Most traders fail in trading because they don’t have the best forex tools or they don’t know how to choose the tools. You may be a newbie or a seasoned forex trader. But, you can’t be a recluse and use your PC as an ATM of forex.
To be successful, you have to connect with other traders, know valid news, and trends, and should have a trading system.
Best Forex tools provide the answer.
List of essential tools and ways to choose the right one
Forex Brokerage
- The brokerage firm connects you to the rest of the market.
- So, it should be the best one to do forex trading seamlessly.
- The forex market is large and lucrative.
- Many con artists disguised as brokers are there.
- So, do thorough research.
- Choose the brokerage firm registered with concerned authorities.
- Some unregistered, genuine firms are also serving good.
- Then use forums, friends, relatives, and experts to check it right.
Trading Platform
- It is the electronic medium where all your transactions take place.
- Most brokerage firms offer multiple trading platforms.
- And a trader can connect some of the platforms with multiple devices.
- In a shared system, there is no need to download any platforms.
- In a personal system, you can download a platform and personalize it.
- Platforms compatible with mobile devices let trading on the move.
Charts
- Line charts, bar charts, and candlestick charts are the common charts.
- And many more charts and combinations of charts are available.
- Easy interpretation and the time frames decide the choice of the chart.
- Charts feature market analysis and a combination of multiple analyses.
- Nowadays, the charts also come with trading features.
- It’s possible now to place orders by clicking on the charts.
- And, there is also the availability of chart drawing tools.
- It enables traders to draw support and resistance lines.
Signals and Indicators
- Platforms provide relevant signals and indicators.
- Choose signals and indicators which aid your trading.
- You can create your own tools by coding them into your platform.
- Private developers also offer indicators and signals.
- Spend time in analyzing the facts and figures, and choose the tools.
News Feeds
- The trading platforms send economic and financial news feeds.
- Most of the news feeds use reliable sources like Dow Jones.
- You have to choose the relevant news for your currency pair.
- You can also use filters to receive news that is relevant to you.
Bots
- There exists hype about automated trading in the forex market.
- It has existed ever since the beginning of online trading.
- You would have been receiving a lot of offers in automation trading.
- But, you have to be very careful in choosing the bot.
- Check the reviews, security of your system, and genuineness of the bot.
- And also the compatibility with your system.
Finally, genuine forex tools are helpful in making more profitable trades. But, an equal number of bad tools also exist. So, choosing the right tools is your responsibility.
Vincent Nyagaka is a Professional Trader, Investor, and Author. He has built an 8-figure solid business around Forex, Stocks. He was recognized as one of the top 100 entrepreneurs under the age of 30 by the United Nations. His work is featured in top publications like Entrepreneur, Forbes, Inc., FoxBusiness, and more.
