One of the most important things that differentiates a winning trade from a poor one is information. An informed trade, based on key insights, has a higher likelihood of success than a mere hunch or guess. Trading is not like gambling - it’s not a question of blind luck that gets you winning trades, despite what some traders think.
When getting started into the world of forex trading, the amount of information can seem overwhelming enough to convince you to enter trades blindly by guessing your way into the markets. While you may get lucky every now and then, it’s a matter of probability, and it’s not enough.
So which sources should traders follow?
An educated, insightful trade backed with the right information (charts, news, updates, analysis tools, etc) can help you maximize your profits. And who’s going to hand you this information? Forex traders and investors have a wide variety of websites, big and small, to choose from, but how do you know which is the right resource to depend on for advice or for backing up your daily activity?
The big names in the market, such Market Watch or Bloomberg, are obviously worth following. But what if that’s too advanced and high level for you to grasp, especially as an amateur trader? Or what if it is overwhelming and feels like too much information for your size?
You then need to turn to websites that are focused on what you actually need - In-depth courses, guides, strategies and education to learn the basics of forex trading, keep you updated with all the important news and market updates that can affect your trades, provide real time quotes, charts and trading tools, and give you tips and trade ideas from time to time.
Meet FX Leaders – an Information Station for Traders
For those of you who still haven’t come across this website, let me introduce you to FX Leaders. I came across this website on a recommendation of a fellow forex trader about a year ago, and found it to be an interesting resource to rely on.
Based on my initial experience so far, here’s my review on FX Leaders:
FX Leaders claims to be a leading provider of real-time market news, market analysis and trade ideas, live forex signals, real time quotes & charts, and education on trading. Describing themselves as an “Information Station for Traders”, FX Leaders offers its services since 2012. So, does it live up to the promise? Let’s find out.
FX Leaders offers market updates and newsfeed on forex, cryptocurrencies, stock indices and commodities. But where the website really shines above its competitors is in its “Learn Forex resource center.
FX Leaders offers a comprehensive forex trading course in simple, intuitive chapters that discuss the basics of forex trading, help you understand important trading strategies, guide you on social trading, trading cryptocurrencies and even offers a glossary of key terms every forex trader needs to know.
In addition, FX Leaders also provides tons of comprehensive guides, like their nice guide for choosing forex brokers, including resources on what to look for when choosing the ideal forex broker for you as well as reviews of leading forex brokers around the world.
Although this isn’t the homepage of the website, I really wanted to start my review by discussing the Learn Center as this is where a newbie forex trader should get start his/her journey with FX Leaders from. Moving on from the Learn Center , let’s turn our focus back on the homepage.
My first shout-out to its clean, fuss-free design which makes it easy for even first-time visitors to navigate and peruse through the various sections.
Homepage & Newsfeed
The trading feed contains market analysis and news stories published by their team of analysts almost throughout an entire day, offering extensive coverage across the Asian, European and US sessions.
The dropdown option lets you catch a sneak preview of what each article discusses without the need to leave the homepage. Every so often, the trading feed is also populated with important economic events featured in the website’s Economic Calendar section.
Live updates featuring breaking news offers real-time analysis of key economic events and how they can impact trading in relevant instruments.
Scrolling through the trading feed also reveals open forex signals published by FX Leaders’ analysts. The active signals provide information on Stop Loss and Take Profit levels for each trade and even link to relevant articles which offer market analysis of why these ideas are recommended.
Quotes, Charts and Trading Tools
Apart from the scroll on top of the homepage offering live rates, the separate Live Rates section offers a list of all the instruments the website offers coverage on, organized into four sections: forex pairs, commodities, indices and cryptocurrencies.
Clicking on each instrument will lead you to a live rate chart and scrolling down will offer insights on any relevant market analysis, news articles and forex signals published by the website. As a registered member, you can add key instruments that you are interested in trading to your watchlist.
You can also add articles from the trading feed to your watchlist to keep an eye on latest updates.
Live Buy/Sell Signals
Forex Signals by FX Leaders are published by its team of analysts located around the world. These analysts base their trade ideas on technical and fundamental analysis, to give you sound, reliable insights worth trading. Keep in mind, however, that even the most well researched trade idea comes with its own element of risk, and is not failproof.
FX Leaders offers most of its content free, but also has a premium service which opens up access to a host of features like real-time alerts every time a new signal is published on the website.
Premium members can receive alerts via push notifications on their mobile apps as well to update them about upcoming forex signals and important economic events so they never miss out on any upcoming trading opportunities even when on the move.
Room for Improvement?
While I seem to have waxed eloquent about all the pros of the website, this website is not yet perfect, and does have a few areas where things could get better. I wish they had some kind of auto-refresh so that every time I visited the homepage open on my browser tab, it would show me the most recent updates automatically. It’s a little cumbersome to press page refresh and wait for new information to load when the website is kept open on the browser.
Another key issue that I think new members like me would face is the dilemma on whether it’s worth spending the money and going in for the premium membership. I know that the website does provide a performance report on its recent signals, but that service is only available to premium members.
It would be nice to have at least a condensed version of the performance report available to newbies who are trying to make up their mind about whether to sign for premium membership. Success stories are the most reliable way to make up your mind, and this is lacking as of now. FX Leaders team, are you listening?