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FOREX Real-Time Data Providers: Learn What Is Best For You
Many articles have been written on the subject of FOREX trading. The vast majority of them have detailed analysis advice as well as investing tips. What just few of them found interesting enough is the subject of selecting the right real-time data provider. Simply stated, this is the software platform used to deliver quotes and charts, together with various technical indicators for each currency pair.
While real time FOREX quotes are available free of charge from many sources, as Bloomberg and Reuters, and various FOREX brokerage houses, the real need is for a comprehensive charting package.
As FOREX trading is essentially an intensive short-term speculation, the Technical Analysis approach is what a professional operator needs. This must be delivered through a stable and reliable real-time charting platform.
Even if the advertisements may be appealing for most of them, some key characteristics must be checked, in order to make sure you get the best price/content ratio. Ranging from free to several hundred dollars a month, they offer various levels of proficiency, regarding the number of currencies pairs, frequency of their updates, number of contributors and technical analysis capabilities.
There is a huge difference between a provider that offers updates from just one stream every minute and another one feeding your platform 10 times a second from 50 interbank players.
With the first one, you will obtain a valid quote but you will not feel market’s rhythms, which are of utmost importance in gauging various games people play when speculating. This is particularly important immediately following news announcements, as key players implement their trading strategies.
While simple platforms will exhibit a “jump” in the price from one minute to the next, the professional ones will clearly show the tension and “fight” for each PIP in the arena.
Usually, brokerage houses offer some basic packages free of charge and use their own data feed to update the programs, but you will have just limited understanding on what is really going on.
Thanks to more than 10 years in the market, I believe you will be better off with a subscription to an independent real-time
data provider. Even if the cost is higher, the performance is far superior.
As this is their primary business, they tend to allocate important resources to you as a customer and of course, they update and improve their platform on a regular basis.
Because I will avoid advertising any company names on this article, I will just invite you to consider asking the following questions before deciding.
Web-based or desktop-based platform. While the first one is more mobile, the second one tends to have more features.
Number of regularly updated currencies pairs. The key is to have at least the majors regularly updated (EUR/USD, GBP/USD, USD/JPY, USD/CHF), but of course, the more pairs the better.
Number of real-time data contributors. The bigger the better, as this will offer larger exposure to the trading community.
Number of updates per minute. The bigger the better (strongly influenced by your internet connection), as this will help you “feel” the market.
Number of technical indicators and analysis instruments (trend lines, time intervals, Fibonacci Levels, printing, colours, etc…). The bigger the better, as your analysis potential is increased.
Technical support available at least during market hours. It is of paramount importance to make sure you have a comprehensive technical support, in case something goes wrong during your trading activity. Also, ask if the service is free of charge or fee based.
While there can be more to look for, if you follow the above rules, chances are you will end up with a better, more reliable and finally highly competitive real-time FOREX data provider.
Bogdan Vasile
Further FOREX education available at www.forex-arena.com
Mr. VASILE is the founder and President of VORTEX Capital Management, a seasoned FOREX trader, member of the Securities & Investment Institute in London and author of the revolutionary SyncronDec™ training program used in his professional FOREX course. He is also the owner of www.forex-arena.com, a professional website, dedicated to FOREX analysis and education.
Written By: Bogdan Vasile
 Globe and Mail | WORLD FOREX: Dollar Up As Greece, India Rate Hike Roil Markets Wall Street Journal TORONTO (Dow Jones)--Investors shunned risk-sensitive currencies and bid the dollar higher Friday after Greece's ... FOREX-Euro falls vs dollar as Greek worries linger Forex - Dollar mixed vs. rivals as US jobs data eyed WORLD FOREX: Dollar Soars As Greece, India Hike Rattle Markets |
 Globe and Mail | FOREX-Dollar rebounds broadly; AUD and CAD off highs Reuters ... dollar yet after getting done with major central bank events this week," said Hiroshi Maeba, executive director of forex trading at Nomura Securities. ... WORLD FOREX: Dollar Drops As Fed Kills Early Rate-Rise Hopes WORLD FOREX: Euro Down Vs Dollar, Yen As Asian Equities Weigh FOREX-Dollar falls vs most majors; euro off 5-week highs |
 istockAnalyst.com (press release) | Forex: Dollar falls further against European currencies NASDAQ Regarding the Federal Reserve decision on monetary policy, Nick Nasad from CMS Forex affirms: "All in all the statement lacked much in terms of surprise and ... Forex - Dollar mixed against rivals after US PPI data FOREX: US Dollar starts week strong. EUR/USD falls below 1.3700 Forex: Dollar falls across the board as FED leaves rates unchanged |
FOREX: US Dollar on the rise. Leading Indicators, Manufacturing rise. Jobless ... CountingPips EUR/USD Chart – The euro dropping today versus the US dollar in forex trading and breaking through the rising support trendline on the hourly chart. ... |
 France24 | WORLD FOREX: Dollar Weakens Slightly On Euro After Trade Data Wall Street Journal NEW YORK (Dow Jones)--The dollar weakened slightly against the euro Thursday, after US data painted a mixed picture ... FOREX-Dollar falls vs yen and euro after trade data WORLD FOREX: Dollar At 2-Week High Vs Yen On Asia Stock Rises FOREX-Dollar gains vs yen after US retail sales data |
WORLD FOREX: Euro Up Vs Yen, Dollar On Hedge Buying; May Resume Fall MarketWatch TOKYO (MarketWatch) -- The euro rose against the yen and dollar in Asia Friday as Japanese short-term investors who have recently bet ... Dollar recovers as markets look past Fed decision The demand for the high-risk currencies increased again. The oil rate ... |
Weak dollar helps forex kitty swell $1.3 bn Economic Times MUMBAI: India's foreign exchange reserves rose $1.3 billion during the week ended March 12, largely on account of revaluation of non-dollar assets. ... |
 France24 | FOREX: Dollar slides vs Majors. Fed holds interest rate, housing data declines CountingPips AUD/USD Chart – The Australian dollar today surging higher versus the US dollar in forex trading. The AUD/USD rose to its highest level since January 19th ... Forex Market Bell by Ben Bernanke US DOLLAR: NOTHING WRONG WITH BEING PREDICTABLE USD May Fall Further Following Bernanke Testimony |
 Ecommerce Journal | Forex trends: dollar gains ground touching 2-day high vs euro Ecommerce Journal The dollar that closed Wednesday's New York trading at 1.0543 against the franc and 1.5327 against the pound is presently quoted at 1.0555 and 1.5312, ... The Trader Advantage: Forex Heats Up- Swiss And Cad Rate Questions Forex - USD/CHF climbs after mixed Swiss data Forex: USD/CHF finds resistance at 1.0600 |
WORLD FOREX: Dollar Dips On Profit-Taking After BOJ Easing MarketWatch TOKYO (MarketWatch) -- The dollar fell against the yen in Asia Wednesday as as a widely expected decision by the Bank of Japan to further ... |
