How2Day: Forex Related Sites

Forex-related sites can help you learn currency trading. John Foxx/Stockbyte/Getty Images
Retail forex trading is a legitimate business that's accessible online. Numerous online sites exist that educate forex traders, and governmental sites list rules and regulations. Forex is a global business, so most of the online resources are independent of location. Country-specific regulations may be posed by certain governments to control offshore forex dealers and also to protect local investors.

Babypips.com is a comprehensive forex-resource site with several components. The most popular section, under the "School" tab, educates new traders. There are also blogs, forums and forex tools on the site. Babypips.com is the mother site of several more forex sites, namely Freshpips.com, Meetpips.com, Reviewpips.com and Askpips.com.

Earnforex.com is an online information portal for forex. The most impressive resource at Earnforex.com is the list of forex brokers categorized according to features that traders often seek out. For example, forex brokers who support PayPal is categorized in a list. The tool acts as a small search engine specifically tailored for forex brokers.

MetaQuotes Software Corp. (metaquotes.net/) is the official developer of the MetaTrader 4 (MT4) trading platform. MT4 is a widely used trading platform supported by most forex brokers. MT4 is popular because of automated trading capabilities and a vast range of built-in indicators used by technical traders. Automated trading robots used in MT4 platform are called Expert Advisors (EA). These pieces of software are written in MetaQuotes Language 4, a custom programming language used specifically for creating EAs.

MQL4.com is the official website of MetaQuotes Language 4. MQL5.com is also active and MQL5 is the latest version of MQL. MQL programming, EAs and indicators have become an industry of their own. There are professional MQL programmers who earn a living by coding only EAs and indicators.

The U.S. Commodity Futures Trading Commission (CFTC.gov) is a U.S. regulating body for commodity futures trading, which includes forex trading. CFTC may regulate forex trading only within U.S. boundaries. A central body specifically tailored to maintain global forex trading regulations does not exist, except for the International Monetary Fund and the World Bank, who indirectly control forex trading on a global scale. CFTC is important for all forex traders--U.S. forex regulations impact the forex market and the U.S. dollar affects exchange rates.

The National Futures Association (NFA.org) is a U.S. based organization that controls forex regulations within the U.S. Regulations imposed by NFA have a market effect worldwide because the U.S. is a strong player in forex. The NFA is closely watched by similar bodies in other countries, who adjust and adopt their own regulations similarly.

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