One of the key elements that could define your success in forex trader is obviously being knowledgeable of the markets. However, in a fast moving forex industry with markets spread across the globe and a constantly changing forex landscape, having access to information before hand or as it happens can be a critical factor for you success in forex trading.
Most experienced traders would have definitely come across NetDania which offers forex information in a way that is most suited for traders. Whether you are looking to trade the next NFP release or the UK’s core CPI data, NetDania combines all the information into one powerful platform which can be used by traders FREE OF COST to gain access to the most up to date information over the Internet.
In this article, we present you the NetDania, NetStation platform, which is runs off Java and can be accessed via the browser. NetDania’s NetStations pools together breaking news feeds from Reuters, BBC and other news sites while giving you accurate tick by tick data on different makets, from forex to commodities and world indices.
NetStation – Features at a glance
Powered by NetDania, the NetStation is a powerful browser based application that works on the Java platform. Bringing you live FX feeds from over 6 top tier banks in the world, NetStation is a must have research tool for forex traders. Registration is free, quick and simple. Unlike most other forex products you don’t really see too many commercial emails from NetDania making one wonder why such a brilliant application is offered free of cost.
Anyways, moving on, once you register for NetStation Access, you are required to confirm your email address after which you can login to NetStation. The platform can be launched either within the browser or as a stand alone application. To toggle between the two modes, look for the “Pin” icon on the top right side of NetStation platform.
To register with NetStation, visit netdania.com and click on ‘Launch NetStation‘ This would open up a new window and just follow the onscreen instructions.
The NetStation platform is made up of an easy to understand interface and you should be able to customize the platform in no time. But first things first. If you prefer an easy reading interface, then you would want to change the NetStation’s interface from dark to light. To do this, simply click on Settings>Look & Feels and choose ‘Light Skin‘ or which ever is appropriate.
NetStation – Workspaces
The default NetStation workspace looks a bit crammed up with all the information shown in different windows. However, in order to reduce the distraction, you can easily close all the boxes or keep only the few boxes you need.
The default NetStation workspace comes with:
- Quote List: Currency Pairs, USD Pairs, Euro & Sterling Pairs (including exotic currencies), World Markets, Dow Jones 30, Nasdaq 100
- World Markets: Latest market data from major indices across the world
- Chart Windows: EUR/USD, GBP/USD and Spot Gold Charts
- Economic News Box
- Economic Calendar
As you can see, the workspace can be highly customized. You can click on the “x” to close each of the windows to replace them with your own. With NetStation, you can create multiple workspaces. For example, Workspace 1 could be used to research into EURUSD Pair and so on. To better illustrate this and also how to customize your workspace, let’s take at how we created the GBPUSD Workspace.
Step 1: Click on ‘New’ just below the main menu. In the pop up box, name your workspace. NetStation will now display your newly created workspace (GBPUSD). Now we need to fill up the workspace with the right information. The best place to start from would be to add the GBPUSD Instruments.
Step 2: To add the instrument, click on ‘Instruments’ which will open the Instrument list to the left. You can choose between NetDania’s Interbank rates or IDC.com’s rates. For our example, we choose the GBPUSD NetDania’s Interbank Rates. When you find your currency pair, simply drag and drop that currency pair into the workspace (to the right). Once you drop it into the workspace, you have to select the type of display. Quote, Chart, News or Quote List.
Step 3: We will drag and drop the GBPUSD Pair three times to create three windows and make the fourth window a Calendar. To display the economic calendar, click on the option ‘Calendar’ from the main menu. Then simply resize the calendar widget to fit into the workspace. Because we are building a workspace to monitor the GBPUSD, you can also customize the calendar by scrolling to the right and clicking on ‘Filter’.
Customizing News Feeds – NetStation
You can customize your newsfeeds by clicking on the ‘Settings’ tab. Here you can choose what sources you want the news feed to be published from and also selection options such as sound alerts, open the reading box in an applet or in a reading window and so on.
Customizing Charts on NetStation
NetStation offers many kinds of charts and customizing them is quite easy. Simply click on the Chart widget in your workspace and look for additional options just under the main menu. Here, you can choose the chart’s time frame, type of chart (Candlestick, OHLC or Line Chart) and use other advanced options such as the trade volumes etc to gain better insights.
You can also take the charts to an advanced level by clicking on ‘Studies‘ which opens up different chart studies such as Bollinger Bands, Average True Range and many more. In fact, once you get started, you’ll be quite hooked to the platform!
NetDania’s NetStation platform is undoubtedly one of the best available research tool for forex intelligence, offering you a powerful system that is free of cost. So the next time you are ready to trade, be sure to take a few minutes to set up your NetStation account to gain a wealth of information on the markets you wish to trade. NetDania is also available as an iPad application. Click here to download from the iTunes Store.