I thought it was time I put together a page with the Forex trading resources I use. While I’m sure you all know that success in Forex trading comes from having the right mental strategies, using the right tools can be a big help too. I will continue to update this page, so I recommend you bookmark it and pop along for a visit every now and then. Disclosure: While many of the resources on this page are free, a few of them have an affiliate link, meaning I receive a small commission at no cost to you, if you choose to purchase. Please note that I only recommend products or companies that I have experience with. At no time should you feel obliged to purchase anything unless you feel like it would add specific value to your trading business.
My Top Resources
These top sites and services are the ones I am asked about most. It took a lot of research and experience to figure these out, but now I’m very settled and confident in recommending them.
My favourite charting platform is the web-based Trading View. It allows you to record trade ideas, then go back and play the chart forward to see how your trade went – an excellent tool for record keeping. I like the broad range of markets, the ease with which you can share your charts, and the one click to display or remove indicators. The good news is that most of the features are available on a free account. I pay for the pro version because I like the advanced watch-lists. Click here to set-up a free trading view account. Or watch a video of how I set-up my watch-lists.
FX Synergy is the ultimate in trade management software. For me, being 100% accurate in my position sizing, and having the ability to scale-out of positions are both crucial. FX Synergy allows you to do this by connecting to your MT4 platform (and that is only scratching the surface). Click here to get a 14-day trial of FX Synergy.
Every trader knows they should be recording their results. Tradervue makes the process easy by allowing you to import your results directly from your trading platform. It has a smart journal function for note taking. The analysis is far superior to the free options available elsewhere online. Importantly, they allow you to record your results in R-multiples. Click here to get the FREE version of Tradervue, or read about some of the features I like in this blog post.
Coaching and mentoring
- Justin Paolini: Access a coaching program where you will learn the exact methods and processes to trade successfully. Justin blends emerging fundamentals with simple technicals in a 4-step rule-based process. Coaching is the fast track up the learning curve. Highly Recommended.
- FXcellence: Accountability Coaching with FXCellence.com is a program to assist in maximising and enhancing your trading abilities. Often we know very well what it is that we “should” or “could” be doing better, we just don’t do it. This can be due to a variety of often very different factors, and this program helps pin-point and clarify these non productive patterns. It establishes realistic goals, enables greater efficiency and provides tools to implement and maintain more effective trading practices. Energy depleting problems are transformed into rewarding projects, and intentions are upgraded to committed action.
Forex System Development Simulator
- Forex Tester 2: I am not a major fan of traditional back-testing (i.e. with a spreadsheet), as we have too many biases that are hard to overcome when reviewing past market data. But I am a major fan of Forex Tester. Forex tester is a simulator that lets you “live” back test previous chart data, and is an excellent tool for assisting with the system development process. Get a free trial.
- Forex VPS: this is a great low cost, managed VPS service suited to the retail trader. This allows you to run your MT4 Expert Advisors (EA’s) 24 hours a day, without you having to worry about any computer issues disrupting your trading.
Funding for Traders
- Blue point trading: For a small entry fee, you can enrol in a program that will pay you up to $16 per pip you make using company funds. The requirement is you make 300 pips a month for the first three months.
Top Trading Courses
- The Advanced Forex Course for Smart Traders: I put together the Advanced Forex Course for Smart Traders based on the careful application of the principles and practices of the famous “market wizards”. It’s 20 in-depth lessons in written (and soon to be video) format, with coursework and an interactive trading plan template. It is free to access and will always remain so.
- Van Tharp Courses: I highly recommend all of Van Tharp’s courses. I can categorically say that I would not be here today without Van’s work. I particularly enjoyed his peak performance course for which there is a home study version. Check out his courses here.
- Forex System Development Workshop: Every three months I run a Forex System Development Workshop. We use a unique on-demand format where you run through the workshop sessions in your own time, complete the coursework and get feedback from myself and your class mates. The workshop covers the system development process along with workshop sessions from five other ex-bank, industry and hedge fund traders who talk through their trading approach. The next workshop starts on the 10th of December. Find out more here.
- Baby Pips: New to Forex trading and need to get a handle on the basics? I like Baby Pips’ free courses for this.
- The Definitive Guide to Building a Winning Forex Trading System: I wrote this guide a couple of years ago to take you step-by-step though the system development process. You can download it for free here.
- The Insider’s Guide to MetaTrader 4: I put this guide together to help traders make sensible decisions when it comes to their MT4 Platform. Most people fail to look at what is actually important because of all the marketing hype. Download for free.
- Forex Candlestick Cheat-sheet: Put together by one of London’s premier Technical Analysts, this spreadsheet covers several of the main candlestick patterns used in Forex Trading.
- Combined stop loss cheatsheet: I use this to calculate my maximum stop-loss price when I scale-in to a large move.
- Position size based on objectives: I would say 95% of traders fail to size their positions in a way that will allow them to meet their trading goals. This spreadsheet will help. There is a video available for members
- Complex exits cheat sheet: Keeping track of how you exit (including how much you will scale-out) in changing market conditions used to be quite tricky. Not anymore, with this handy spreadsheet. You can also download an example of a completed one here.
- Trade Journal spreadsheet: A simple yet functional spreadsheet for recording your trading results.
Trade Management Software
- FX Synergy: FX Synergy is the ultimate in trade management software. For me, being 100% accurate in my position sizing, and having the ability to scale-out of positions are both crucial. FX Synergy allows you to do this by connecting to your MT4 platform (and that is only scratching the surface). Click here to get a 14-day trial of FX Synergy.
Trading Plan Templates
- My Forex System Template: I have put together a 16-page interactive Forex trading template that you can use to build your trading system.
- My Global Macro Trading Rules: I use a “principle” based approached to trading, you can view the summary of my rules here.
- Trading view: My favourite charting platform is the web-based Trading View. Trading View allows you to record trade ideas, then go back and play the chart forward to see how your trade went – an excellent tool for record keeping. I like the broad range of markets, the ease with which you can share your charts, and the one click to display or remove indicators. The good news is that most of the features are available on a free account. I pay for the pro version because I like the advanced watch-lists. Click here to set-up a free trading view account. Or watch a video of how I set-up my watch-lists.
- Sentiment analysis: FX Blue has quite a useful sentiment indicator. The reason I like it is that it shows sentiment across multiple brokers – rather than one like the majority of sentiment indicators.
- Myfxbook: Myfxbook is the industry standard for verifying the performance of your trading account if you want to share it with others. Myfxbook will connect directly into your MT4, and you can publish your performance figures.
- Autochartist Event Impact Analysis Tool: This tool, from Autochartist, allows you to efficiently analyse how the price moved on previous news events. You can get a free 14 day trial, and many brokers will provide it for free too.
- News Event Calendar: Stay on top of the upcoming news schedule to avoid getting knocked around by unplanned for volatility.
- Spread comparison tool: Compare the spread across brokers and account types.
- Forex Copier 2: Forex Copier 2 is an MT4 copy trading solution for personal use. A good solution for sharing trades amongst friends.
Big Picture Analysis
- Trading economics: Trading Economics is an excellent online database containing more economic statistics than you can shake a stick at.
- Shadow government statistics: Shadow government statistics track key metrics like employment and data using alternative measures, including how the Government used to do it.
- Bull and bear wise: The bull and bear wise track the main news releases and list whether the result is bullish or bearish to the US economy. They weigh this data in an index.
- Global Dairy Trade: For traders of the NZD, get updates on the latest dairy auction.
The Central Banks’ own websites are an underrated resource for traders who want to keep tabs on monetary policy.
- The Federal Reserve: The United States’ Central Bank
- The Reserve Bank of Australia: The Australian Central Bank
- The Reserve Bank of New Zealand: New Zealand’s Central Bank
- The Swiss National Bank: Switzerland’s Central Bank
- The European Central Bank: The Eurozone’s Central Bank
- The Bank of England: The United Kingdom’s Central Bank
- The Bank of Canada: Canada’s Central Bank
- The Bank of Japan: Japan’s Central Bank
- FED Statement Tracker: highlights the changes from one statement to the next, allowing you to fully understand the language and tilt of each release.
- Countdown to FOMC: Based on CME Group 30-Day Fed Fund futures prices, which have long been used to express the market’s views on the likelihood of changes in U.S. monetary policy, the CME Group FedWatch tool allows you to view the probability of FOMC rate moves for upcoming meetings.
- Van Tharp’s Position sizing game: Not only is this an essential learning experience for any trader, but you can program your position sizing model directly into it and test whether it will meet your objectives.
- SFI Stock Position Sizing Calculator: This tool will help you get your position size perfect, even if you are trading global stocks, as it has currency conversion built in.
- Baby Pips Calculator: This tool will calculate your position size based on percentage of account risked.
Trade idea generation
- FX Renew Signals: Get day trades, swing trades and long-term trades from industry, ex-bank and professional traders.
- Professional signals in partnership with 3CAnalysis: 3CAnalysis provides calls across 14 currency pairs daily to around 40 hedge funds and banks. You can access these calls on our professional subscription.
- Forex Trading Opportunities for the Week Ahead Post and Video: I provide calls on over 20 currency pairs each week in both written and video format on the blog.
- Feedly: Feedly is an awesome RSS reader with a very good iPad app. You can combine all your favourite news sources together into one spot for easy reading. Read an article on how I use Feedly.
- Forex Time Zone Converter: This website will help you keep track of the session start times in your time zone.
- Netdania quote list: Netdania allows you set free price alerts across a variety of current pairs and commodities.
- Gmail Alerts: Your gmail account can be programmed to notify you if you receive an email from a particular sender.
- Asset Macro: Get free historical data for macro economic indicators and markets.
Commitment of Traders Report
- COT Report: The Commitment of Traders Report displays speculative positioning in the futures market so you can see how crowded the trade you are in is becoming.
- COT Graph: View the positioning in the Commitment of Traders Report in graphic form.
Live news sources
- ForexLive: Adam and the team at Forex Live work very hard to highlight the most relevant and up to date news/technical analysis.
- FX Renew Chatroom and live Forex news feed: We post bank research in our chatroom and have access to a live Dow Jones newsfeed (Members only – sorry!).
- Myfxbook iPad application: Myfxbook’s iPad app is very handy. It will alert you whenever price hits a predetermined level you’ve told it you want to hear about. It has a boatload of other features, too.
Best Analysis and Information Sites
- FX Charts: Jim Langland writes excellent daily commentary that is released at the commencement of the Asian session.
- Marc to Market: Marc Chandler, who is ex-Brown Brothers Harriman, provides insightful (and tradable) fundamental and technical analysis of the major currency pairs.
- Kathy Lien and Boris Schlossberg: Boris and Kathy always come as a team. Both are talented analysts who release market analysis twice daily.
- LMAX: LMAX provides a useful Audio and PDF summary of the major pairs at the start of the European trading session.
- Danske Bank: Danske Bank’s analysts and traders release both fundamental and technical analysis at the start of the European session, as well as handy weekly overview.
- ANZ: ANZ puts out a weekly summary covering the AUD and NZD pairs, which is released on Monday.
- Westpac: Westpac also put out a weekly summary covering the AUD and NZD pairs that comes out on Friday.
- National Bank of Canada: The National Bank of Canada does a concise weekly overview of the Canadian and US economies, which is released on Fridays.
- Real Vision: An excellent on-demand financial news and analysis video website. The site features independent analysis from a variety of top traders and analysts. Well worth the $200 annual price tag.
- John Mauldin’s “Over my shoulder”: John Mauldin reads 100 to 200 pieces of analysis a week. Here he cherry picks the most worthy and delivers them to you for a small quarterly
- Seeking Alpha: Seeking Alpha allows you to pick topics such as “Forex” or “Macro View” and will send you a daily digest of articles that fit your selections.
- Calculated Risk: I like the Calculated Risk blog, run by Bill McBride, for his clear and insightful analysis of US news events.
- Stratfor: One of the better sources of geopolitical analysis. The research comes at a fee, but they do have a free weekly update that contains some interesting stuff. Be warned as they do send out a fair few sales emails amongst the good stuff.
- Stocktrader.com: I like Stocktrading.com’s daily market recap, as it gives me a handle on whether the market is in a risk-on or risk-off phase.
- Steve Sjuggerud: Steve provides insightful commentary primarily around the US stock market.
- Casey daily despatch: I am not a major fan of the way Casey Research does their marketing. But I very much appreciate the insights they release on gold, silver and oil. Just don’t be too quick to buy into the hype.
- Sprott Global: Another good source for info on Gold, Silver and Oil.
Newsletters worth subscribing to
- John Mauldin: John has been writing a free weekly newsletter “Thoughts from the Frontline” for years. If you want to get a handle on macroeconomics, then persistent reading is a must.
- Van Tharp: Van Tharp publishes a free weekly newsletter containing his thoughts on trading. Of particular note is his big picture update, which he puts out at the start of each month.
- GMO: The highly respected investor Jeremy Grantham, of GMO, releases 7-year forecasts in a quarterly letter, as well as a variety of other research.
- sameder.com.au: You can get a weekly summary of the posts and research I put out on both FX Renew and SpoonFed Investor.
- Evergreen Gavekal Virtual Advisor: Evergreen publishes a weekly newsletter that usually contains some pertinent points and charts.
- Gary Shilling: Gary Shilling is one of my favourite analysts for his work on demographics. He has a paid newsletter (Insights) but also releases some great articles on Bloomberg View.
- Howard Marks: Howard Marks is a billionaire investor. Each month or so he writes a “memo” containing thoughtful trading and investing insights.
- Cumberland Advisors: Cumberland puts out some interesting market commentary that is worth keeping your eyes on.
Stock Trading Resources
- Bloomberg Watchlist: Bloomberg has a handy free watch-list for tracking the performance of your portfolio.
- Skaffold: My top tool for value stock selection. Based on the methods in the book value.able by Roger Montgomery.
- Market Smith: My favourite tool for growth stock analysis, created by Investors Business Daily.
- SFI Stock Position Sizing Calculator: This tool will help you get your position size perfect, even if you are trading global stocks, as it has currency conversion built in.
- SFI Report: A monthly value stock and long-term index fund investing report, suited to investors looking to grow their retirement portfolio.
- Fund Fee calculator: Work out the true cost of the fees you are paying to your super fund.
- The cheapest index funds: I did some research to find the index funds on the major global markets with the lowest cost in fees.