10 Online Resources for Forex Newcomers

by MoneyNing · 3 comments

This is a guest post by Heather Johnson, a freelance business, finance and economics writer, as well as a regular contributor at Business Credit Cards. Heather welcomes comments and freelancing job inquiries by email.

The foreign exchange market, also known as Forex, is the international exchange market where currencies are bought and sold. If you are already investing in stocks and would like to move over to the Forex market, you will quickly find that the two are very different.

Unlike the stock exchange, Forex trades 24 hours a day from 5:00 p.m. ET Sunday until 4:00 p.m. ET Friday. Also, there is no central hub like the New York Stock Exchange or Nasdaq. In its place, trade is carried out between investors through electronic communication networks (ECNs) and phone networks in various markets around the world.

So, when you learn that the US dollar has “closed” at a certain value, it simply means that was the rate when the market closed in New York. However, currency will continue to be traded in other countries long after New York’s close.

Are you considering some trade in the Forex market, but the process seems a bit too foreign to you? Fear not, as there are many online resources that will help newcomers. You should start with the following 10:

  1. Forex Glossary – You will need to understand the Forex lingo in order to start trading wisely.
  2. School of Pipsology – Learn all about Forex trading with this online tutorial.
  3. National Futures Association (NFA) – The NFA describes itself as “the premier independent provider of efficient and innovative regulatory programs that safeguard the integrity of the derivatives markets.” Their site will provide advice and news on Forex trading.
  4. GoCurrency – You will need to have access to a free, accurate currency converter and this one is highly recommended.
  5. The Forex Project – Learn about Forex trading from someone who has lived it. This site features many helpful articles for both newcomers and seasoned traders.
  6. Forex Factory Forum – Speak directly with other traders on this free message board.
  7. Forex Charting 101 – You will need to understand and use charts when you become a Forex trader. Some charts are easier to comprehend than others, but this guide will get you started.
  8. Free Forex Charts – Need some charts to get yourself started? There are many free ones available here, as well as tips and tricks on how to use them.
  9. Live Forex Rates – Watch the currency rates change before your very eyes on this site.
  10. Earn Forex – This is a directory of Forex sites, just in case you need more information than the above sites gave you.

With the help of the sites above, there is no reason why you can’t get into the Forex market with a good head on your shoulders. Forex trading is fast, exciting and can prove to be a great moneymaking venture.

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{ 3 comments… read them below or add one }

Finance Guy March 26, 2008 at 4:59 pm

Thanks, I have some friends that will really appreciate these links.

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Danielle September 1, 2008 at 11:28 pm

Thanks. Very useful tips for beginners.

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