Where to Turn for Forex Trading Tips and Advice

Are you new to online forex investment trading? Do you want forex trading tips that can help you profit from any market and deliver powerful upside potential to your balance sheet? If so, you are in need of help from online forex investment trading professionals who know the business and can help you navigate through a sometimes-tricky industry.

We will help you find forex trading tips and other guidance on online forex investment so you can learn more about trading online, navigating financial calendars, reading economic indicators, and making the best possible trade.

Forex Trading Tips: Investopedia

At first glance, it may seem as if Investopedia is an odd choice for forex trading tips. It is, after all, a definitive source for factual information regarding online forex investment, complete with definitions, guides, and other explanations much like other online encyclopedias. But, Investopedia actually offers plenty of forex trading tips to help you get started with learning the ins and outs of online forex investment, especially how to grasp macroeconomics.

Bookmarking this website is a must for anyone who wants to get into online forex investment and do well.

Forex Trading Tips: Trader Message Boards and Forums

Internet forms are great places for forex trading tips, because they are full of online forex investment pros and amateurs who have experience in the field and can give you advice on what works and what doesn’t. Most communities are very friendly and open to beginners, and are treasure troves of useful forex trading tips for any trading style. It definitely doesn’t hurt to sign up for one and get involved with posting and discussing various online forex investment topics.

Forex Trading Tips: YouTube

Believe it or not, YouTube is a pretty good source for online forex investment advice. The website itself doesn’t offer it, of course, but many online forex investment professionals submit videos detailing forex trading tips for people like you. The videos are exceptionally helpful for learning how to use charts, graphs, and other visual economic indicators that are hard to explain via written text.

Forex Trading Tips: Online Forex Investment Brokers

The online forex investment broker you choose is also a good source for forex trading tips. Most – if not all – of them have education centers dedicated to providing you with the information you need to grasp the fundamentals behind an online forex investment. They have a vested interest in giving you the best forex trading tips they can find, because the better at online forex investment you become, the more you will invest – and the more money they will make! For this reason, the education provided by these online forex investment brokers is up there with some of the best forex trading tips around.

Lastly, you can find solid forex trading tips and online forex investment advice simply by searching for it. Of course, take anything you find in searches with a grain of salt; it helps to cross-reference between various websites to find common forex trading tips that work. Do this, and you will learn online forex investment in no time.

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What to Look For in Forex Broker Reviews

Finding the right forex broker can be difficult. Fortunately, forex broker reviews exist to make the job a lot easier by giving you plenty of information you can use to contrast and compare your options. The best forex broker reviews contain certain bits of information that can be used to separate the solid possibilities from brokers you do not need.

Here, we will help you by explaining certain key pieces of information you need in your forex broker reviews – items that, if present, can let you know you have some of the best forex broker reviews before you to make an informed decision.

The Best Forex Broker Reviews: Types of Brokers

One thing to look for in forex broker reviews is to find out what kind of broker the website in question is, mainly so you know how they operate. Some brokers are no dealing desk (NDD) brokers, which means they make their money off of commissions, not spreads. An STP broker displays its own quotes and often routes your trades to a market, instead of making the market themselves.  The third type is an ECN broker, which allows you to see depth levels and routes you directly to the market. These typically have capital requirements.

The Best Forex Broker Reviews: Customer Service

Another key concept in forex broker reviews is customer service – especially if you are a beginner. Customer service is there to help you trade with full functionality, and if you are new to trading, that is incredibly important. Look to see if they have live chats and available contact numbers.

The Best Forex Broker Reviews: Payment Methods

Most forex broker reviews will also cover payment methods, which is particularly important if the broker is in another country. Brokers do not always accept certain payment methods, so if you are limited in how you can fund your account and need a broker to accommodate you, forex broker reviews can help.

The Best Forex Broker Reviews: Demo Accounts

Demo accounts are extremely helpful for beginners to learn the platform and get a hang of trading in general. Forex broker reviews will tell you whether or not a demo account exists for a particular broker and what is required in order to use it.

The Best Forex Broker Reviews: Regulation

Regulation is another helpful thing to have in forex broker reviews. Why? Simply put, you do not want to do business with an unregulated broker. It is your money at risk, after all, and any broker that isn’t regulated is a potential scam waiting to happen.

The Best Forex Broker Reviews: Currency Pairs

Finally, one of the most important things to look for in forex broker reviews is the asset availability list. In other words, what currency pairs does this broker trade? If you like the major pairs, like EUR/USD, USD/JPY, etc., you are probably good to go wherever you choose. Other minor pairs, though, may be available only at certain sites.

No matter where you choose to go ultimately, use forex broker reviews to lead the way. The best forex broker reviews will give you a good bearing on what is out there and where the perfect fit may be for your trading style.

What Brokers are the Top Forex Brokers Online Today?

There are plenty of forex brokers online today in the market, giving you a plethora of possible brokers you can choose from in order to find the top forex brokers for your trading career. Finding ways to compare forex brokers and narrow down the considerable list to something more manageable – your true top forex brokers – takes a bit more work.

To help you compare forex brokers and find the right one for you, we will look at five top forex brokers listed below and give you an insight as to what makes them unique – in an effort to help you better compare forex brokers yourself using information you can obtain easily from the internet.

Top Forex Brokers: FXCM

If you want to compare forex brokers to find a trusted, reliable broker, then FXCM may be the broker for you. This broker is one of the largest brokers online today and has developed a reputation for trustworthy and reliable trading. Their trading platform is very stable, and their processes and customer service are well above average. For this reason, FXCM is one of the top forex brokers online.

Top Forex Brokers: Forex.com

Long one of the top forex brokers in business today, Forex.com has one of the most powerful and capable platforms around – the FOREXTrader Pro platform. You also have access to MetaTrader 4 and eSignals, which are two top-tier online forex charting tools. The mobile trading applications also help make this one of the top forex brokers around in terms of sheer capability.

Top Forex Brokers: Markets.com

One factor used to compare forex brokers is the amount of information that you receive in order to trade. Markets.com has a wealth of resources for you to use when it comes to gleaning valuable nuggets of info and data from a variety of news sources. Markets.com offers daily briefings, technical analysis, live market updates, and a variety of trading signals – as well as a pretty handy economic calendar – for your forex trading needs. With Markets.com, we trust you’ll have the knowledge you need.

Top Forex Brokers: CMSFX

Another factor used to compare forex brokers is to look at the spreads that are a part of what the broker offers. A spread is the difference between the Bid (the price you sell a currency) and the Ask (the price you purchase a currency). Brokers use spreads to make money, and the lowest spreads can save you cash. CSMFX has some of the lowest spreads around, some as low as 0.9 pips on currencies like EUR/USD and USD/JPY. That is pretty remarkable, and something that could help you better compare forex brokers.

Top Forex Brokers: Easy-Forex

Another one of the top forex brokers today is Easy-Forex. One factor we use to compare forex brokers is ease of use. This factor is more important for beginners who want to learn the trade, but even some advanced traders will benefit from it. Easy-Forex is one of the easiest top forex brokers to use, with a very simple and intuitive trading platform that can do what you want efficiently and quickly. 

The top forex brokers listed above are all good choices for different reasons. Use those factors to help you compare forex brokers on this list with others out there to find the best fit for your needs. Other factors that may help you compare forex brokers include commissions, regulation, and asset availability. The above, though, should help you on your way to compare forex brokers for the perfect fit.

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Where to Look for Online Forex News and Forex Daily News

If you are like most forex traders, you are probably addicted to forex daily news. Online forex news provides traders with up-to-date news about economic events, reports, and other financial data that is the lifeblood of any forex trading career.  The forex latest news on the market is particularly of concern since events in the world of currency exchange happen so quickly.

Here we will give you tips on finding online forex news and forex daily news that you can use to place your trades. We will also cover what types of forex latest news you should track on a regular basis so you are fully armed with the tools you need to succeed.

Using Reuters as Online Forex News

Reuters is perhaps the default source of forex daily news and online forex news for most traders out there. They actually provide data streams of exchange rates as well as forex latest news to a wide variety of brokers, so if you use a broker, chances are you use Reuters.  They also feature charts and graphs in addition to forex latest news on major world economic events, so you can do technical analysis while you gain access to your fix of forex daily news.

Forex Brokers and Online Forex News

Brokerages are perhaps the main source of forex latest news for a lot of traders, simply because traders spend a lot of time on the trading platform of their choice. These brokers funnel streams of online forex news into the platform and website in general so you can have the latest brought to your attention. While many brokers do use Reuters, they may also use other sources. In this way, you get online forex news, forex daily news, and forex latest news from different sources at the same time.

Forex News Aggregators

Another prime source of online forex news is the forex daily news aggregator. These websites – like ForexNewsNow.com – collect forex information from a variety of sources and present it to you in a simple to use, simple to read format. This may be in addition to other sources, like data feeds from Reuters. These aggregators do a great job of giving you a wide variety of useful forex latest news in a form that is easy to digest – meaning you can get online forex news delivered to you at the click of a mouse without having to travel all over the internet.

Online Forex News from National Agencies

Finally, a prime source of direct forex daily news and forex latest news comes from the horse’s mouth – the currency’s government. Government agencies release detailed economic reports and other announcements on a regular basis, so if there is something you want to see and want to read it right when it is released, the website of the government agency behind the online forex news is your best bet.  Getting your forex latest news this way is particularly useful if you like following forex daily news as it happens without having a delay from other news sources.

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Forex News Trading

One of the most popular ways traders determine entry and exit points in the forex market consists of trading off of major economic news events. The USD forex news generally gives the trader the most possibilities for profitable trades.

As an example, a trader expecting an improved GDP number for the Australian economy, might buy AUD/USD before the release of the economic data. Once the data is released, the exchange rate AUD USD will generally rise sharply if the number comes out better than expected.

The experienced trader will often take profits immediately upon the release of the data, taking profits regardless of their longer term opinion, and reestablish a position once the news is out.

Major News Items Which Influence the Forex Market

Of course, the online forex news is full of trading opportunities. Nevertheless, news trading relies on timely releases and reacting quickly to buying and selling opportunities.

Basically, realtime forex news is more consistent with a news trader’s objectives in initiating and timing entry and exit points when trading. A news trader is generally very selective in the type of economic releases or news items they choose upon which to make transactions.

Some of the more popular economic releases that traders choose for making forex transactions include:

• GDP – the Gross Domestic Product of any nation is of utmost importance to the value of their currency. The GDP represents the sum total of all products and services produced in the country and have a profound effect on the exchange rate of their currency in relation to the currencies of other nation’s currencies. The release of the GDP number of any major nation — especially the United States — presents trading opportunities for many seasoned professionals that keep a keen eye on the USD forex news. 

• Interest Rates – the value of a nation’s currency versus other currencies is strongly influenced by their central bank’s monetary policy. Interest rates exert enormous influence in the value of the currency as higher rates attract foreign investment, while lower rates send investors holding large amounts of money looking for a higher return elsewhere. A Euro currency forecast would not be complete without a careful analysis of the ECB’s monetary policy towards interest rate. 

• Employment Numbers – a nation’s level of employment gives a clear indication on the health of their economy. If a large sector of the population is employed, then the nation’s productivity increases raising the GDP of that nation. Many forex traders use employment numbers to determine whether to hold or short certain currencies. 

• Inflation Numbers – numbers such as the Consumer and Producer Price Indexes give traders an idea of how the central bank of that nation will implement monetary policy. Generally, high inflation is dealt with by central banks by tightening credit, while low inflation is commonly adjusted by a looser interest rate policy.

A seasoned forex trader will take into consideration all of the above fundamental indicators when making a USD Euro forecast for example. By the same token, many day and short term directional traders will take the opportunity of initiating trades based on the realtime forex news releases of these and many other fundamental indicators. 

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Forex Market Research Techniques

Forex traders generally use the Online Forex News, as well as the realtime forex news to determine which currency pairs would be the most probable to yield a worthwhile profit before initiating trades in the forex market.  

As an example, some currency pairs may be more challenging to trade than others and may not be as suitable for less experienced traders, such as AUD/USD. The exchange rate AUD USD has recently traded with increased volatility due to rising commodity prices, such as the price of crude oil and gold.

In addition to volatility, other considerations that traders must consider consist of how deep the markets in the currency pair traded, and how wide the bid/offer spreads are. Also, how much the currency pair is subject to sharp exchange rate movements upon the release of key economic data.

A review of the USD forex news can give a trader a sense of what currency pairs may be the best to trade for their level of experience and risk tolerance. For example, EUR/USD generally is one of the most liquid forex currency pairs with long sweeping moves and in many cases very narrow bid/offer spreads.

Fundamental and Technical Market Research

After the trader has determined which currency pairs offer the best opportunities for profitable trades, they can then begin doing research to determine entry and exit points for their trades. Most successful traders employ a combination of both fundamental and technical analysis in their trading strategies.

The way traders sometimes combine these two techniques, is to use technical analysis for timing entry and take profit points by using price graphs and other short term technical indicators. Conversely, by using fundamental analysis, traders can more accurately determine mid term and long term trends for exchange rate movements.

Making a Euro Currency Forecast

As an example, a trader might make a long term USD Euro forecast based on fundamentals such as historical interest rate differentials, European Central Bank monetary policy and current events.

Recently, some European nations such as Greece and Ireland have received bailouts from the ECB and the IMF to shore up their beleaguered economies. These developments have weighed on the EUR/USD exchange rate.

Nevertheless, according to the daily forex news, inflation concerns due to increasing productivity in nations such as Germany and France have prompted the ECB to raise interest rates, which would be beneficial for the value of the Euro against the U.S. Dollar and other currencies.

Using Technical Analysis for Entering and Exiting Trades

Once the trader has decided on a mid to long term direction, they often use technical indicators such as oscillators to determine optimum entry and exit points in the currency pair’s price action.

An oscillator such as the Relative Strength Indicator, will give the trader an idea when the currency pair is either overbought or oversold, giving the trader a good indication of when to initiate or liquidate a trade.

Incorporating both technical and fundamental analysis to a trading plan seems to be the most effective way used by successful traders for their Trading Strategies. A good foundation in both forms of analysis will yield the best results.