Foreign currency trading has always been one of the more esoteric disciplines of investing (or trading) and, as a result, useful information can be hard to come by. DailyFX, a part of FXCM (www.FXCM.com), provides current news and analysis of major currencies around the world. A wealth of information designed to educate people on foreign exchange trading is available for free, although you do need a username and password.
The website has a straightforward layout. Hovering your mouse over Forex Market News allows you to choose Market News, Daily Briefings, Forecasts, TV and Video, Weekly Columns or Real Time News. Each section provides pertinent foreign exchange information that ranges from in-depth articles to quick forecasts. Real Time News is constantly updated throughout the day and will keep you abreast of the latest headlines in the currency market.
The Technical Analysis section provides links to articles, candlestick charts, daily technicals, sentiment and pivot points. For the most part, these technical analysis links are easy to understand and provide an accurate representation of the biases of currency traders. In addition to the comprehensive technical analysis articles, the site also provides RSS feeds.
Analyst Picks is an interesting section of the website. The picks are updated daily and RSS feeds are available. Furthermore, you can follow each of the analysts on Twitter.
DailyFX provides a Beginner section that includes links to learn forex, course trading tips and trading courses pages. The DailyFx for Beginners section introduces those without previous currency trading experience to the basics of foreign currency trading using both articles and videos. An Economic Calendar showing upcoming releases of important economic data is also provided.
The Charts section of the website offers seven different types of charts ranging from beginning to expert. Thirty-six different currency sets are available, along with data on eight indexes. The ability to overlay technical indicators is also included for free.
Overall, DailyFX offers superior analysis and data for currency trading. Numerous charts are provided free of charge, and the site even includes an education center to help investors get started.