With the abundance of financial websites and services for forex traders, one can get easily overwhelmed by all the information and opinions around. On top of that, there is constant distraction caused by the ads blinking in every corner possible and the risk of being exposed to content not relevant to your trades that might throw you out of emotional balance (like breaking news about accidents, crime, dramatic photos, etc.)
Over the years, I followed each major financial website on the market for a while, especially websites for forex traders like fxstreet, dailyfx, etc., and I would like to share my opinion on what’s worth your time. But before we dive into details, a piece of advice – the less information and data during trading time, the better trading results. At least, this is how it works for me.
Five financial websites I use daily:
1. myfx.zone/d – a light-weight Trading Desktop.
I created it because I was fed up with distractions, ads, and general buzz on the websites for traders. Now I have all the information I need for trading fitting on one screen. And only that. Check it out by yourself, and feel free to use 🙂 .
They have a weekly economic calendar in a nice clear layout and a news section where one usually can find the answer to why the market moved rapidly in some direction if a reason is not clearly visible. I treat it also as a backup site during the data releases in case my Trading Desktop would have some delay (but that happened only once in two years – otherwise, my Trading Desktop gets the released figures during the announcements faster).
The best internet service for forex traders. The articles are written by people who seem to be actually trading – not journalists or analysts who need to fill the space with anything or want to prove their point. However, on a daily basis, I only check the options expiries there (very useful data which often explains why price action on the day does not make any sense until 10:00 New York time). Disadvantages – too much distraction with ads, various ideas, and opinions.
It is a useful source of information and insights if you follow the right people and don’t get distracted by everything else. Otherwise, it is a waste bin and time killer. My daily time limit for Twitter is 15 minutes, and it is enough time to find and read everything that is useful for my trading. If you want to see who, in my opinion, is worth following, check my profile. You’ll see that I prefer quality over quantity.
I go there just once a day before the New York open to see what the general mood is. Or when some breaking news is unfolding since they usually have good live coverage. I only read, never watch – I don’t want to be influenced by someone’s opinion, especially since you never know if someone does not have their own agenda or hidden interests. As with Twitter, I try not to spend more than 15 minutes a day there.
I don’t use any other trading website or service unless I search for some data. I also don’t subscribe to newsletters and market analysis bulletins, especially those from banks. In my opinion, they are either biased to sell others the trades they want to get out of or are pure guesswork of analysts who only write market commentaries and don’t have anything to do with trading. However, if you feel you need such material (e.g., you trade longer time frames and want a second opinion on the market outlook) then Danske Bank is a good address to go to. Their analyses have proved to be the least biased and the most reliable and accurate for me.
In case you have any interesting trading websites you would like to share or have some ideas/suggestions on what should be added to my Trading Desktop, please email me 🙂 .
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