Publisher: FXCM
Price: Free with Free Demo Account, Free with Live Account
Requirements: Windows Vista, Windows XP, Mac OSX, Linux
Last update: 05/08/2009
Get Marketscope 2.0 NowThe Good:
The Bad:
The Bottom Line:
Description:Wednesday, December 2, 2009
Fxtrek Intellichart
Publisher: Fxtrek
Price: Desktop Version: $100/month, Online Version: $50/month
Requirements: Windows Vista, Windows XP
Last update: 10/21/2007
Get Fxtrek Intellichart NowThe Good: With a little creativity, you can build your own alerts and indicators (Desktop version). Maybe even create an automated trading system or method to watch the market for you.
The Bad: Intelliscript alert features are not for beginners. There is a huge learning curve if you do not have programming experience.
The Bottom Line: Good charting platform, but nothing really special. The big draw for this charting software is that if you are a programming geek as well as a Forex nerd, then the monthly fee for the Desktop version may be worth it to create personal automated trading systems and methods.
Description: FXtrek IntelliChart offers both an online and desktop version. The Online version offer a good basic charting solution tailored for beginners, while the Desktop version includes additional features for advanced traders.
Tuesday, December 1, 2009
Fxtrek Intellichart
Publisher: Fxtrek
Price: Desktop Version: $100/month, Online Version: $50/month
Requirements: Windows Vista, Windows XP
Last update: 10/21/2007
Get Fxtrek Intellichart NowThe Good: With a little creativity, you can build your own alerts and indicators (Desktop version). Maybe even create an automated trading system or method to watch the market for you.
The Bad: Intelliscript alert features are not for beginners. There is a huge learning curve if you do not have programming experience.
The Bottom Line: Good charting platform, but nothing really special. The big draw for this charting software is that if you are a programming geek as well as a Forex nerd, then the monthly fee for the Desktop version may be worth it to create personal automated trading systems and methods.
Description: FXtrek IntelliChart offers both an online and desktop version. The Online version offer a good basic charting solution tailored for beginners, while the Desktop version includes additional features for advanced traders.
ChartStation
Publisher: NetDania
Price: Free
Requirements: Windows Vista, Windows XP, Mac OSX
Last update: 10/21/2007
Get ChartStation NowThe Good: Free. Overlay or compare two pairs on the same chart; Able to save workspaces and charts. Detach charts from ChartStation so you can move to different screens.
The Bad: No alerts. No automated pivot points. Unable to customize colors and size on studies/indicators in the bottom panels (i.e. MACD, RSI, etc.). Charting tools limited to Fibonacci retracements/fans and trendlines. No right-click editing abilities.
The Bottom Line: ChartStation is a good, basic charting package; especially for those who do not use a lot of indicators or need to edit their charts often.
Description: ChartStation offers 13 time frames, 21 indicators, and many other useful features. You can tile as many charts as you would like within 1 window, allowing you to track market action across various currencies and time frames.
Accucharts
Publisher: FX Solutions
Price: Free w/FXSol Account
Requirements: Windows Vista, Windows XP
Last update: 10/21/2007
Get Accucharts NowThe Good: Over 150 indicators; multiple currency chart overlay; loads of chart customization options. Multiple page creation.
The Bad: This is not a big deal for those who only trade the majors, but with its limitation to only 20 currency pairs, this platform is lacking for those interested in intermarket analysis.
The Bottom Line: FX AccuCharts is a free, premium charting package for FXSol account holders. If you trade with FXSol, there's probably no better charting software out there (free or paid) to use with your account.
Description: FX AccuCharts features over 150 indicators/oscillator variations as well as the ability to create your own indicators, powerful drawing tools, ability to customize and save comprehensive workspaces and much more.
How to Choose a Forex Broker
With so many different choices out there, how does a Forex "newbie" pick a broker? Chances are most new traders have no idea on where to start - and that's okay! We're here to help! We have put together a simple three step process to help you find a broker that YOU think will best suit YOUR needs. You might be thinking now, "Three steps? That's it?" Yesssiirrrr!
In the first step, you will go through some of the main questions you need ask yourself when reviewing different brokers. Then you will take a look at different brokers and their available features. We have put together a comparison guide by taking some of the most frequently asked questions across the internet, and surveyed some of the most frequently asked about brokers out there, so that you don't have to.
With this guide, you can narrow your choices down and take the final step of talking with different brokers and demo trading on different platforms. Simple, right? Let's begin...
Step 1: Do your research
Before comparing brokers, do you know what to look for? No? Well, here are a few of the main questions you should ask yourself:
- Is this broker registered with any regulating authorities? Check to see if your broker of choice is registered with the National Futures Association (NFA) or Commodity Futures Trading Commission (CFTC) if they're based in the US. If the broker is based in the United Kingdom, check with the Financial Service Authority (FSA). If the broker isn't registered with any of these or any other recognized regulating firm, then you may want to think twice before signing up with them.
- Dealing Desk or Non-Dealing Desk broker? Does the broker offer fixed or non-fixed spreads? How wide are the spreads? These questions are more significant to those traders who like to take quick profits on a few pips. Large and/or variable spreads can cut into the profits of this type of trading strategy.
- How much or how little leverage will a broker give you? We highly recommend you review "Leverage the Killer"before deciding on how much leverage would be suitable for your trading style. The phrase, "Less is More," can save every newbie
- Of course, you’re not going to start trading with real money right away, right? Well, when you do having a winning strategy and you are ready to trade live; knowing how much risk capital you have to start with makes a big difference. If you have $2000 or less to start with then you probably want to start trading "micro" lots. Not every broker has this feature.
- Does this broker credit or debit daily rollover interest? Some brokers either do both, deduct interest, or neither. This information is important to traders who hold positions overnight.
- Does this broker over premium services such as charting, news feeds, and market commentary? How important are premium services to my trading?
Step 2: Compare brokers
Let's not beat around the bush, now you need go to Broker Comparison Guide.
Step 3: Open demo accounts and ask questions.
Pick at least two brokers that fits most of your criteria and open up demo accounts. Trade in different market environments. Learn all the different features of each trading platform. If you have questions, don't be afraid to ask. Many brokers have excellent customer service support and would be happy to answer your questions.
Most demo trading platforms are very similar to their live counterparts, but not exactly the same. There may be a difference in speed of execution, slippage, and platform reliability (most of the time live accounts are more reliable than demo accounts). When you do have your strategy down and you are ready to move to a live account, start off small, test the waters, and see if this particular broker will suit your trading needs.Daily trading there is no spoon
Some people are asking me about the secret of daily trading. The answer is there is no secret. It is there for everyone to see but the question is, can you accept what you see.
Trading the daily chart requires patience, lots of it. That is what most of us lack. Patience. If you look at the longer timeframe charts, you will see that price will stop or hover around certain areas. That is your key point. Always start or stop trading around these key point.
The next indicator I use is CCI. CCI alone is a bit of a headache. So I smooth it out with MA. With the MA, I can see the direction of trade clearly. People say MA is a lagging indicator but I dont want to be early going to a party. I like to enter when the party already started.
The last advice is, there is no such thing as holly grail. You just cannot win all the time. The best that we can do is try to win as much as possible and lose a little as possible. In the long run, it would be profitable enough to stay trading. Otherwise you need to find another business to run.
Trading the daily chart requires patience, lots of it. That is what most of us lack. Patience. If you look at the longer timeframe charts, you will see that price will stop or hover around certain areas. That is your key point. Always start or stop trading around these key point.
The next indicator I use is CCI. CCI alone is a bit of a headache. So I smooth it out with MA. With the MA, I can see the direction of trade clearly. People say MA is a lagging indicator but I dont want to be early going to a party. I like to enter when the party already started.
The last advice is, there is no such thing as holly grail. You just cannot win all the time. The best that we can do is try to win as much as possible and lose a little as possible. In the long run, it would be profitable enough to stay trading. Otherwise you need to find another business to run.
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