Friday June 5, 2020 - 09:22:29 GMT
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The Human race has been developing tools since its inception because tools help us to become more productive. The tools used for Forex trading works the same way. They help traders to understand the market comprehensively.
In this article, we are going to talk about traders' toolbox (tools that will make your trading venture a hell lot easier).
Best Platform for Forex Tools
There are many Forex trading platforms from old to new. However, if we have to select the trading platform that works perfectly with Forex tools, it is Meta Trader 4.
MT4 has been around since 2005, and the platform is top-rated among the trading community. With features like:
- 1-click trade
- place pending and limit orders
- use more than 50 indicators
- choose among different Expert Advisers
- work with several charts at once (multi- charting)
- nine time frames available
This platform is not one of those that fail at a crucial moment.
Additionally, Meta Trader 4 allows you to draw data graphs on nine-time frames ranging from one minute to a month. Thus, you can identify short, medium, and long-term sequence models.
And the best thing is, you can trade from on any device.
Best Forex Tools
Let's take a look at the best Forex tools you can work with on the MT4 trading platform.
1. Forex Calendar
Forex calendar is a free tool designed primarily for traders who want to keep up with the significant updates in the forex market.
It lists upcoming fundamental events, usually economic news releases along with their previous and expected values.
The most common and perhaps one of the most important regular events is the publication of data on changes in the number of people employed in the non-agricultural sector, also known as NFP. The data is published monthly, and many people will use the Calendar as the primary tool for Forex trading during such events.
Auto-chartist helps establish market-specific exit levels by understanding the expected volatility and impact of economic events on the market, and much more.
Traders can quickly launch the web version of Auto-chartist from MT4 without the need for new registration.
3. Trading terminal
This is the perfect trading tool for scalpers or traders who like to keep track of multiple assets at once. Using the Trading terminal, you will be able to trade several currency pairs from one window, developing strategies for stop loss and profit, as well as trailing stops.
4. Excel Trader
As you know, MS Excel is excellent software when it comes to numbers. In turn, the world of trading offers you one of the best currency trading tools that allow you to connect Excel to your trading platform.
You can get prices directly in Excel, use algorithms and functions to build charts, analyze them, and implement formulas.
5. Market Mood
Market Sentiment is a feature that is especially convenient for positional traders. It allows you to understand the current positions of traders combined in one panel.
6. Correlation Matrix
Using the correlation matrix, you can see the correlations of trading instruments built at different time intervals. Correlation is the ratio of price changes in one currency to another.
We recommend that you choose proven platforms for Forex tools because your success in the foreign exchange market will depend on them. More Info
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