When you are trading on the Forex market, you want to have as much information as you possible can. The more information that you have, the better trades you can make, and therefore the better financial decisions you can make. There is a wealth of information available to you on the internet, much of it for free. Below is a quick list of some information that you can find for free online that should help you in your Forex trading decision making.
Free Beginner Guides
If you are new to Forex trading, then the first thing you will want is a guide that explains the basics. Be careful which free guide that you choose, as many companies put these out to try and convince you to sign with their brokerage. Here is a great guide from Investopedia, which should give you enough information to get started with Forex trading.
Current Interest Rate Data
Interest rates play a large role in determining how the value of a currency will change. Each government sets their own interest rates, and they are subject to that country’s current fiscal policies. To find out the most current interest rate data for any country, you can use this source.
Public Debt Information
Another factor in determining the value of a currency is how much debt that country currently holds. Looking at how much debt a country has can help to give you a better idea as to whether or not you want to invest in that country by exchanging into their currency. To find out how much debt a country currently has, you can visit this site.
Connect With Forex Brokers
There are many Forex brokers online that you can work with when trading on this market. Most of them offer you tools and services to try and convince you to go with them. However, if you don’t want to pay for the premium stuff, sometimes you can just connect with them on social media sites, and still gather some useful information. One example is Alvexo’s LinkedIn account, which routinely sends out helpful advice for Forex traders. There are many others, but this is a good place to start.
Free Forex Charts
The main tool for any trader is a Forex chart. These charts track the value of a currency in any country at a given time. These charts are used to plan out your trades and determine which ones you want to make. When you sign up with an online broker, these charts are usually included, but you can often find them for free elsewhere. Here is just one link that offers free Forex charts, but there are many others. Without a Forex chart you will be trading blind, so this is one tool you will most certainly want to have.
If you are a new Forex trader, finding free tools is one of the best things that you can do. Don’t waste your money on advanced tools, as you won’t really know how to use them yet. Use the free tools mentioned above to get started, then as you become more accustomed to Forex trading, you will know which tools you want to spend the money on. However even as you get more experienced, you may find that the tools mentioned above are enough to help you make a wise investment, and you won’t have to spend money on premium tools, which is always a bonus.