In our last lesson we continued our free forex trading course with a look at the broker that I feel is the leader in the retail forex market, FXCM. As we touched on briefly in our last lesson, one of the best things about FXCM in my opinion is the huge amount of value added resources they provide traders, most of which come free of charge. In today's lesson we will cover all of the great features Dailyfxplus, their premium level research portal available free to live accounts.

As we have covered in past lessons, FXCM has a large research team which publishes a vast amount of research via Dailyfx.com, which is available to both FXCM and Non FXCM clients alike. In addition to Dailyfx, for their live clients, FXCM also provides a premium research portal free of charge called Dailyfx plus. While there may be some out there who will debate other parts of FXCM's offerings in relation to other brokers, I think almost everyone would agree, that no one comes close to a free offering for live clients that even approaches the depth of Dailyfx plus.

After opening a live account, you will be given access to Dailyfxplus which you can log into through your trading platform or by clicking the trading signals button in the upper right hand corner of Daiyfx.com. This will bring you to a login page where you can find several other video overview presentations of Dailyfxplus where you can find more information. Once logged in you will find the main page of Dailyfxplus, which gives you realtime quotes as well as a 24 hour streaming forex news feed from Thompson Financial. As you can see the feed is highly comprehensive and updates every few minutes at a minimum.

In the upper left hand corner you will see a section that says trading ideas, and after clicking the trading signals button under that heading, you will be taken to a page that gives signals from three different strategies including a range based strategy, a strategy based on breakouts, and a momentum based strategy. In addition to the entry signals, this page also provides exits, as well as additional information on the currency pairs the strategy is trading such as the volume that is being traded in the pair at FXCM, the overall trend in the market, and the volatility in the pair.

Below the trading signals button you will see a button called "technical analyzer", and after clicking here you will find streaming technical levels which are put out with an enormous amount of detail by a team in Europe, who writes each update by hand. This page updates somewhere around 70 times a day, and as you can see, in addition to giving technical levels the team of analysts also gives potential trading ideas with both entry and exit points.

Below this you will see a button that says, Intra Day Market Analytics, which after clicking will take you to a page with intraday technical and fundamental updates direct from the Daliyfx research staff. One of the key differences between the research given to live clients here and the research published free to everyone on Dailyfx, is that trade ideas are given here are updated more frequently and with much more detail, including both potential entry and exit points.

Below this you will find the market news section, which filters the realtime news feed by currency pair, and provides additional information such as country economic analysis, economic events, and information on the country's central bank.

If you would like access to Dailyfxplus all that is required is a live FXCM trading account, there are no other restrictions such as minimum account size or number of trades that must be placed. You can learn more by visiting their website at FXCM.com.

Thats our lesson for today, and that wraps up our free forex trading course. In our next lesson we will begin a new course on strategy development, which will be put together by InformedTrades community member Shaun Overton of Onestepremoved.com, so we hope to see you in that lesson.

As always if there are any questions or comments please feel free to leave them in the comments section below, and good luck with your trading!

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Disclaimer: Trading is risky and can result in substantial financial loss. As always my posts are simply one traders opinion and should not be taken as trading advice. I am not a financial adviser so everyone please do their own analysis and take responsibility for their own trades.

hey david,

Thanks heaps for this FOREX course, i really learnt alot...

Cant wait for the next course on strategy development....

Thanks,

Peter

Hey Peter,

My pleasure thank you for the kind words and again for your great participation in the community.

Best Regards,
Dave

__________________
Disclaimer: Trading is risky and can result in substantial financial loss. As always my posts are simply one traders opinion and should not be taken as trading advice. I am not a financial adviser so everyone please do their own analysis and take responsibility for their own trades.

Hi David

What are your thoughts and comments on Autotrading robots such as this one?

Forex Auto Trader - artificial intelligence Forex robot software, expert advisor for MetaTrader4


As I'm totally new to forex, should I rely on myself or a robot?

What are the pros and cons?



Can those robots be ranked above the intermediate/top human traders in terms of the profit they generate?

Hi David,
Have the Strategy Development course ever materialized? – I cannot locate it.
Thanks,
Borges.

Hi Prolog,

Glad to hear from you and welcome to the community.

Below are some thoughts on automated trading systems like the one you have listed above:

Automated forex accounts

In my opinion a trader is better off learning the markets and relying on themselves in the initial stages of trading and then once they have learned the markets then they are in a better position to decide whether an automated system is right for their style or not.

Best Regards,
Dave

__________________
Disclaimer: Trading is risky and can result in substantial financial loss. As always my posts are simply one traders opinion and should not be taken as trading advice. I am not a financial adviser so everyone please do their own analysis and take responsibility for their own trades.

Hey Borges,

Thanks for pointing that out the videos are on the site but I have not made a course out of them yet which I will do now. In the meantime you can find the videos below:

Lesson of the Day: How to Develop a Trading System Part 1 - The Inspiration Moment

Lesson of the Day: How to Develop a Trading System Part 2 - Creating Entry/Exit Rules

Lesson of the Day: How to Develop a Trading System Part III, Backtesting

How to Develop a Trading System Part 4 - Walkforward Testing

Best Regards,
Dave

__________________
Disclaimer: Trading is risky and can result in substantial financial loss. As always my posts are simply one traders opinion and should not be taken as trading advice. I am not a financial adviser so everyone please do their own analysis and take responsibility for their own trades.