The success or otherwise of a modern forex trader depends on developing reliable strategies, and watching them carefully to ensure they continue to deliver, being ready to change tack when the market moves against you.
There was a time when such strategy development was worked on by analysts and researchers working for a particular trader, but now we can go it alone using the vast volumes of data available to create and test our strategies using the support of a business like eSignal that offers amazing charting tools.
Your charts are you life blood in this market, and amazingly there is a volume of data and charting tools available free for you. Some track particular currency pairs such as EURUSD, but others offer a range. You’ll just need to find what suits you best.
Livecharts.co.uk offers the ten major currency pairs as well as many other trading charts that you may use such as the twelve main stock markets. While a website such as Forexrate.co.uk has been set up with the sole aim of providing as much Forex trading information as possible and all for free!
The popular FXStreet site offers over a hundred live charts in real time that include Gold to Dollar prices too. DailyFX.com offers multi lingual trading updates with tweets from some of the big trading names around the world, and has a useful tutorial section for novice traders, or even those with more experience but savvy enough to pick up some of the tips on offer to beginners. At DailyFX you can place trades directly from charts and as is now often the case you can take advantage of a free demo account.
The resources available are many and varied, and much of it is free. It is worth checking out what your broker offers first though as it is in their interest to nurture your success.