to a percentage point - for example, if the USD to EUR price is 1.3300 and then moves to 1.3360, there was an increase of 60 pips. Babypips has lots of strategies, data, and other useful information and forex tools for beginners to forex trading.
This is another site that’s useful for beginners - as well as more experienced traders. There are some trustworthy traders writing for the site and the news and tips are very up-to-date. The site also has great video content, which is ideal for those of us who don’t want to spend our evenings reading trader-jargon.
Here’s a name that’ll ring a bell. Bloomberg is actually a great news source for trading - as well as for entertainment and sports. In short, if you want to really bring forex into your life, then get your regular news from Bloomberg and enjoy the forex material that comes with it. A trader favorite - too bad about the presidential bid though…
This is another top forex investment and trading website that gives you a plethora of forex tools and advice. You can use the educational materials to brush up on terminology and strategies, as well as see live market quotes, charts and orders. If you’ve not used this site before, then we strongly recommend adding it to your arsenal.