com for all their trading needs! The forex market is unique in many ways, so knowing what the best forex trading tools are for this particular market could significantly improve your bottom line. Keep reading to find out which tools work best for trading currencies. When starting off as a forex trader, you will want to invest in the best forex trading software you can afford and get all the forex trading tools necessary to operate your trading business with.

Most advanced forex trading platforms provide real time charting services, although you can also obtain charting software elsewhere. An economic calendar lists the time and date of important economic data that can affect currency pairs when released.

The data includes employment and inflation numbers, gross domestic product GDP and central bank meeting dates. News can significantly affect the direction of exchange rates. A premium financial news wire gives traders timely access to information that might affect the forex market. Keeping a trade journal gives you valuable insight into both your losing and winning trades. Some companies provide software designed just for this purpose. Copy trading involves selecting an experienced trader to duplicate their trades in your account.

Some brokers like eToro offer this service. A set of correlations comprise a currency correlation matrix, which lets you visualize the interconnectedness of currency pair exchange rate movements. Certain trading sessions and times are better than others for trading specific currency pairs with respect to liquidity, volatility and trading volume, so knowing what those times are in your local time zone can be extremely important to forex traders.

A volatility calculator takes a currency pair's historical exchange rate data and determines the historical volatility in real time for various different time frames. The historical volatility of a currency pair gives a trader an idea of the risk involved in trading that particular currency pair. MetaTrader4 and 5 trading platforms on desktop and mobile devices. Source: MetaTrader. Trading in the forex market begins in Wellington, New Zealand at 5 p.

EST on Sunday and ends in New York on Friday at 5 p. ET, so the market trades for 24 hours each day throughout the trading week. Trading in the forex market involves the simultaneous buying of one currency and the selling of another. All currency trades involve a currency pair and when taking a forex position, you simultaneously go long 1 currency and short another.

The base currency is the 1st currency in a currency pair, while the 2nd currency is the quote or counter currency. The exchange rate of the currency pair is the amount of quote currency needed to buy one unit of the base currency. The most active currency pairs have the U. dollar as a component and are known as the majors. They are:. Currency pairs that do not include the U. dollar are known as crosses, and they often have considerably less liquid markets than the majors.

Other less liquid pairs that do include the U. dollar consist of the minor and exotic currency pairs. Brokers and market makers operating in the forex market make their money largely from the dealing spread instead of charging a commission.

The dealing spread consists of the difference between the bid and offer price for a particular currency pair. The bid is the exchange rate where the market maker will buy a currency pair, while the offer is the exchange rate where the market maker will sell it.

Most active currency pairs are quoted to the 4th decimal place 0. The width of the dealing spread is an important cost to a trader and can add up considerably for those who trade actively.

Spreads can also vary depending on market conditions. The forex market has various benefits compared to other financial markets like the stock, bond and commodities markets.

Here are several key benefits of forex trading:. Charting software generally features a slew of technical indicators that can provide trading signals. Some forex trading software even lets you program and back test your strategies to determine how they performed historically. In addition, you can buy or subscribe to trading signal generators that are typically offered as a monthly service.

In normal markets, you can expect a high degree of accuracy from your forex tools as long as the exchange rate feeds they use are of a high quality. When the market heats up with increased trading volume and exchange rate swings, the accuracy of your software may be adversely affected. In addition to signals and indicators, many 3rd party services provide educational and research resources.

The cost for 3rd party services can vary significantly. The cost for a service typically increases depending on the extra features provided. Market Scalper Algo MS Algo is a tool that currently works only within TradingView to overlay your financial charts with signals to buy and sell.

It also provides independent exit signals for each. The tools can be used on equities, futures, forex and cryptocurrency. It uses proprietary technology and strategies to provide the most accurate signatures. You can setup automated alerts for your phone, email and Webhooks. TraderSync features user-friendly design and a sleek interface to provide you with the tracking and reporting data to take your trading to the next level.

You can import your trades with just a few mouse clicks. The journal is straightforward. Asia Forex Mentor is led by Ezekiel Chew and provides a range of trading resources and a proprietary training course for forex investors. What started as a simple course helping a few friends turned into a massive enterprise.

Prospective students can visit the Asia Forex Mentor website, read the blog, check out of the vlog and register for the One Core program. If you want to know how it works, there is a video on the home page explaining the program in greater detail. Additionally, there is a video on the Who Is Asia Forex Mentor page with further details. The One Core program is more than a simple trading course. You learn how to go from a trader with no experience to a professional who may wish to change careers.

Aside from the trading course, Asia Forex Mentor keeps testimonials from successful students, allowing you to read comments from people just like you. With a focus on return on investment over all else, you can more easily turn profits and learn how to monitor the market for your next opportunity to make money. The best online forex broker for you depends on your needs as a trader. In general, you want to select a broker you can trust with your money that meets your trading requirements and will accept you as a client.

You can try a platform like Tickmill , which allows you to invest in a wide range of assets, including forex. For instance, Tickmill is an excellent option for traders because it helps you invest with low minimums, use MT4 and MT5 and makes it easy to build a complete portfolio.

When the ellipses are converted into phi ellipses, it becomes a Fibonacci that shows the price direction of an asset and can help highlight relevant past price action that can help traders decide whether to buy and sell. Also, they are used by traders and investors to trade or invest in securities like stocks, currencies, stock indexes, and futures. Phi ellipses are usually drawn by a computer or come as part of a trading chart software package because it requires precise measurements for accurate results.

When it is not converted to phi ellipses using mathematical calculations, ellipses remain a fundamental drawing tool used to highlight key areas on a chart like oversold or overbought conditions, price gaps, and peaks and areas. Some trading platforms that come with this tool, allow you to change the color and thickness of the ellipses especially if you are drawing multiple in different areas of the chart or need it for different timeframes.

To draw ellipses, select the timeframe and portion of the trend you want to examine. Define your first and second points on the chart and adjust the ellipses until you get the required shape and size.

A trend line indicator is an analytical drawing tool used for drawing trend lines. Trend lines are lines that show the trend or direction of price in a financial market. For instance, an upward trend line signifies that the market is bullish while a downward trend line is a sign that the market is bearish.

It is also easier for traders to spot potential trend reversals with trend lines because their attention is instantly drawn to how the market moves away from the current trend.

Along with identifying price movements, trend lines connect 2 or more high and low price points in a chart to identify areas where there is support and resistance. Most trading platforms that come with this drawing tool, enable you to add two or more trend lines to the same chart window and these lines can be adjusted based on time, price, and other factors to reflect what the trader wants to see.

Text - a way to draw a text on the chart. You can edit it with double-click, by the way. Icon - add an icon to the chart. You can choose an icon from a huge list of built-in vector icons and resize them as large as you want.

Please note that you can quickly fiter the icon list by typing a few characters into the "filter" field. Weak Magnet - a weak magnet. You can edit its "strength" in application settings ;. Strong Magnet - a strong magnet. You can edit its "strength" in application settings. Undo - undo the most recent drawing action.

It may be absolutely everything, starting from adding new objects and up to moving and deleting them;. Reopen - whenever you close a chart, you can reopen it using the list here.

Copy Screenshot - copies a screenshot of the current chart to the clipboard, then you can paste it wherever you want;. Save Screenshot - saves a screenshot of the current chart to a file;.

Save Screenshot to a Folder - here you can choose a folder where to save all your screenshots without the need to see a file save dialog every time you save them. Market Hours - toggle market hours colored backgrounds. You can edit market hours and their colors in application settings ;.

Show Order Triangles - choose time frames to display order triangles to make charts less cluttered;. Show Order Lines - choose time frames to display order triangles to make charts less cluttered.

Remove Drawing Tools - removes all objects you draw from the chart;. Remove Drawing Tools and Indicators - removes both drawing tools and indicators. Home Testimonials FAQ Help Partners Support Author Account. Download Buy Now!

The world of trading has changed dramatically over the past few decades, with individual traders doing business predominantly online, and most enlisting a variety of FX tools to help them achieve success.

In the past, a trader or an investor would speculate on the markets via a broker. They would call their broker with a request to buy or sell a certain asset, or their broker might call them with a market tip. In these times, the tools available to traders and investors were few and far between.

Today, trading and investing have changed dramatically. While most active traders still trade via a broker , who will give them access to a range of markets and trading software , they are making their trades independently, and using forex tools can both boost their productivity and improve their trading performance. In this article, we'll give you an in-depth overview of some of the best Forex trading tools available, for both beginners and professional traders.

Most of these Forex trading tools are available for both Windows and Mac. This list of trading tools doesn't include any Excel tools. A wealth of both paid and free Forex trading tools are based on Forex trading tool software developed for a specific purpose, separate from Excel, to provide you with the most reliable information possible. This is the first group of tools for Forex trading. Forex traders use some tools to find trading opportunities. Our list of the top Forex trading tools for finding trading opportunities includes tools in the following subcategories:.

All of these can tell you about what is shaking the market and which direction current price trends may follow. With this information, you'll be able to find more trading opportunities. Forex calendars are a valuable tool for learning about what is going to happen in the market, and planning your trades accordingly. They largely target traders who want to keep up with the fundamental updates on the FX market. However, these calendars may come in handy to all types of traders.

Admirals free Forex calendar lists upcoming fundamental events, and releases of economic news, listed along with their previous and expected values. As soon as the news is released sometimes, with a slight delay , the calendar is updated with proper values, and the market starts to experience new moves. An even more in-depth calendar tool is the free Admirals Premium Analytics economic and corporate calendars. The economic calendar shares detailed, real-time information about upcoming economic event, while the corporate calendar covers corporate dividends, earnings, annual meetings and more.

With these investing calendars, traders can follow their favourite companies and always have access to the latest insights about changes that might influence their stock trading. Along with economic calendars, live news is another useful Forex trading tool. The problem is that there's just so much information to sift through! While you can manually search Bloomberg, Reuters, Forex Factory and FX street, wouldn't it be easier if it was all delivered to you automatically?

The good news is that this is possible. In fact, the Admirals MetaTrader Supreme Edition plugin includes a feature called Admiral Connect , which delivers live trading news direct to your MetaTrader terminal! Admiral Connect tool connects all big news providers, including a trade analysis feature and your own RSS-feeds to display in-platform and spend less time outside the terminal when looking for additional functionality and information required for trading.

Source: Admiral Connect, MetaTrader 4. Learn more and install the Connect tool here. Or, if you'd like even more data, our exclusive Premium Analytics portal offers traders access to real-time Forex and trading news feeds, with the option to filter based on trading instruments or the latest live news. While the portal is available absolutely free, there is a perk if you have a live trading account with Admirals - over news stories a day. Meanwhile, traders with demo accounts will get access to up to free news stories.

Many traders see the appeal of technical analysis , as it allows them to identify FX trading opportunities without having to keep up to date with market news. The main challenge, though, is identifying accurate patterns that generate reliable trading signals. The first one we'll cover is in the Technical Analysis and Trading Signals feature in Admirals' Premium Analytics portal.

Powered by Trading Central's award-winning technology, this widget combines actionable technical analysis on virtually every financial instrument including stocks and Forex to help investors optimise their trading strategies. These technical analysis tools incorporate independent opinions of Trading Central's global research team, provide automated and personalised trade ideas and combine technical and fundamental analysis to help generate trading signals for active traders.

The second feature, also powered by Trading Central, is available in the MetaTrader Supreme Edition plugin. Traders can also continue to learn about any instrument through the "Learn more" and "View Historical Events" buttons. This progressive disclosure of information informs new traders on how to approach the jumping-off point and begin trading, and supports their ability to continue learning at their own pace.

The Technical Summary Score removes the need to wade through extraneous details to form a decision. It enables traders to see a concise technical outlook across three timeframes in an instant! Using a proprietary weight-of-evidence approach, the Score displays the directional outlook of either bullish, bearish or neutral, across short- to long-term timeframes, to provide simple and concise support at the moment it's needed. With thousands of financial markets , news events and technical signals to keep track of, it's impossible for any trader to monitor all market movements for the best trading opportunities.

Featured Ideas delivers unbiased, intraday trading ideas tailored to each individual trader's preferences such as holding timeframes, favourite patterns, or preferred currencies. Featured Ideas' transparent and informational feature set helps teach new traders about technical analysis, and assists traders of all skill-levels in crafting confident, timely decisions and strategies. Each idea offers clear and concise commentary on the reasons why this idea was displayed, and what the technical events mean for price movement.

Hovering over the pattern will teach you about that technical pattern, and "watching" an idea will allow you to keep track of how it performs so you can make a confident, educated decision next time you see that pattern. Are you interested in finding more information on trading tools and trading, in general?

Admirals offers free trading webinars and seminars for all experience levels. In these seminars, you will advance your knowledge and abilities with Forex trading tools and other general trading topics. You can register by clicking the banner below:. The next category of Forex trading tools is those that tell you what's happening in the market right now - who is trading what, how they feel about it, and the relationships between different instruments and markets.

While news and calendars are essential tools for identifying trading opportunities, sometimes they can be difficult to interpret. You might expect there to be movement after the European Central Bank's next announcement, but will your preferred trading instruments go up or down? The problem is that while every trading platform and finance site includes charts, but not every site or platform leads with its ability to provide a true picture of the market.

This is where a market heat map can be useful. Market heat maps empower traders to discover moments of extreme undervaluations and overvaluations by giving them a visual breakdown of the market's biggest movers and shakers, as well as the directions in which they're moving. This means you have an at-a-glance view of exactly what's happening in the market, and you can trade accordingly.

Source: Admirals Market Heat Map. See today's heat map here. The market heat map tells you how much an instrument has moved, but it doesn't tell you how traders feel about those movements. This is where market sentiment tools are helpful. Market sentiment tools tell you how the market feels about certain instruments - they might tally up the volume of long trades or short trades, or they might scan the current headlines to see how the media feels about an instrument.

The first market sentiment tool is the free market sentiment widget on the Admirals website. It helps you to understand the current positions of traders, aggregated into one dashboard. This way, you can see how many traders are holding short positions, and how many are holding long positions. With the help of Market Sentiment, you can double-check whether you want to join the trade, plus what your chances are if you decide to go against the crowd.

The next FX tool is available in the free MetaTrader Supreme Edition plugin - the Sentiment Trader tool. Like the widget on the Admirals website, this gives you the net short and long positions in an instrument, with the convenience of it being accessible from within the MetaTrader platform.

Source: Sentiment Trader - EURUSD. Charts for financial instruments in this article are for illustrative purposes and does not constitute trading advice or a solicitation to buy or sell any financial instrument provided by Admirals CFDs, ETFs, Shares.

Past performance is not necessarily an indication of future performance. The third market sentiment tool is the Forex sentiment widget in our Premium Analytics portal, powered by Acuity. This widget uses unique machine learning technology to reveal hidden insights from the text of millions of news articles, presenting it in a visually compelling and intuitive display.

Classic technical charting - oversold, overbought, resistance, or breakout level for an instrument - is no longer enough for the modern trader. Online traders also need to consider more unique approaches to identifying seasonal price patterns. So what is correlation in currency trading? It is the relationship of price changes in one currency to another.

For example, the Swiss Franc is usually positively correlated with the Euro, meaning their values move in similar directions. Tool 9: CorrelationA correlation matrix is an FX tool that provides invaluable and in-depth market information across all asset classes in different time frames. This enables traders to mitigate the risk involved when planning trades, or to spot trading opportunities when strong historical correlations are broken. With the free correlation matrix available in MetaTrader Supreme Edition, you can preview the correlations of trading instruments plotted over various time frames.

The process for downloading and using this tool is the same as the process for the MTSE market sentiment widget. Source: MetaTrader Supreme Edition Correlation Matrix. Learn more and install Correlation Matrix here. We now move onto another category. A good trading strategy includes planning for profits and losses. This allows traders to make calculated risks - by calculating the maximum potential loss they are willing to accept in a trade, they can decide whether the potential profit is worth the risk.

The challenge is that calculating Forex profits and losses isn't simply subtracting the opening price of your trade from the closing price of your trade. You also need to consider trade volume lots , applicable leverage, your account currency, and spreads, swaps and commissions charged by the broker.

The good news is that there is a range of free trading calculators available online, which include all these variables and more. You can see how it works today with our free Forex calculator. Source: Admirals Forex calculator. Use the calculator here. Now you've identified your trading opportunities, you've gauged market sentiment and you've calculated your potential profits and losses.

The next step is trading.

Forex historical data is a must for back testing and trading. There is a set of basic drawing tools, built into the product. Best Crypto Day Trading Strategies. Guidance Calendar. An economic calendar lists the time and date of important economic data that can affect currency pairs when released. To identify the XABCD pattern , you should look out for any of these major chart patterns displayed by the XABCD drawing tool are:.

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