Our Recommended Tools & Resources

We're often asked for our recommendations for various trading related tools and resources. On this page you'll find the products and services that we use and/or recommend.

Practice & Data Collection

Trading Simulator

Trading simulators can also be used for deliberate practice activities and backtesting. They are used extensively in the Duomo Trader Development Program.

Forex Tester

Forex Tester is our recommended trading simulator because it has all the features needed to make a simulator session feel as close to a live trading session as possible, while being very easy to use. You can also use code: DUOM10 to get 10% off.

The simulator allows you to rewind to previous dates and replay them on the chart as if they were live markets. This includes being able to do analysis in relative real-time, execute trades and perform all the risk management and trade management actions you would normally do. For example, you can scale in or scale out of trades, set stop losses and take profit levels.

Unlike simply doing backtesting in a normal charting platform, Forex Tester will keep track of your account balance and provide stats about your performance. This makes it a great tool for backtesting as well as practice sessions.This is a paid software, but the cost is very reasonable and a great investment for the amount of value it will bring to your trading development. Click here to find out more.

Live Markets

Charting Platforms

The type of platform you choose will depend on the type of information you need, how you need it to be displayed and the type of analysis methods you use.

MetaTrader 5 (MT5)

MetaTrader 5 is one of the most popular charting platforms for any trader using technical analysis. It is very user friendly and straightforward for beginner traders to get used to. Since it's available for free through most major brokers (even with a demo account), it's a great entry point for beginner traders.

MT5 has a desktop and mobile version. The desktop version is highly customisable and has a range of indicators and chart objects included. You can also download codes for other indicators and customisations, or code your own indicators and automated trading systems if you know how.

MT5 has everything needed for price analysis if you're trading the Duomo Method, but it doesn't have full orderflow capabilities. However, it 's a platform I have used for the main part of my price analysis for years and still do rely on it for that.


TradingView is a direct alternative to MetaTrader 5 and offers a lot of similar benefits along with community-driven features which we haven't actually used.

TradingView has some advantages over MT5 since it has a much nicer user interface, it can be used within the browser and it has a wider selection of markets.

However, if you want to use the full capabilities of TradingView you're going to need to join the premium subscription. It isn't very expensive, so it's a reasonable cost to pay for the benefits you receive.

If you don't intend to do any coding and you don't mind a small monthly fee, TradingView is the better option for your basic price charts.

Sierra Chart

If you require more complex analysis methods such as order flow, depth of market, volume profile and market delta, our recommended option is Sierra Chart.

The platform is also more of a resource drain than the other platforms and will often freeze if you don't have a powerful computer. Overall this is not an entry-level platform.

Sierra Chart is one of the most impressive charting platforms around and is built for professional traders. The level of customisation you can achieve is practically endless and it can be used for most trading approaches.

There are a few downsides to the platform though...

Firstly, there is a bit of a learning curve compared to the previous charting platforms we discussed that are much more user friendly. The platform also seems extremely dated, including Sierra Chart's website which looks like it's not changed in a few decades (although their support is up to date and extremely detailed - very helpful).

Then there's the cost. The platform itself is quite reasonable for what they offer, but more expensive than the previous options we discussed. If you want access to specific exchange data you'll also have to pay for that separately.

The platform is also more of a resource drain than the other platforms and will often freeze if you don't have a powerful computer. Overall this is not an entry-level platform.

Note: if you're a Mac user, you'll need to operate Sierra Chart using Parallels.

Tracking & Testing

Trading Journal and Data Collection

An important part of the development process is self-reflection and self-correction. That makes a trading journal an essential tool for succeeding as a trader. It helps you take lessons from each trade, spot any flaws and keep improving.

Beyond the learning phase, it's important to track as much important data as you can from your trades and trading days. This allows you to go through the optimisation process to find tweaks to your trading system or daily performance that can lead to a huge improvement in results.

Microsoft Excel / Google Sheets

These days there are a number of different trading journal platforms that are available that will process your data and provide insights. However, after spending time researching and testing them we have not found any of them to be useful enough or dependable enough to rely on for this important part of your trading.

Instead, we recommend tracking your data in a simple spreadsheet that covers all the data you could need, alongside the information provided in your trading terminal. By manually processing the data, it also means you build more of a connection with the information and may already be able to spot patterns and insights that wouldn't otherwise be spotted.

We recommend sticking with one of the main spreadsheet softwares, either Microsoft Excel or Google Sheets. We created a trade spreadsheet template that's available for our members, so if you already have access to our program feel free to ask about this.


As mentioned above, although there are journalling platforms available, we haven't found any of them to be suitable enough to rely on. Instead, we prefer to use Notion, which is a highly customisable platform for processing and tracking information.

With Notion you can create your own dashboards and set up your journal templates exactly how you want them. If you are a member, you can get access to our Trading Hub dashboard, which is a template you can use for your own trading.


Learning Resources

Along with joining the Duomo Trader Development Program and watching our lessons on YouTube, there are a number of other things you can do to accelerate your learning.

In terms of knowledge acquisition, we recommend using a knowledge management system and for skill development we encourage everyone to go through some form of self-monitoring in a practical way.

Roam Research / Obsidian

First, you’re going to need somewhere to store and process your notes. For this we suggest using either Roam Research or Obsidian.

At the moment, we use Roam Research since we have invested a lot of time into building connections withing our knowledge management system. However, if we were to start again we would also consider Obsidian.

The benefit of using one of these platforms instead of something like Notion or Evernote is that they can work almost like a 'second brain' and facilitate the connection of ideas and topics much easier. However, the power of these platforms depends on the process you follow for taking and connecting notes. If you invest time into creating some sort of system for your note taking, it will pay off massively over time.


Screenpresso will allow you to record your screen, so you can film your trading sessions and watch it back later. It's often the case that we don't pick up on our mistakes in the moment and we may recall events differently in hindsight. By recording our trading sessions we can be more objective in giving ourselves feedback about what we did or didn't do correctly during a trading session.

Polar Heart Rate Monitor

Our bodies give us a lot of data that can be extremely helpful for understanding how we respond to situations in the markets. Many of these data points are too expensive or difficult for us to track on our own, but fortunately one of the most important data points, your heart rate, is easy to monitor throughout the day.

We recommend the Polar heart rate monitors that strap around your chest as we have found they provide the most dependable data. This can then be used to see how you reacted to highly emotional situations such as considering opening a trade, executing the trade and at different moments once the trade is open. If professional sports teams track this sort of data all day, as traders we should be doing it too.


Fundamental Analysis

Even if you mainly trade using technical analysis, by using fundamental analysis you can achieve a huge advantage. It can help you find more opportunities, stay in profitable trades longer and avoid potentially disastrous situations.

Markets Mapped

We have our own fundamental analysis platform launching soon.

In the meantime, you can also check out our channel for financial news and fundamental analysis.

Economic Calendar

To check which economic data releases are scheduled or any other events that might move the markets, such as speeches from central bankers and monetary policy decisisions, you'll need to follow the economic calendar. There are a number of sources you can use for free and we would recommend making use of more than one so you can double check in case one of them is missing something important that may have been rescheduled.
Daily FX



You will spend much time in front of the screen either working on your trading development or executing in the live markets. We want to ensure that your equipment can execute without hiccups and that your working environment is optimal and set up for efficiency.

Ergonomic Chair

Since you’ll be spending a fair bit of time sitting at the desk, it is worth investing in a high-quality ergonomic chair to protect and reduce stress on your spine, neck and hips.

Our recommended provider is Secret Labs.



You'll need a broker account to execute trades in the market. There are two types of account you will need: a demo account for while you're learning (fake money) and a live account for when you're ready to trade real money.

Our Guidance

At the moment we aren't recommending any specific brokers, check back soon for our full list. However, we favour those that are regulated by (not just registered with) the UK FCA, so that should help steer you in the right direction for now.