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Back to School – Trader’s Toolbox
It’s back to school time in the Northern Hemisphere so no better opportunity to tune up our toolbox and discuss some of the best must have resources available to FX traders.
- Daily Analysis – there is no better end of the day write up that from my partner Kathy Lien and if you don’t get her free research here is the sign-up link.
- www.ForexLive.com – Adam and the whole crew of former bank traders and dealers keep everyone in FX world up to date on everything that happening 24 hours a day 5 days a week. Be sure to read the comments in some of the trade idea threads – they often have some very interesting perspectives.
- www.Financialjuice.com – A great aggregator of running headlines from all all across the web, but the true diamond in the rough is the free Live Sqwuak Box that gives you instant eco releases, news headlines and commentary. MUST have for anyone who day trades the forex market. It’s located on the top right corner of the page.
- www.Money.net – haven’t tried it yet, but its billed as a Bloomberg altrenative and at $95/mo its a lot less than $2500 for the terminal.
There are a thousand charts packages available for FX traders and some brokers have nice packages as well, but I use two free packages that do the job just fine.
- www.Netdania.com Very serviceable java based package that allows you annotate charts and use all the standard indicators. If you want a multi-monitor layout you can also try their Netstation which is free and has lot of bells and whistles – but like all java standalones it takes a bit of time to download
- www.TradingView.com It has many layers of service – but the free version is just fine for me. Its biggest advantage is that it’s in HTML 5 and therefore very fast to appear in your browser. The biggest drawback is that I can’t get the chart to pop out.
If you use any time of MT4 EA you almost have to have a VPS (effectively a computer in the cloud) so that you can be assured of 24/5 uptime for your strategies. Several brokers including FXCM offer free VPS if you drop more than 5000 into the account. One of their offerings is www.beeksfx.com which is perfectly serviciable especially if you have only one or two strategies running.
If you want to have your own VPS I use www.atlantic.net which for $15/mo does a very good job of hosting the basic MT4 set ups. If you need more memory they have more expensive options.
There is only one tool you really need for mobile and that’s MT4. The MT4 platform on Iphone/Android won’t let you execute EAs but it will let you place trades, adjust your stops and take profits, see quotes and charts – and it’s all super fast and easy. If you ever catch me looking at my phone when I am on CNBC set – that’s what I am looking at.
Next week – I’ll take a look at more off the beaten path ideas for advanced traders. Any suggestions send them along to [email protected]