Forex Tools & Resources

Here are some free and paid tools for the Market that I find very useful.

Macro and micro economics are fundamental to the forex market. Having an understanding of current geo-political risk helps to know whether a currency is being hindered. Fundamental analysis is the longer term driver of price action and these news providers help you to stay on top.

Bloomberg

Bloomberg contains global economic news that affects all currencies

FREE

Wall Street Journal (WSJ)

WSJ focuses on business and economic news. It is the largest newspaper in the United States by circulation. You will need to sign up or login to view their full articles.

FREE/PAID

Financial Times

You can view up to 8 articles per month with a free account or unlimited for £5.19 ($10) per week.

FREE/PAID

JKonFX Forex News Live Stream

The live stream collates forex news from social media platforms (currently Twitter) so you can see the breaking news as it happens. Simply open the page and watch the news flow in.

FREE

Keeping up to date with the latest economic news is important for your fundamental analysis. Learn which economic events recur and the severity levels.

Forex Factory

Has a good and functional economic calendar with impact ratings - yellow, orange or red. Each event includes forecast vs. actual results. When news is due, you need to refresh the screen until a small refresh sign appears, then keep clicking it as fast as possible. Updates are fairly fast. You can also see a more detailed view of each economic event by clicking the folder icon.

FREE

Engaging in communities can be a great way to interact with other traders and contains a great wealth of knowledge and opinions. Make sure that you don’t become obsessed with posting information though. Always spend enough time doing your own research.

Forex Factory Forum

The forum is very active with member skills from novice to professional and institutional. Threads are often thousands of posts long which can be difficult to follow. Be aware of the “get rich quick” schemes too.

FREE

Baby Pips

The forum has a smaller community than Forex Factory, however there is still a great wealth of knowledge, experience and skill level.

FREE

We recommend the following trustworthy FX brokers who we have worked with in a professional capacity. We use them ourselves.

OANDA

A great FX broker that provides a great trading platform, Meta Trader 4 support and Hedging. Suitable for beginner, intermediate and advanced traders.

£20+

LMAX Exchange

For higher net worth individuals who require tight spreads and extremely fast execution.

£10,000+

Brokers generally have their own in-house platform which is web-based, however there are third party platforms which are open source and provide freedom to build your own custom indicators.

Meta Trader 4 (MT4)

Meta trader is an open source platform which many FX brokers use. It’s open platform means that developers are able to create indicators and signals that are very useful for your trading. You may find that brokers have MT4 along with their own in-house solution. MT4 is primarily based on the Windows operating system, however there have been attempts to make it compatible with Mac OSX. You may wish to look at the section on “Compatibility for Mac & Windows” if you can’t get it running natively on your own machine.

Make sure you download the MT4 version from your broker. They should provide easy instruction setup with account details

FREE

RSS and Atom feeds are a great way of aggregating forex related news into a single location so you don’t have to keep refreshing lots of different websites.

Feedly

Feedly allows you to keep all of your RSS feeds in one place. Signing up takes just a minute and it will allow you to access your feeds across all devices.

FREE

Often, leaked news and events can travel faster by social media than any other communication method. Here are some tools you can use to monitor social platforms.

Stock Twits

Although not strictly a monitoring platform, StockTwits is very similar to Twitter and uses stock prices as indicators. Traders can include a bias for “buy” or “sell”. The platform is very focused and you can ensure your stream is only forex related.

You can even follow me if you like! @JoelKruger on StockTwits.

FREE

Tweet Deck

Tweet Deck by Twitter allows you to sign into multiple Twitter accounts and have live information for multiple searches/trends. I recommend using #forex and #fx

You can also download a Google Chrome plugin here.

FREE

Hootsuite

The Hootsuite platform can monitor multiple social platforms - Twitter, LinkedIn, Google+ and Facebook. You will still need to filter out some junk, but overall listening and understanding the sentiment across all platforms can be useful. You can get the free plan or upgrade to a paid plan to include more social profiles.

FREE

If you're on the go, it's important to have your reading material available. The App stores are booming with applications that can help you when you're away from the machine. There are also applications to help sync with your machine and keep you up to date whilst on the move.

PocketApp

PocketApp allows you to save articles so you can read them later. Available on your phone, tablet and desktop.

FREE

If This, Then That (IFTT)

“If This, Then That” allows you to make your technology work for you. When an action happens, like an RSS feed is updated, you can email yourself the link or even pop up a notification on your phone. This is extremely useful for when you’re away from the computer and want to keep an eye on things. Check out the “recipes” to see what you might find available. It can also extend your personal life outside of forex.

FREE

If you're running a non-Windows operating system, it can be tricky to get hold of some applications. If you have enough resources, there are options to allow you to embed Windows within your machine's desktop.

Parallels

Parallels is a virtual machine that allows you to run Windows. It is a one off cost of $79.99. You can get a free trial of Parallels for 14 days here.

PAID

Virtual Box

If you want to install multiple operating systems on your machine, you can easily add them with Virtual Box. You will need licences for each OS you add. Also make sure you have enough hard drive space and RAM to run them.

FREE*

BootCamp

Apple OSX now supports Bootcamp since Leopard. You’ll need a minimum of 28GB hard-drive space to install Windows 7 or Windows 8 on the latest system. The Wikipedia page has some useful spec guidelines.

FREE*

* You may still need to pay for a Windows licence key.

As well as using social media for real-time information, you can also use these services to help find news.

Google Alerts

Set yourself web monitoring alerts for free with your Google account. It’s really simple to setup and you can choose whether to receive instant or digested news.

FREE

Twitter is a great way of finding news fast. Traders and news reporting desks often post useful information out to help analyze markets. The news isn’t real-time but can often be used for a medium/long term strategy.

@forexlive

Why follow? Just about as real time as you are going to get for breaking forex news, headlines and economic releases.

FREE

@zerohedge

Why follow? Always updating and always a very different, refreshing take on markets. A bit anti-establishment and very contrarian. But insightful and entertaining.

FREE

@barnejek

Why follow? Market savvy. Very witty. Frequent updates. Forward thinking.

FREE

@kkerrfx

Why follow? Veteran currency strategist. Good macro insight. High level technical analysis.

FREE

@longshorttrader

Why follow? Tapped into markets. Good updates and views. Good resource.

FREE

@rudyhavenstein

Why follow? Witty, insightful market observations and updates.

FREE

@davidschawel

Why follow? Fixed income PM, former equity analyst, fantastic macro observations/

FREE

@fxmacro

Why follow? Buy-side FX fund with seasoned traders and good insights.

FREE

@forexfranky

Why follow? Frequent updates of FX news and views on the stuff that makes market move.

FREE

@JoelKruger

Why follow? Don’t forget to follow me! I post my daily forex news analysis along with other tweets that I find interesting and relevant.

FREE

Getting Started in Chart Patterns

An easy introduction to technical analysis that highlights the key benefits and applications without overwhelming the reader.

$16

Market Wizards

A great read and a great way to see what’s going on inside the minds of traders who have been at it for a long time and have found a way to succeed. One of the successes of the book is that it brings in many different types of traders with different backgrounds and approaches. This allows the reader to find and connect with traders who they can identify with.

$17-20

Reminiscences of a Stock Operator

A classic and a must read. There is no better piece of literature out there on the subject of trading that gets in deep and takes you through the ups and downs and the behind the scenes through the life and times of true speculator. The fact that the book takes place in the early 20th century and all of the lessons are still bang on, is a testament to just how amazing it is.

$9

Flash Boys

Good read on the world of high frequency trading and a fun book. Some of it does need to be taken with more than a grain of salt and it really is more about the fun of the book than the education itself.

$16-20

The Money Machine: How the City Works

A financial guide to how the City of London really works. It is not currency pair specifics, but a great read on economics and the fundamentals. The book is more popular in the UK with it based within the “square mile”.

Are you from the UK? You can find it on Amazon UK here.

$7-9/£7-10

Ugly Americans

One of my favorites. Just a good read about Asia and emerging markets and the fear, greed, adventure and suspense in the world of trading. More fun than education but a great read nonetheless.

$9

That's everything!

It has taken quite some time to really think about which tools and resources actually make a difference. I've spent over 26 hours in total putting this list together so I would really appreciate if you could share with your fellow traders.

I may even contact you with a free one-month PRO membership!

I am always looking for new sources of information and tools, so if you have any stashed away, please let me know and I'd be happy to take a look. Please send suggestions to support@jkonfx.com.

Back to top