The many available resources and tools to train yourself
There are many free tools and resources available in the
market, particularly
online. Among these, you will find:
Charts
There are many kinds of charts (see Chapter 6, Technical
Analysis). Start with
simple charts. Try to
identify trends and major changes, and try to relate
them to technical patterns as well as to macro events (news,
either financial
or political). Make an effort to determine the general
magnitude of each
change on the chart (meaning: what is the $ value of the
change, if you were
trading at that point).
Guided tours
Most platforms provide guided tours, demos or tutorials,
either online or via
download.
News / breaking news
Keep abreast of world news. Read all the headlines,
particularly those directly
related to Forex. Check the impact of such news, if any, on
the charts.
Forex outlooks
Read daily/weekly outlooks posted on Forex or general
financial sites. Many
include alerts to upcoming reports and events such as market
indicators and
interest rate decisions.
To read today’s professional outlook and view detailed
charts, join Easy-
Forex™ (registration is quick and free, no obligation):
Forecasts
Read forecasts, some of which are available free of charge.
Bear in mind that
forecasts and predictions are made by people, none of whom
can guarantee
the occurrence of future events…
Indices
Follow the indices of the leading markets (e.g. Dow-Jones,
NASDAQ; Nikkei;
etc.). Compare them to the changes in the Forex market, as
well as to
changes in particular currency pairs.
Economic indicators
Pay attention to the release of economic indicators (for
example – the
monthly unemployment rate in the USA), and try to identify
their impact on
the market in general, and on specific currency pairs in
particular.
Glossary
Don’t hesitate to browse Forex glossaries, which are offered
free on many
platforms. A given word may have different meaning as it
relates to Forex and
to the terminology used by the Forex market participants.
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