Charting Platforms

Although you can find simple charts just by doing a Google search, to be able to do in-depth analysis it's better if you use a charting platform.

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.

Below are a range of suggestions, but you can also check out our guide on choosing a charting platform.

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

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.

Brokers

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.

There are a number of factors to consider when choosing a broker which we outline in our guide on choosing a broker.

Below is our list of recommended brokers.

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.

Trading Simulator

Using a trading simulator is a game-changer for learning to trade. Of course, it won't completely replicate or replace the live markets, but it will accelerate your learning in many ways that the live markets can't.

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

Below we have our recommended trading simulator and options for how to use your normal charting package for a similar purpose. You can also check out our article on simulators to find out more.

Soft4FX

Soft4FX 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.

The simulator runs in MetaTrader 4 (the version of MetaTrader before MT5, which we recommended above). It 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, Soft4FX 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.

Unfortunately, if you are a Mac user you will need to run Soft4FX (and MT4) on Parallels.

TradingView

An alternative to using a proper simulator is to use the replay function inside TradingView. This allows you to go back to a date on the charts and 'replay' the price movements from there. This will then reveal the candlesticks one by one so you can see how situations played out and do analysis without any hindsight bias.

Unfortunately, this option doesn't allow you to trade the markets as if it was a live situation like you can do with a proper trading simulator like Soft4FX.

Sierra Chart

Sierra Chart also has a simulator function which allows you to go back to previous dates on the chart. However, it is not as user friendly as Soft4FX, but would be a better option than TradingView if you are already familiar with the platform.

Since Sierra Chart comes at a price, it's more expensive to use than Soft4FX. Therefore, you should only use this option if you will already be using Sierra Chart for your charting needs anyway.

Once again, as we mentioned earlier, if you are a Mac user you will need to use Sierra Chart via Parallels.

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.
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Therefore, there are quantitative and qualitative parts that we need to track.

Quantitative Tracking

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.

Qualitative Tracking

Notion

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.

Evernote

On the other hand, if you want a less customisable but simpler journal option, we would recommend Evernote. In terms of purely note-taking platforms, Evernote is dependable and user-friendly. A good option for anyone wanting to keep things straightforward and clutter-free.

Learning and Development

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.

Knowledge Management System

By having a smart knowledge management system you will gain many benefits that allow you to learn faster and retain information in a more effective and efficient way. Not only can you recall information quicker, but you can also find ways to link seemingly unrelated ideas together which can often lead to big leaps in your development and encourage you to make your own discoveries in the markets.

Roam Research or 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.‍

Readwise and Instapaper

When you're reading books, articles or research papers, it's important that you're able to get these notes into your knowledge management system. For books, we use Readwise which allows you to sync your notes automatically from a range of different apps such as Apple Books and Kindle. For online reading such as articles and research papers, we use Instapaper which allows you to also save the articles to read later within the app, and then sends your notes directly into your knowledge management system.

Self-Monitoring

Trading is a practical performance skill and therefore requires monitoring to see whether analysis techniques and decisions were made in the right way in the heat of the moment. You can think of this as being similar to having a personal trainer for a sport who will watch your form and correct you when needed.

Screenpresso

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.

At a minimum, even if you don't intend on using fundamental analysis, you should be following the main financial news and checking the economic calendar throughout the day for what data releases or events may disrupt the markets you're following.

Market Movers

Market Movers is our own YouTube channel covering the financial news, fundamental analysis and explanations of many of the things you see disrupting the markets.

Click here to check it out and don't forget to subscribe with notifications turned on so you can stay fully up to date.

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.
‍‍FXStreet
‍Daily FX

Equipment

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.