Reading through recommended sites: You can spend many hours doing this but it’s worth it, you are investing in yourself.
We’ve trawled a LOT of trading websites and been active participants on many forums over the years. There is an almost infinite amount of information out there so we’ve decided to include just the links that we think you should definitely bookmark and look through – either to start learning with or for their ongoing valuable information.
There is a very good reason why we haven’t gone into all the mechanics of how to trade and read charts, because babypips.com has quite possible cracked it, with what we think is one of the best ways to learn we’ve seen online, so if we can’t do it better, we point you in the right direction for those that already have.
Firstly, if you haven’t already, and it is almost a right of passage now to trading, we strongly recommend you read through the Baby Pips School for Trading. You can tick off each lesson as you go, it could take you a few days, weeks or months – depending on how much time you have – but they really do explain things very well, and there’s not much about how to trade that isn’t covered.
If you’ve already been through it or want a refresher on the technical aspects that we are concentrating on then we recommend reviewing these lessons specifically:
Why Trade Forex
Market Size & Liquidity
Pips & Points
Types of Orders
Support & Resistance
Developing Your Own Trading Plan
What Type of Trader are You?
Keeping a Trading Journal
Specifically the Forex Factory News Calendar has very handy historical news release data graphs and stats.
You should check their calendar as often as you trade, to be aware of, not only what times and days there will be announcements that will turn your high-probability trades into 50/50 bets but, when to look for the spectacular after-math technical signals for new market moves that can offer really good trade setups.
There is of course a very popular forum on there too with some fantastic threads on technical trading and many other aspects of trading your own money.
Forex Peace Army
We also use the Forex Peace Army Calendar daily. This has a very neat feature where you can look at how each currency moved in the minutes and hours after a news release – so you can learn more about how expected and surprise economic indicator numbers released can move the markets.
They also do a lot of broker and service reviews, we take these with a pinch of salt, because of the conflicts that exist with online reviews and who can post on them, but it’s good to know it is there.
This site includes the massive and well supported Trade2Win Trading Forum. We hang out there a bit in private forums and have made some very good friends through the website. In fact the founders of this website met initially through Trade2Win.
As with all forums, beware the trolls, time-wasters and the shear information overload. Be a good member and you’ll find the discussions can be a very rewarding outlet to discuss ideas with fellow traders.