This program has an interesting concept, allowing you to do advanced, time-efficient back tests and trade simulations. This is perfect for those interested in experimenting with new strategies; those doing research on existing strategies (and/or attempting to verify someone’s claim of a such and such % win rate); or simply those seeking more practice time, but don’t have enough time during the day to wait for the market to play …

Click here for more information

CAUTION: Be wary of relying too heavily on Metatrader 4’s historical data, it is notoriously inaccurate, especially the further back you go. We are not sure what data feed this product uses. All we could find was a mention of a “data feed from your broker.” This warrants further research, we will try to find the answer and update this post.

UPDATE (10/22/2012): Regarding the above caution … the website is a bit dodgy on the subject, stating at one point “I will show you how to get ‘minute data’ for more than 10 years of real data and load it..” and then there is a reference to broker historical data, and then stating “practice your trades with historical data using MetaTrader 4.” It is unclear. I sifted through the training videos, but didn’t find a reference. Admittedly, I did not have the patience to sift through them all and I kind of “skimmed” through the videos, and it is probable that I skipped over the “10 years of data” part. I played around with the program a bit more and from what I can tell it uses MT4’s historical data. Anyways, I sent an email to them inquiring about it. I will update this if I receive a reply…

In the end, if it does use Metatrader’s historical data, it probably isn’t the end of the world, just be aware of the limitations and do not rely too heavily on the results. It really depends on what you are trying to accomplish. For a scientific experiment, this probably isn’t suitable. For testing out a strategy that does NOT have extremely stringent rules requiring a high level of precision, then maybe this is ok. For practicing trade entries for the last week because you were too busy working to watch the market, then this is probably great. All in all, I still think this could add some serious value to a trader’s arsenal.

CompassFX provides some interesting FOREX videos and commentaries. Not sure we would buy into any of their techniques that use an indicator or other tool that you have to purchase from them, but besides that, there are some interesting takes on common methods and patterns.

FXDD provides some useful training videos. Better suited for traders just starting out (in our opinion) as the training tends to be more foundational, such as introduction to technical tools and how to draw Fibonacci retracements and trend lines …

Not only is this one of the most inexpensive forex education services on the market, they provide excellent value to their customers. No matter what type of trader you are – a long term trader, position trader, day trader, or scalper, these guys have a strategy that fits your style! Not only do you receive access to extremely valuable training videos, but you will also receive market commentaries via email and rss, top-notch support, extra tools and more. If you want to get your trading on the right track and start winning, just try out their risk-free trial here, you won’t be disappointed.

Trading Naked is an extremely valuable resource, offering a complete wealth of free information. Check out their large directory of various trading topics at the Trading Naked Article Directory and trade setups directory.

Mouse over the right hand side of the chart where the prices are displayed until a message appears that says “Vertical Scale.” Then click, hold, and adjust the scale by moving the mouse up (to expand) or down (to contract).

Video demo to follow…

UPDATE (10/22/2012): Short video demonstration at http://youtu.be/YhWWk9PSIDI

If you ever accidentally close a chart or wish to re-open a chart you closed, go to
File->Open Deleted and you will see a list of recently closed charts that you can restore.

 

Setting hot keys allows you to easily access indicators, expert advisors, and scripts. To set a hot key, open the navigator window. In this window, you should see your expert advisors, indicators, custom indicators, and scripts —> right click on an EA, indicator, or script and scroll down to “Set Hotkey.” Just follow the prompts after that to set it. Now for example, to attach an RSI to your chart, you can just press ctrl + R or whatever you selected as the hot key. However, do be careful if it is an execution script … I once had a script to quickly close orders and I set the hot key to ctrl + C. When I tried to copy and paste something using ctrl + C, I accidentally closed a perfectly good open trade … I should’ve used alt + C or something else …

Rather than using the Equidistant trendline tool, you can create a parallel trend line channel by selecting a regular trend line and holding down the CTRL key on your keyboard. The trend line will be copied and you can then drag it up or down to make a trendline channel with parallel lines.