Non Charting Tools for Forex Traders

FX:EURUSD   Euro Fx/U.S. Dollar
I am listing the tools I use daily, during my trading schedule, when I trade the Forex market . I am using general descriptions in this list since I am not endorsing any particular paid service, or website.

A high quality charting platform with all the price charts and many powerful yet intuitive tools. Every single trade I take I chart it here first, marking exact entry, exit and stop loss levels. Some of my potential trades I publish, some I keep to myself. The forex chat is a great “tool” to share views on the market in real time and get other opinions to see if I missed anything.

Execution Platform
I see brokers as a necessary evil and use mine only to execute my trades. I don’t use its charting package, newsfeed, calendar, signals, expert advisors or anything like that. As soon as Tradingview will provide chart trading where we can select a broker of our choosing and execute our trades straight from the charts, this tool can be eliminated.

Economic Calendar
Even if you are a 100% technical trader and don’t take any news into account, at least you would know when major news events are happening (NFP, FOMC rate statement, etc) that could impact your trades, so you might want to stay out of the market. For traders who do take fundamentals into account, it provides you with the previous period and the expectation for the data to be released. It helps to build the picture for how events may move the markets. There are several to be found, find one that suits you.

Premium News Service
This is a feed of headlines that will inform you in real-time on what is happening in the markets. If a pair suddenly moves fifty pips, this news service will tell you why this is happening. The audio feed is the fastest so with urgent news you will not miss out. With un-planned news events this is essential. It’s a paid service and there are several on the market, I am not endorsing any in particular but am using one myself and I am always in the know.

Market Background News Sites
These are websites / financial blogs with markets news, background stories and editorial opinions that differ from the real time premium news services in that the articles are more research based and provide a deeper understanding into fundamental drivers behind the markets and how market players are positioning themselves. I usually read up on them once a day before I start trading. There are several good websites to be found.

Currency Correlation Overview
Pairs don’t move completely independent of each other. Trading highly correlated pairs simultaneously can increase your overall risk or eat your profits. Before entering a potential trade, I crosscheck the currency correlation of that pair with my already open trades (if any) and if its highly correlated (either positively or negatively) to one of them, I do not enter the trade. Since correlation differs per timeframe and changes over time, I use a real time online source.

Position Size Calculator
The difference in pips between entry and stop loss (pips at risk), your equity size and the trade risk you allow as a percentage are what you need to calculate the position size that does not exceed your risk tolerance. You can create a spreadsheet where you calculate this yourself for each trade, you can also find an online position size calculator and some brokers have this feature built into their interface             . Regardless how you do it, this will be an essential tool.

Forex Cheat Sheets
I have created cheat sheets with overviews of all candlestick formations, basic and advanced price patterns, key Fibonacci ratios, etc. They help to quickly validate potential trading opportunities. Nowadays I hardly use them anymore, but I still have a hard copy on my desk just in case and they certainly helped me a lot as a beginning trader. I like the feeling that if I need to check a pattern, I have the information easily accessible at my fingertips.
You don´t need to be a weatherman to know which way the wind blows - B. Dylan
Nice! My dropbox is open for file sharing :)
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Lol thats good to know!
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Thank you for this post!
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JasperForex PRO MarcJohnston-Roche
I hope it helps in some way. Thanks for commenting.
Thank you for sharing your notes which I think could help in practical ways:

It is very different to most charts published. I think that some or all of the notes would prove very useful to all new ones as they look to form foundation for good trading plan and process and is equally as important as Technical Analysis as long term success depends on several factors.

Worth considering what will help with particular approach each one uses and use whatever of the above compliments excising approach or new one being developed by beginners.
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I agree fully. Trading is not only dependent on good technical analysis (although that is very important). It also depends on using the right position size, understanding correlation between pairs, being aware of major news events and what is happening in the markets, knowing when to stay out of the market, etc. Its about doing all the little things right every day that impact the trades you make and their results. Thanks for sharing your view on this.
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As usual, great insight..
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Thank you for saying so. You are one of a small and select group that I follow. I appreciate the feedback.
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Technician TOP JasperForex
Thanks man
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Here's a brokers FX position size calculator I use that I think is very good (for fixed % risk trading) as it tells you exactly what your position size should be i.e. 0.1 lot = $10,000 unit

I don't know if I can post links to other sites but I apologise in advance if it breaks the terms of use for tradingview - however I do believe this is one of the best ones I have seen in years

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JasperForex PRO dionvuletich
The link is fine, its an example of an online position size calculator and its relevant to the topic. Thank you for responding and sharing.
Good post, i use all the tools you mentioned, except the audio news because of the language. My forex cheat sheet is on my wall in front of me. These days i found a very usefull tool called COT (commitment of traders) for long term analisis: http://en.wikipedia.org/wiki/Commitments_of_Traders
There are free and paid services for that
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JasperForex PRO FullTimeTrader
Yes the COT report would be an excellent addition to this list, I don´t use it enough myself but I think I should. Cheat sheets on the wall are classic! Thank you for sharing.
"Cheat Sheets" are like water, can't imagine life without them, whether when i did graphic designing cum programming, or nowadays, its full-time learning about trading, its one of the most essential thing for me.

Thanks @jasperforex for sharing with us.
Thumb up :)
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JasperForex PRO Pricemutation
I agree. With Forex, the devil is in the details of what you are doing, so having accurate depictions and valid rules of candlesticks and price patterns in front of you while charting really pays off big time. Plus cheat sheets are a lot of fun to make. Cheers!
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Pricemutation JasperForex
Cheers :)
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I like the idea of a cheat sheet. I am actually in the process of creating one. A good cheat-sheet can be golden to a newbie forex trader!
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Could not agree more. You will start using it intensively, almost with every setup but as you gain experience and confidence you will consult it less and less. You will also make changes to the cheat sheet over time as you discover certain setups work better with slightly different rules / configurations so see it as a living document. Good luck!
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Pip-Mod-Diddy!! Very well published post Jasper! You pretty much covered all the tools that I would also consider imperative for trading, especially the premium news services. As I remember the EUR/CHF crash, we had a roughly 10-15 second premium to the market moving (When the premium news service announced the SNB removing the floor against the Euro it took about 10-15 seconds for the crash to manifest itself giving people either the sufficient warning to start exiting positions or entering speculative positions to capitalize on the move). Very good work Jasper =D
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Thanks for the supportive words, alpha. I never traded any CHF pairs myself (not in my portfolio), but I am sure for those who had open positions in EURCHF at the time and who had a premium news service, those were some frantic 10 seconds!
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Daniel.B JasperForex
Lol price got all jittery for those seconds before the plunge! And sure thing no problem, enjoy your work man =)
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thank you jasperforex for this nice post
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JasperForex PRO manijeh.kazemi.33
Thank you for saying so.
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Another non charting tool wich transform my trading was a multimonitor platform, now i have two monitors and i cant live without them. You can watch more aspects of the markets at one sight. Im considering add more in the future (may be three or four monitors).
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JasperForex PRO FullTimeTrader
Now we are talking. Nice tool and a good addition to the list! On the subject of peripherals: last year I replaced my crummy copper cable 20Mb internet service with a 200Mb fiber-optic internet service and I never looked back. The speed and reliability are awesome. It has not been down even once since it was installed.
Jasper , Wonderful post... ( Turkey / izmir/ Foca ) ...
Best Regards
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JasperForex PRO ersoytoptas
Thanks man, thats nice of you to say. If it helps someone to improve their trading I am happy for it.
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Thanks for sharing this Jasper
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JasperForex PRO VishalSabhar
You´re welcome.
Position Size Calculator.
The highly underestimated life saver.
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JasperForex PRO PriceActionTrading
Yes, its an essential tool keeping me from putting up too large a position. Thanks for responding.
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Great write-up, thanks. Now where is that Cheat sheet? :D
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well, it would be great if tradingview would be a platform to trade (connect a broker)
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It is being worked on, you could approach your broker with the request to be connected to TradingView (TV), if that broker then approaches TV, they might get priority.
MinervaFX JasperForex
Yes, that would be great. I'm sure that this platform alone would kill many other platforms as I find it even more useful than NT or any other platform. Well, I hope one day I'll be able to use it for trading and not only charting on a website.
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I agree completely and can't wait for it myself. Chart trading straight from this platform would be awesome.
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Thanks for sharing your view. Very useful for beginners like myself :)
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Glad you like it. Thank you for commenting.
jack.hudson.3344 JasperForex
Very late to respond(left this tab up for when I could get back to it) but thanks so much for this. As a newbie, it really corrals things for me in an excellent way. Matter of fact, I'm still leaving it up until I'm done with all the ingredients which I have, except a couple.
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JasperForex PRO jack.hudson.3344
Thanks for the kind words. I am glad you find it helpful. Good luck!
Very good checklist JasperForex, Once you practice using them as part of your trading routine, you confidence builds and you eliminate 'Compulsive' Trades that over time, erode your bottom line. Keep it coming!
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JasperForex PRO Timing is key
Very true, I like to look at my trades from as many angles as possible and these tools help me with that. Take one of them away from me and it would impact the results.
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