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My Top Five Tools for Traders

By Phil Horner

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One of the questions I'm frequently asked is "How do you follow the markets? So, I thought it was time to compile a list of tools I use nearly daily that help me become a better trader.

These are for various experience levels. Oh, and they also happen to be completely free.

Here they are:

1. Babypips.com – Depending on your trading experience, their free forex school is second to none. It covers from beginners to advanced. In fact, these resources are so comprehensive that most brokers I’ve worked for make any new employees do the course from front to back!

2. Forexlive.com – handy website that I personally use and love! It has the most important (and live) news in the currency markets (hence the name). I remember during the Brexit vote that we were glued to their analysis of the markets.

3. Tradingview.com – If you love your charts and technical analysis (fun fact- something like 70% of traders do!) – then TradingView is for you. They have over 4,000,000 users, and the users are all very passionate! It’s not just for currencies either - you can pull up currencies, commodities, indices are more. While I’m personally not TOO much of a tech analysis guy, all my clients rave about TradingView.

4. John Authers' Commentary – To understand the forex markets, you need to understand the bigger macro picture. John is a must-read each day for me. I look forward to his email every day around the EU open. It covers stocks, bonds and what's catching his eye. If you read no other newsletter each day, make it this one.

5. Fusion Markets Economic Calendar– This is the only time we plug ourselves in our post. We used to have Myfxbook in there but we worked hard on finding a really slick calendar for you. Why a calendar? Knowing what big events are happening in the markets is critical. You don’t want to wake up and see the USD has made a 200 pip move and not known there’s been a US interest rate (FOMC) meeting. The Fusion economic calendar will be your friend. You can save the event to your calendar, view the results in real-time and can even see historical price movement and more. 

That’s it for now.

Why so short? The last thing you want is the “analysis paralysis” which comes from digesting 20+ resources. You will get overwhelmed and give up.

Believe me, it was hard for me to get it down to five, but these are my go-to resources, even if you asked me what the best paid subscription-based services are.

There is so much value in these resources, so please use them! Just because they’re free doesn’t mean it’s not great content. As I said, I use this every day myself (except Babypips – I like to think I’ve got the basics down pat) and I hope you do too.

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