Because of the risks, average investors are advised to use only a small (5%) portion of their assets for currency trading, and/or to use forex chiefly for hedging purposes. If, for example, you are concerned that your savings account (denominated in US Dollars) could depreciate as a result of current US economic policy, you could diversify a portion of your assets into foreign currency(s). That being said, the following 50 websites comprise our favorite resources for forex enthusiasts and traders.

Blogs

Before building your forex toolbox, you should begin by browsing the blogosphere for general information.

1. Forex Blog. This blog specializes in fundamental analysis, assessing the effect of economic developments on the forex markets.
2. Daily Markets. Daily Markets offers daily opinions and live news feeds.
3. Forex Project. This blog chronicles the experiences of amateur “Trader Rich,” who aims to achieve a gross return of 50% trading forex.
4. Forex Trends. Their goal is to save you time by analyzing forex market psychology.
5. FX Instructor. This blog is authored by traders from around the world, with daily technical reviews and mentoring for beginners.

Real-Time Quotes

Now that you have the basics down, you need access to exchange rates.

6. Forex Trading Charts. This site features a visually appealing quote matrix, with one-click charting.
7. Forex-Markets. Quotes are displayed real-time, along with the bid/ask spread.
8. FX Street. More than 1,000 currency rates are divided into 13 regions.
9. AC Markets. Real-time quotes are only one of the many tools offered here.
10. Quote.com. One-stop shop for quotes, with exchange rate data, stock prices, etc.
11. X-Rates. The most comprehensive source for forex quotes, with data for over 50 currencies.

Charts

While a basic chart depicts how a given exchange rate has fluctuated over time, a sophisticated chart can enable you to spot patterns and understand trends.

12. OZ Forex. Their high-end, real-time, charting package allows you to run studies, draw trendlines and save charts.
13. Forex Realm. Template for generating quick charts for popular currency pairs, as well as a glossary of indicators.
14. Forex Pros. Flash-based charts are based on live data, and support the overlay of various indicators.
15. CMS Forex. Their proprietary software, VT Trader 2.0, allows traders to apply graphical technical indicators and trend lines directly.
16. Forex Capital Markets (FXCM). With seven different charting programs to choose from, you can be sure to find one that matches your needs.
17. XE. Advanced and Premium Charts can be previewed with seven-day free trial.

Technical Analysis

After choosing a charting program, the logical next step is to choose a suite of technical indicators that will guide your strategy.

18. Forex Day Trading. This is an excellent place to begin because it explains the most popular technical indicators.
19. Technical Analysis Site. Matrix of indicators are applicable to many types of investments.
20. Realtime Forex. Each technical indicator is explained in a separate PDF with accompanying tutorial.
21. Forex Trading Gurus. Contains a library of advanced articles about technical indicators and chart patterns.
22. Action Forex. This page is devoted entirely to technical analysis, with daily, weekly, and specialized reports.

Backtesting

Before putting actual money on the line, you should first backtest your trading strategy against historical data.

23. Trading Markets. This article provides a nice overview of various methods for performing a backtest.
24. Tradecision. Professional backtesting software for “thinking traders.”
25. Forex Strategy Builder. This program uses combinations of technical indicators and logic rules to simulate a trading process.
26. Forex Historical Data. Offers historical data to traders that wish to manually backtest their strategies.
27. Forex Learning Site. A detailed list of reputable brokers that use MetaTrader4 (MT4), an easy-to-use backtesting program.

Central Banks & Monetary Policy

Monetary Policy represents the backbone of a trading strategy based on fundamental analysis.

28. Trade TNT. Explanation of how and why Central Banks seek currency stability.
29. MATAF. Here, the author posts about developments involving Central Banks that move the markets.
30. Baby Pips. An excellent overview of the different functions that Central Banks perform.
31. Easy Forex. Interest rate table with long and short term rates for all tradeable currencies.
32. Top Forex News. Summary of benchmark interest rates, with the change from the most recent policy meeting.

Economic Calendars & Indicators

Economic indicators feed into Central Banks’ decision making processes for tweaking monetary policy.

33. Forex.com. Overview of economic indicators and why they are important.
34. Info Forex. Detailed explanations for specific economic indicators, with ‘relative importance’ grades.
35. GFT Forex. A comprehensive listing of economic indicators, with forecasts and previous levels.
36. Forex Floor. A concise overview of the indicators that most affect exchange rates.
37. Pinnacle Exchange. Analyzes the effect of different indicators on the Fed’s approach to monetary policy.

Forecasts and Signals

The following resources use a combination of fundamental and technical analysis to make predictions.

38. Ace Trader. Outlooks are neatly segmented by time period and underlying analysis, complete with charts and data.
39. E-Forex. Free daily market analysis and trading recommendations.
40. Finotec. Short and long signals, based on support and resistance levels.
41. ForexRate. Daily forecast on all of the major currencies, complete with technical commentary.
42. iFOREX. Forex forecasts and real time trading signals for four major trading currency pairs to paying customers.

Forums

Check out the following forums to see what people are currently saying about forex.

43. Forex Forum. The-self proclaimed ‘world’s leading forex forum.’
44. Forex Factory. Threads are ranked by date and popularity, and arranged by topic.
45. Go Forex. Forum is mediated by a group of experts, who reply regularly to member posts.
46. Forex Focus Daily. All the major economic and forex news articles are posted in this forum.

Books

Why not supplement your knowledge of forex by purchasing a book, or downloading an e-book?

47. Forex Books. Touted as the educational resources about currency trading for all levels of traders.
48. Earn Forex. Here, you can download up to 80 free e-books.
49. Forex Calling. Their Forex Strategy Workbook walks you through every trading day for a hypothetical month of trading.
50. Forex Razor. High quality unbiased forex book reviews and ratings, contributed by actual traders

Fundamental Analysis

The first group of blogs all approach forex from the standpoint of fundamental analysis, examining the impact of monetary policy and economic factors on currencies.

1. Forex Blog. This blog is authored by Adam Kritzer, self-styled “forex guru,” who assesses the effect of economic developments on the forex markets.
2. Forex Star. Offers in-depth information for the individual FX trader, in the form of articles and news bulletins.
3. Kathy Lien. This is the official blog of Kathy Lien, internationally published currency expert.
4. Forex TV Blog. As its name suggests, this blog features great video analysis, as well as information on gold and commodities trading.
5. FX-BAR. Geared towards the US Dollar, FX-BAR offers analysis, signals, and commentary.
6. No Bullshit Forex Blog. This blog aims to provide straightforward information for currency investors with a fundamental bend.
7. Counting Pips. Their analysis of macroeconomic data and monetary policy is woven seamlessly into currency charts.
8. Daily Markets. With a professional design, Daily Markets offers daily opinions and live news feeds.
9. Euro Currency News. Authored by a professional trader who takes an interest in the Euro.
10. Galvada FX. Clear and concise, Galvada FX packs a punch with soundbite-style commentary.

Technical Analysis

The next 10 blogs focus primarily or exclusively on technical analysis; using charts and equations to make short-term predictions.

11. Oanda. Perhaps the most popular forex site, the official Oanda blog comments on forex markets with graphs, real time feeds and charts.
12. Ace Trader. The online version of TrendSetter, their technical outlooks are updated daily.
13. E-Forex. This blog is built on the ideas of support and resistance, categorized by currency pair.
14. FibForex 123. Focusing on Fibonacci ratios, FibForex offers advanced trading strategies for use in live markets.
15. Forex Ltd. This forex broker prepares daily technical analysis updates for major currency pairs that can be applied to live forex trading.
16. FX Techstrategy. Uses charts and stochastics as a basis for making very specific predictions.
17. Forex Hit. Forex Hit has assembled some of the best free forex analysis tools, from charts to indicators.
18. Dynamic Trader Blog. Dynamic Trader blog specializes in chart analysis and daily pivot points.
19. FX Street. Featuring minute-by-minute updates and intraday commentary, this blog has a very professional layout.
20. Forex Articles. Offers excellent trading updates and tips for predicting breakouts.

Trading

If you are interested in following the progress (as well as the setbacks) of actual traders, the following ten blogs will surely appeal to you.

21. Forex Project. This blog chronicles the experiences of amateur “Trader Rich,” who aims to achieve a gross return of 50%.
22. MP Trader. Not limiting his focus to currencies, professional trader Mike Paulenoff’s online diary tracks his ETF trades.
23. Forex Loser. Forex Loser assumes that most people who trade forex lose money, and then expounds on why this doesn’t have to be the case.
24. BK Trader FX. Profession traders Boris and Kathy “put money on the spot every day,” and offer answers to readers’ questions.
25. Forex Trends. Their goal is the “stable growth of the trading account,” based on analyzing market psychology.
26. Simon Super Trader. Read about an amateur trader’s success, failure, and quest to make a career out of forex.
27. Pips And Tips. Provides daily and weekly analysis to help traders capture “10 pips per week.”
28. Straight Forex. Trades based on a price-action approach, and believes the market tells its future direction.
29. Forex Trading Journal. Focuses on day trading and long-term trades, derived from technical and fundamental analysis.
30. Forex Initiate. Provides resources for part-time traders that want to improve basic trading abilities.

Training

These blogs aim explicitly to make you a better investor, and are typically updated regularly with tips and guidance.

31. Forex Mentor. This is the blog of Peter Bain, forex coach and mentor, famous for his ability to uncover innovative approaches to trading forex.
32. GFT Forex. The official blog of market leader GFT forex features separate “channels” for news, analysis, and training.
33. FX Instructor. This blog is authored by traders from around the world, with daily technical reviews and mentoring for beginners.
34. 4X Lounge. In his daily “wake-up call,” Adam Rosen summarizes European markets and builds trade setups for the American session.
35. Baby Pips. Specializing in humor, Baby Pips provides an easy-to-understand guide for beginners.
36. Learning Markets. In addition to forex, Learning Markets also informs on stocks and options.
37. Forex Traders Daily. Educates the forex trader in every aspect of trading from the very basics up to advanced topics.
38. Forex Beginner Blog. Aims to educate beginner traders in the basics of technical analysis.
39. Forex Stategy Builder. As the name suggests, this blog helps traders develop profitable setups and trading strategies.
40. Forex Trading Secrets. This blog is maintained by a professional trader in conjunction with his trading program.

General Information

The following blogs are perhaps the most useful, as they provide information on a range of forex-related topics, from opening an account to advance charting techniques.

41. 2 Bull Forex Blog. This blog offers great information on choosing a forex broker, and its analysis is a blend of fundamental and technical factors.
42. All Things Forex. The Live Forex Daily Broadcast covers news, analysis, education, and more.
43. Advanced Currency Markets. ACM offers free access to news alerts, economic calander, and market strategy.
44. Forex Cycle. Subdivides its analysis into long-term and short-term so that traders can develop a targeted approach.
45. Best Forex Brokers Blog. More of a “fun” blog on Forex. Web 2.0 stuff, industry happenings, and more.
46. Go Forex. GoForex is a one-stop shop for forex trading, providing a wide range of resources for all levels of traders.
47. Pro Forex. The author offers his thoughts about forex-related topics such as currency trading strategies and interesting indicators.
48. Forex Journal. The Forex Journal is designed for both advanced and novice traders, with “actionable information” for developing trading strategies.
49. Piptopia. Here you’ll find book reviews, trade ideas, economic analysis, only for currency traders.
50. Online Forex Trading. Focuses on providing educational material for traders.