How To Get Forex Data For Analysis
12/16/2021 at 11:00AM
With ever more data set needed for financial decision making and trading, demand for data has never been more pressing. We get a lot of queries from prospective users asking for live and historical forex data for analysis purposes and we try to enable as many users as we can in their endeavours. It can be difficult for new users looking to source financial market data on how to go about sourcing it. Common questions hover around the delivery of data, quality of data, and cost of data.
The Delivery of Data
It can be daunting for beginners to get market data given so many delivery options. Also, different data types may require different delivery methods. That said, it doesn't have to be this hard. We continue to make our data delivery more inclusive and accessible to all.
Via MSExcel and CSV
For the less technical user, MSExcel is a great tool to get and analyse FX data. This can be done using functions or writing third party Add-ins. Once data is in Excel it is a seamless experience to process for decision making. We have an Excel add-in and tutorial to get you started with importing real-time and historical Forex, Crypto and CFD data. We also offer timeseries data that can be helpful to plot data onto charts and even draw technical indicators if need be. This is essential if you are processing for quality, summarising, audit or trading strategy purposes. For bulk data analysis, we also offer CSV downloads which can be helpful if you are processing large sums of data.
Via RESTful API and SDK
For the more sophisticated programmers and analysts who want to analyze tick forex in real-time, Websocket is an ideal option. It's simple and allows data analysis on the fly, enabling real-time decision making. Users looking for a forex data feed for their analysis should also explore this option.
The Quality of Data
The data quality is paramount, and the data analysis is as good as the source it depends on. There are lots of cheap resources out there but, the issue is that most of them are cheap for a reason. If data quality is not accurate, the user's decision making is faulty, rendering the whole exercise pointless or lossful. At TraderMade, we curate our data by aggregating multiple providers thus, ensuring a very high standard in the industry.
The Cost of Data
We always try to make our data accessible to all, and that is why, despite selling our data to multinationals, we have a free option for up to 1000 data requests a month on our API and Excel Add-in.
In our view, getting quality forex data is the most important aspect of analysis and trading. If you are a non-technical user, your best option is to get data via MSExcel, as you can get set up quickly and process large amounts of data. If you are a beginner coder or looking to learn to program, sourcing our data via a python SDK using a pandas library is the most suited.
For questions and queries on the topic, please contact us or chat with our expert.