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Forex Trading Resources

Here is a list of resources, some devoted entirely to forex but also those which I think are very useful in a general sense:

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The National Futures Association Trading in the Retail Off-Exchange Foreign Currency Market. is an interesting document and required reading for all newbie forex traders. 'Off-exchange' is a dirty word to the CFTC, SEC and NFA, obviously. Why? because they say that off-exchange is unregulated and therefore you are open to fraud. I say that futures pits and exchange floors are cartels where the investors are fleeced (known as the 'vig') to the benefit of the exchange members. Luckily, no futures exchange has ever really broken into the forex markets and it remains free from meddling!

The brokers are the rogues, according to the NFA; yes, they are, but in the current competitive environment, I doubt if brokers are making 3 pips a trade! More like 1, if you are getting a 3 pip spread on majors.

Again, we see the creditworthiness of forex brokers brought into question, vis-a-vis futures clearing organizations. Granted, this is a worry and therefore due diligence of brokers is vital.

The message here is: Don't trade OTC forex, invest in the 'safety' of a futures exchange! What is good, however, is the recourse you have with the NFA, if you have a problem with your broker.

Before you start trading, or indeed before you even THINK of trading, read this from the CFTC. The mission of the Commodity Futures Trading Commission (CFTC) is to protect market users and the public from fraud, manipulation, and abusive practices related to the sale of commodity and financial futures and options, and to foster open, competitive, and financially sound futures and option markets

Beware of Scams Unfortunately the lure of big and fast profits in forex trading leads to many scams. One of the common scams is the 'managed account', where early investors are paid a 'dividend', usually a consistent 10% per month. This is a Ponzi scheme, where these investors are paid out of new investor funds. There are many other variations on a theme, although there are many legitimate managed funds, it must be said. What about "systems"? Anyone can offer you a system. All systems work when 'looking back' on a chart. Systems are like broken clocks - they are right twice a day! The fact is that having a system is only a small part of your ability to earn money in this market. System peddlers are like the alchemists of old, promising to turn lead into gold. If you are tempted by these and other business scams, look at this site on work-at-home scams

The Forex Trader's Bill of Rights

OK, it is written by a broker (Oanda), but I have a lot of respect for Richard Olsen. Here is a book (that you can either purchase or read on line) that spells out what you need to demand from your broker. As they say:

Why does a Forex Trader's Bill of Rights matter?

To make the forex market fair.

To realize prices created by natural market forces uncensored by the arbitrary intervention of middlemen.

There are ten chapters full of very useful information, which of course is self-promotional; however, from the traders I speak to, Oanda does seem to deliver on most points.

Nostradamus Spot Radar
Nostradamus gives neural network based predictions of the high and low in your chosen market for the next two and 8 hours - couple this with the COMPASS indicator which gives you the direction and strength of any market move - you have an ideal intraday trading tool to predict future levels, and to show you how long to run a profitable position.

This is an ideal tool for short-term traders. Try it. There is a 14-day free trial available and the subscription is modest compared to the information it gives you.

Forex Street. The Foreign Exchange Market. Forex Trading
Fxstreet.com is a Forex portal that offers for free: Real-time exchange rates and charts, Market reports, Forex brokerage firms, Live Expert Q+A Sessions, Technical Analysis, Newsletters… and much more. We also offer all the resources needed to trade futures in our Futures website

Forex Sites is one of the oldest and best established sites for forex traders. There is everything on this site, including a fantastic archive of articles about forex trading, charting resources, news resources, a tutorial section and much more!

Click here for a forex training course
Bird Watching in Lion Country is a masterpiece. Here is a fellow mentor who sees the market much in the same light as I do. As I have experienced, many would-be forex traders find the truth hard to swallow; namely that it takes hard work and dedication to become a successful forex trader. The 236-page tome is under priced for the home truths you will find within. Dirk goes systematically through the basics of what constitutes a trading system and goes on to talk about that vital factor 'The Edge'. I use this term too, albeit lifted from Mark Douglas, but there is no better word to describe it. Interestingly, we are given the facts about the forex market after this and finally we come back to using the 'Edge' in forex trading, where Dirk describes his 4 x 1 Strategy.

Dirk du Toit is a colleague of mine and this book is so eloquently written that I feel compelled to recommend the book because he has raised the stakes in producing practical, usable material for forex traders.If you have not traded forex before, I strongly recommend that you read this book before you go any further

As an alternative to a self-learning course, I can also recommend the FX Power Course from FXCM, the broker. You do not have to sign up with FXCM to use this course, all are welcome. What I like about this course is that the instructors go the extra mile to make sure that all questions are answered (Yes, I have tried it!). If you prefer an instructor-led course, paced over a month, this is for you. No clever systems, just solid basic forex knowledge to get you up and running.
Mark McRae's Sure-Fire Forex Course is also a course worth looking at. It is a system based on a very sound base using Fibonacci retracements. It has some firm rules and a calculator to ensure that you only enter trades that meet your risk/reward criteria. The background training is comprehensive and easy to follow.
Currency Trading Resources is a resource site with hundreds of articles for currency, futures and stock trading all in one spot for easy access.
Get the Fibmaster video here I do not hide the fact that I prefer Fibonacci retracements as the preferred 'system'. Although I try to simplify somewhat, you can really become an expert using Neil Hughes' course. Learn to trade the Fibonacci way. Learn to trade the easy way download this video seminar now!.
Go Forex
Go Forex is a currency trading portal providing independent and unbiased information on foreign exchange trading. Here you will find a large repository of links and information to all facets of forex trading.
PayPal has gotten a bad press. However, I think it is the greatest enabler the Internet has seen and a great lubricator of e-business. If you have a business where you are selling something, especially cross border, it allows you to do business in an easy convenient way. In addition, you can buy or sell anything on e-bay anywhere in the world!

Sign up for PayPal and start accepting credit card payments instantly.
Forex Directory Your one-stop destination for anything you can think about forex. This Forex Directory is designed to help its users find the forex information, articles, source, companies, products and services.
Forex Trading Resources
Free Forex Trader's Tips Newsletter.
How to get an income from currency trading
Quatloos is a site dedicated to frauds and scams. They have a section dedicated to forex frauds and scams. makes interesting reading. Lots of other interesting tips on how to spot a scam!
The National Futures Association has a broker look up facility, where you can research the broker you wish to trade through. All U.S. and some foreign brokers are on this site. There is a section listing firms that have been disciplined for Sale Practice Fraud.
Forex Trader Resources Resource site on trading and making money with forex
Want to see how different forex trading systems perform? This site has a ranking list: Attain Capital Management This site allows you to compare commercially-available trading systems. Yet another site that does something similar is Trade Center Inc.
Find-a-Broker This site is devoted to selecting a broker. The broker A-Z is interesting because a comparison can be made between the major brokers. I suspect, however, that there are only those brokers which have an IB agreement with the website-or?

-is probably the best all-round spot forex simulation there is, whether it is used as a serious training tool or you just want to play a mega 'big swinging dick' trader. Used to only be available to banks, now it is yours at a nice price. A FREE Evaluation is available.

Fibonacci Studies Recently, I was asked what a Fibonacci Time Zone was on an 'expert session'. As the question was a little out of context, I did not answer. Therefore I think that the above link is useful. It explains Fibonacci Arcs, Retracements, Fans and Time Zones.
FX Trend Trader "is a Currency Trading Tool for use by both long and short term investors. With an established and proven track record and impressive client list it is considered to be one of the leading forecasting models in its field." I did a test over a month (the results are in one of my newsletters) and the results were impressive. Did you realize that you can sign up for a trial at a very reasonable price?
Swing Trading course I have been looking for a FREE swing trading course for you all, but most of them seem to be tied into to buying a service or a course. However, I found this on-line course by Melvin Pasternak. It is based on stock trading, but the principles are still the same.

Forex Signals - Forex signal providers make investing in the forex market as easy as possible. A forex signal or alert is a communication to you indicating when it’s time to buy a particular currency pair and at what price.

currency exchange Currency Exchange If you have come to this site to exchange currency rather than trade forex, you will find an excellent service by clicking on the following link. If you have currency transactions to do, for example in connection with buying a foreign property, you will save a lot of money here. Much cheaper than letting your bank handle the transaction.
ONSPEED - The Alternative To Broadband
Are you still using a dial-up to get connected to the Internet? Yes? Then get speeded up. On-Speed create a faster connection out of the one you have. If you are going to trade with a dial-up, you need this!

Fed up with paying phone bills? This is a really cool service. Skype is a free Internet telephony service-free to download and use. If you have to call to someone who does not have Skype is on a cell phone, you can use Skype out, which is amazingly cheap. I have cut my phone bills incredibly. Now Skype has introduced 'SkypeIn', a service that allows people to call your PC from a normal phone. You can set up a phone number many places in the world, so that you are only a local call away! Call ordinary phones anywhere in the world from your computer for the price of a local call with SkypeOut. www.skype.com
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