The trading industry, and more specifically the Forex industry has led to literally thousands of educators, signal providers, and a host of other businesses popping up. It seems that there are more businesses around trading then actual traders. A lot of there businesses are only interested in earning money and not actually helping traders succeed. Not only that, but they charge a small fortune just for their services.
We at DrinkForex don't want your money, our videos and resources are and will always be free to anyone who wishes to take time out of their day to visit our site. Of course, if you want to open an account through our sponsor, Forest Park FX, that would be greatly appricated.
While we are on the subject of providing free resoures to traders, we thought we would let people know of free resources that we use on a daily basis. We have sorted through a lot of websites over the years and the below ones still remain our day to day go to.
Day Trade Ideas is a Forex and Futures analysis subscription website. It is headed by Jason Sen, who is a 30 year trading veteran that began his career on the LIFFE exchange floor. His normal subscriptions are paid, which might have you wondering why we have included it. The reason we have included it is because Day Trade Ideas has a free Facebook group. Jason frequently published his analysis for free in this room. In addition to this there is excellent communication between him and other professional traders. They discuss trade setups, different charting types, and which markets are the best at that point in time. It is well worth subscribing to if you are on Facebook.
This website launched in 2013 and is owned and operated by Dimitrios Charalampidis. We actually have been trying to schedule an interview with Dimitrios, and hopefully will be bringing that to you shortly. Dimitrios's is an excellent trader himself, and much like DrinkForex is more insterested in giving back to the trading community then earning money from his services at Snail-Trading.
The main resource on Snail-Trading.com is the daily and weekly analysis on major Forex pairs and other CFDs. The website is constantly updated, with more than 10 unique analysis posts per day. There is both fundamental and technical analysis, but the main focus we would say is on the technicals.
In late 2016 they launched a Free Slack group that allows traders to join a community of other traders and discuss in real-time and discuss market movement. Additionally, Dimitrios is in the group and offers up his free analysis and insight.
In addition the the analysis and Slack Group, Snail-Trading.com also provides several other free resources such as a cashback rebate program, economic calander, and trading calculators.
Finviz.com has been a staple in our daily website visits since 2008. While they offer a lot of features we focus our attention on their News section. They do an excellent job of combining both main stream news as well as popular blogs.
On the right hand side they have feeds of CNN, Bloomberg, New York Times, Reuters, and several other major news outlets. They publish the headlines, and then link you to the full article on the publishers site. On the left hand side of the screen they have popular financial blogs such as Zerohedge, Daily Reckoning, and Market Folly. Similar to the major news outlet side of the screen Finviz posts the headlines and then links you to the article on the publishers site.
We are a big fan of this format as it allows you to skim through many headlines quickly. If something catches your eye your can then read that article. This is very different then other outlets that not only publish the headlines, but also an introduction to the article. To us, this wastes time and screen space. Additionally, Finviz autoupdates their news feed section thus eliminating the need to refresh your screen constantly. Knowing that screen space is limited for most traders this is an excellent resource that can easily be kept in the back ground and quickly glanced at.
Similar to most websites now adays Tradingview has a host of resources, some paid and some free. We focus on the free charting solution that they offer. It has the most indepth charting of Forex, Futures, Stocks, Bonds, and Indicies that we have ever seen. While the non FX Feeds are delayed, the charts allow you an excellent view of daily, weekly, and monthly charts.
Their free charting solution is on par with other charting solutions that cost $100-$1500 per month. They have hundreds of indicators, the ability to do correlation overlays, and much more. For a free solution you really can't go wrong. Recently, they have also been integrating with brokers to allow for on chart trading. We have personally tried this feature through Oanda and it works seamlessly. So, if you are feeling limited by MT4, or other trading platforms go check out Tradingview.
Reddit is an excellent website, not only for traders, but anyone around the world. It has a simple, easy to understand format. The way it operates is there millions of topics, these topics are broken down into "subreddits". Think of subreddits as tabs on an Excel sheet. You can join subreddits, which then creates a home page that streams top posts in one place; similar to your Facebook feed. What makes it really unique is their voting tool that allows the community to vote on which posts or subjects are the best, which rise to the top, and if a subject is not intersting it gets downvoted and pushed to the bottom.
The sub reddit that we most frequent is /r/forex. This subreddit is comprised of over 13,000 users from around the world. This makes for an interesting dynamic as you have traders from the United States to Australia. And traders have accounts or have experience with just about every broker out there. Topics range from industry updates, to reviews on education providers, signal providers, and brokers. At traditional review websites you really have no idea who is posting. For all you know it could be someone who works for the broker, or has some association/interest in seeing that broker succeed or fail. Read our article on this subject if you have not yet, it will give you great insights.
But, Reddit is not that way, you get to know exactly who is posting because you have access to their posting history. You can see if the person is new to Reddit and the only posts are positive ones about a specific product. Which in case would tip you off that this person is probably associated with that product somehow. In addition to this you can have a semi-real conversation with that person to better understand why they are pro/against a certain product. Which is much better then just reading a oneoff post.
So, if you are interested in speaking with other traders and joining a community /r/forex is a great place.
Babypips is probably one of the best known education websites in the industry. Their free product is a must for all new traders, and even experienced traders can find value in their services. They have a Forex school that takes a new trader from Preschool to Graduation. Babypips does a great job of breaking down the industry into a basic, easy to understand language. Anyone who has ever thought about opening a live trading account and funding with real money should begin with this website. It will not teach you how to trade, but it will teach you about the industry. What is a pips, how brokers make money, who are the liquidity providers, and much more is covered on babypips.
If you have not taken the education course yet we highly recommend you do so, especially if you are a new trader. It will save you a lot of time and money trying to figure things out on your own.
We hope you enjoy the list and it is as valuable to you as it is to us. Please let us know what you think in the comments section below. Also, if you have other free resources that you find valuable post them in the comments section below. We are considering creating a resource section on the site.