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Many people like trading foreign currencies on the foreign exchange forex market because it requires the least amount of capital to start day trading. Forex trades 24 hours a day during the week and offers a lot of profit potential due to the leverage provided by forex brokers. Forex trading can be extremely volatile, and an inexperienced trader can lose substantial sums. The following scenario shows the potential, using a risk-controlled forex day trading strategy. Every successful forex day trader manages their risk; it is one of, if not the most, crucial elements of ongoing profitability.

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The best forex tools

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These tools can help traders facilitate and determine profitable entry and exit points. Forex trading tools can either be paid for by subscribing to a service, or are offered free of charge by a forex broker, a trading platform provider, or as in the case of an economic calendar, by a significant number of websites specializing in financial and forex market news.

Several forex signal trading services are also available that provide trading cues that can be helpful for novice traders. Some of the best forex trading tools can be found within popular online trading platforms, such as MetaTrader 4. Trading platforms like MetaTrader 4 offer a comprehensive package of technical indicators , as well as trade automation abilities. Details about some the most useful and popular forex tools for traders are discussed further in the sections below.

This list includes currency trading tools that are offered free of charge, as well as those offered through various websites for a subscription fee. Some of the most useful and popular tools for traders are fundamental analysis tools that can be accessed by anyone online, such as economic news calendars. Since the foreign exchange market reflects the relative values of currencies according to the present economic conditions in each country of origin, interest rate differentials and market expectations in the forex market can have an important impact on exchange rate levels.

Other free online trading tools can be found on numerous websites, as well as incorporated into many of the currency trading platforms offered by online forex brokers. This includes MetaTrader 4, which will be covered in further detail later in this article. Other free tools for forex traders can be readily found on the Internet at various forex news and information websites.

Some of them are apps that can be used online, while others can be downloaded in spreadsheet form or exist as functions to augment standard spreadsheet programs like Microsoft Excel. One of the most useful and popular tools for the forex trader is the economic news calendar. This list provides traders with the future market consensus, as well as previously released outcomes, for key economic data and relevant geopolitical events.

It also usually lists the timing of central bank policy statements, monetary policymaker speeches and elections. This important forex trading tool is of special interest to fundamental analysts. Economic calendars are typically offered by forex brokers and financial news websites.

This vital fundamental information is usually available on most online calendars one or two weeks in advance of the releases listed. In addition, the type of release will generally be coded in some way depending on whether it has a significant impact, a medium impact, a light impact or no impact at all.

If the economic release has a low impact, then the currency pair will typically have a small or nonexistent reaction to a deviation from the consensus, while a medium impact event will make the currency pair move to a greater degree if the result deviates from the consensus.

When the number of the release is significantly higher or lower than the market expectation, especially when it comes to items with a high impact, the currency pair associated with the release tends to move more and experiences considerably more market volatility in the process.

As an adjunct to the economic calendar , economic news is disseminated by a wide range of financial publications. Reports of the speeches, official press conferences and policy statements released by these sources tend to be published quickly on the financial newswires, and they are now published promptly on the Internet as well.

Working with amounts expressed in foreign currencies can be somewhat confusing if one is not familiar with the pip valuation system. A currency pip calculator is a forex trading tool that allows the trader to determine the amount a pip is worth based on the size of their position in their local currency. A typical pip calculator might also show the pip value for a specified currency pair based a Standard lot of , units, a Mini lot of 10, units, and a Micro lot of 1, units.

Dollars per Euro. If this currency pair is trading at 1. To use the pip calculator, a trader simply has to enter the details of their position that include the instrument or currency pair, the size of the trade, the amount of currency in the account, and the leverage and position size parameters. This tool is extremely useful to keep track of the amounts that positions are worth in the account. Because the foreign exchange market is made up of multiple pairs of currencies, known and calculable correlations exist between currencies, which can be positive or negative, with correlations typically being more prominent in some pairs than in others.

For example, the Swiss Franc generally has a positive correlation with the Euro. These two currency pairs had a very strong positive correlation before the announcement of Brexit, but now they have a much weaker positive correlation. Mataf offers a currency correlation tool that is popular among many forex traders. Correlations can be listed precisely, and can also be coded in intervals. A list of possible correlation intervals from To create a correlation table, the correlation of each currency with respect to all the other currencies is computed for one or more historical period s and put in the box where they intersect in the table.

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. MS Algo seeks to provide the most accurate buy, sell, exit, and take profit signals around. Investors can see those signals right on their Trading View charts so that they can act quickly to make trades based on those signals.

TraderSync offers many different products to identify mistakes and improve your trading skills. The most notable include journal, tagging, data, a simulator and management. They evaluate the days, times and volume and allow you to set rules for trading. The company offers different pricing plans that determine access levels, including Basic, Pro, Premium and Elite. 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.

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. CedarFX offers access to a wide range of tradable securities, including stocks, futures, major and exotic forex pairs, cryptocurrencies and more.

Though CedarFX could introduce a few additional educational resources, the broker remains a unique option for traders invested in giving back. IG is a comprehensive forex broker that offers full access to the currency market and support for over 80 currency pairs. The broker only offers forex trading to its U. Though IG could work on its customer service and fees, the broker is an asset to new forex traders and those who prefer a more streamlined interface.

With a massive range of tradable currencies, low account minimums and an impressive trading platform, FOREX. If you have the patience to learn how the forex market works and the incentive to develop an easy to follow and successful trading plan, then you might be able to make a career trading in the forex market. Yes, although profitable trading generally involves developing and implementing a trading plan with a successful strategy.

Getting rich depends in large part on how disciplined you are in your trading, how much risk capital you have to trade with and the successful implementation of a proven trading plan. Trading forex online may not seem difficult, but trading successfully requires a good trading plan and strategy, as well as time, discipline and perseverance. Starting off with a small sum of money makes perfect sense to practice and determine if you have what it takes to be successful trading forex. Read More. Forex trading is an around the clock market.

Benzinga provides the essential research to determine the best trading software for you in Benzinga has located the best free Forex charts for tracing the currency value changes. Let our research help you make your investments. Discover the best forex trading tools you'll need to make the best possible trades, including calculators, converters, feeds and more.

Compare the best CFD brokers to find which one is best for you. Choose from our top six picks based on platform, security, commissions and more. Compare the best copy trade forex brokers, based on platform, ease-of-use, account minimums, network of traders and more.

Ready to tackle currency pairs? Benzinga's complete forex trading guide provides simple instructions for beginning forex traders. Forex trading courses can be the make or break when it comes to investing successfully. Read and learn from Benzinga's top training options.

If you're beginning to trade, learning how to read forex charts is integral to your success. We're taking a look at the primary charts you need to know. Benzinga is your source for anything Forex, and we're detialing the best forex books to read when trading in this profitable market. Learn more about trading forex and the 5 indicators to help you understand the forex market.

Compare forex brokerages today. Compare forex brokers. Disclaimer: Please be advised that foreign currency, stock, and options trading involves a substantial risk of monetary loss. Neither Benzinga nor its staff recommends that you buy, sell, or hold any security. We do not offer investment advice, personalized or otherwise. All information contained on this website is provided as general commentary for informative and entertainment purposes and does not constitute investment advice.

Benzinga will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on this information, whether specifically stated in the above Terms of Service or otherwise.

Benzinga recommends that you conduct your own due diligence and consult a certified financial professional for personalized advice about your financial situation. CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage.

You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Financial engineering has created many exotic instruments with the potential of generating considerable returns. However, one should always bear in mind the high risk involved with such operations.

Want to advertise with us? Send us a message. How to Trade Forex. Table of contents [ Show ]. Best For Traving View users. Overall Rating. Read Review. Best For Day traders or swing traders who want accurate entry and exit signals Investors looking for a tool to look for good long and short opportunities.

Pros Works on all types of securities including stocks, futures, forex, and cryptocurrency Affordable pricing High degree of accuracy More signals available. Cons The tool is currently only compatible with Trading View. Best For Intermediate Traders.

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Meta Trader is a free-to-use platform. Note that some costs may apply as your broker or market maker will place some charges on your trades. ForexTrader Desktop lets you automate your trading strategies with access to 15 pre-defined automatic trading strategies for real-time buy and sell signals. With real-time information and headlines from Reuters Newswires and market commentary, Forex Trader allows you to stay on top of all markets.

Currenex is a market-leading technology provider that offers high-performance technology to the FX community and also deep pools of liquidity for anonymous and disclosed trade execution. It gives clients a unique service that comes with tailored access to uncovered and also undisclosed cash on just a single screen.

This is a premium source for FX liquidity in the market. Active traders are able to access cash on Currenex via the prime broker model that is used by lots of top brokers from various banks and institutions with excellent reputations. The anonymous streaming method provides access to a marketplace of thousands of participants and liquidity sources. The technology used by Currenex allows you to implement selective permissions and approvals across more locations and business units.

Active traders can choose between more security preferences from more connectivity options and messaging protocols. ActTrader offers a full-featured workspace targeted at traders for a better executing of trades and managing their accounts. This is a feature-rich desktop application that allows you to monitor the market and also engage in online trading. An ActFX strategy analyzes one or more charts, and it will automatically open and close orders and positions as well.

It will display these on various charts. Each of the windows will show you information and provide access to specific functions. For example, the Dealing Rates windows lets you view the streaming rates, with detailed info on the instruments in the Dealing Rates Table.

Start by learning the basics about the market and setting up a strategy. Know how much you can invest and what is the realistic goal you can achieve with that amount. Use a reliable trading platform to assist you with useful information and automation solutions.

You can even implement some copy-trading tactics and use strategies tested by experienced users. These are our 8 recommendations for the best Forex software for PC. We also suggest that you keep in mind a few factors before deciding which one is the best for you and our needs. The Forex broker should be regulated and should also offer either a selection of account types or any kind of customizability.

You should also check for the variety of currency pairs on offer, the availability of customer service,, and the quality of the trading platform as well. All the 8 platforms we presented above are straightforward, and they all offer vast collections of technical and analytical tools to enhance the trading experience. Keep in mind that CFDs, crypto, and Forex trading are high-risk investments by nature.

Make sure you keep the track of your expenses at all times with the Best Financial Investment Tracking Software. Feel free to explore our Business Hub as well. Restoro has been downloaded by 0 readers this month. When it comes to Forex, MetaTrader and eToro are top contenders. Check out a complete list of the best Forex software for PC users. From brokers to pro traders and investors, there are the best software tools that dominate the trading market.

In short, yes. However, Forex trading comes with a high risk of also losing money. We suggest you use a personal finance accounting software and of course, act with caution. Commenting as. Not you? Save information for future comments. If you're on a mission to conquer the Forex markets, you need a solid strategy. Team up with these best-in-class Forex trading software tools to boost your earnings. Get analysis on trading patterns, automate trading strategies, copy deals, and more.

With over 20 million crypto transactions traded, this platform offers everything you need, even if you are completely new to the game. No commission Social feed news and forecasts Low withdrawal fees User-friendly interface. Try it out now. Free trial Visit website. Zulu Trade Everything you need for simple, and efficient Forex trading in a single app! TradingView Get a true taste of customization with tools that scale from simple to complex to perfectly fit your Forex trading needs.

MetaTrader 4. ForexTrader Desktop. Still having issues? Fix them with this tool:. Frequently Asked Questions What is the best software for forex trading? What software do professional traders use? Can I get rich from forex trading? This article covers: Topics: Trading software. Was this page helpful? Thank you! Start a conversation. Copy link. Software deals Friday round-up. I agree with the Privacy Policy regarding my personal data. More on this Topic May 22, If yes, read our post on how to fix Binance alerts not working error.

Read More. April 29, ZuluTrade clients can follow trading from , Zulu traders from countries. The advanced copy trading platform offers features such as:. NinjaTrader is an advanced trading platform with sophisticated analytical and automated charting capabilities. The software platform offers pre-loaded chart styles with hundreds of technical indicators, with a collection of artful drawing tools for charts. When using NinjaTrader, FXCM customers can load multiple time-frames and markets on a single chart, designed to not miss any market patterns.

Traders can configure hundreds of indicators quickly and easily making for an efficient trading environment. The NinjaTrader platform provides a range of trading tools for suiting all levels of experience from beginner to advanced, with no auto trading programming knowledge required.

Algorithmic strategies can be written using the C programming language, while Automated Trade Management ATM strategies allow users to automate order and risk management. Multiple ATM strategies are available for use in risk management or automated trade execution and traders can fully customise trailing stops quickly in fractions of a second. To assess and optimise automated trading strategies, you can utilise the NinjaTraders backtesting suite.

Another tool to save time spent analysing markets looking for trading opportunities is the brokers Market Analyser tool that traders can program to scan different financial markets, with advanced alerts notifying traders of market movements.

The social trading platform connects traders together by sharing ideas, trading decisions, and strategies on a news feed. It is easy to find popular investors to follow and copy, with users able to view their trading history and success, risk profile and location. As well as copying individual popular investors, eToro customers can utilise the brokers CopyPortfolio feature where traders can invest in bundles of financial instruments.

Two types of portfolios are available:. When trading with City Index, customers gain access to thousands of financial instruments, ranging from forex markets to Cryptocurrency markets. The City Index web trader platform is powered by HTML5 technology and offers a user-friendly, yet customisable workspace for those new to trading.

To minimise the high risk of forex trading, customers can utilise the web trader platforms trading and risk management tools. Real-time calculators keep you updated on margin requirements, while order types allow you to predefine order entry and exit prices. Order types available to City Index clients include:. Mobile trading apps are available for iOS and Android devices. Both versions of the City Index mobile app allow users to trade efficiently on the go and across multiple devices.

To help smartphone traders stay up to date with financial markets, the mobile app offers a watchlist feature along with real-time Reuters news and an economic calendar. With multiple timeframes, chart styles and over 60 technical indicators, analysis is user-friendly from your mobile phone. As with the web trader platform, a range of basic and advanced order types are available to manage risk, including GSLOs.

ThinkMarkets is the best broker for backtesting and Expert Advisors. Unlike some brokers, ThinkMarkets enforces no restrictions on Expert Advisors, forex robots and indicators running at the same time, with easy integration of EAs into the trading platforms. Backtesting algorithmic trading strategies on the MetaTrader platforms allow traders to test and optimise their EAs against historical data. As a ThinkMarkets customer, traders can develop or download Expert Advisors and custom technical indicators for the financial assets:.

FxPro offers the cTrader which is a powerful forex trading platform with a friendly design. To access the trading software, the web platform provides scalpers quick trade execution within a modern, sleek interface. When analysing markets and trading opportunities, cTrader users can stay up to date with financial events via an economic calendar, while using the advanced charting tools to conduct technical analysis. Additionally, the cTrader platform is known for its features and tools as:.

Traders are available to choose from more than 50 templates and customize your trading workspace depending on your personal trading preferences. In regards to market access, more than CFD instruments are available with customers able to trade Forex, Indice, Energy and Metal asset classes. Axi formerly Axitrader offers access to multiple trading platforms designed to provide a seamless trading experience.

Popular platforms as MetaTrader 4 and MetaTrader 5 provide users with sophisticated analysis tools to unlock unlimited trading possibilities. To ensure trading strategies are carried out efficiently, order execution speeds are fast on over financial instruments. Axi offers free access to social-copy trading tools as Myfxbook AutoTrade. Myfxbook AutoTrade allows you to track the performance of top traders and copy their trading strategies, with access to past historical data to study market movements and improve your trading performance.

To automate market analysis, Autochartist can automatically seek out trading opportunities through real-time market scanning software, alerting traders via notifications. Additionally, algorithmic trading features such as Expert Advisors and technical indicators can easily be integrated into MetaTrader platforms. They have some of the most competitive spreads on a range of CFD products including forex, commodities, cryptocurrencies, and more.

Managing risk is one of the most important aspects of trading, so Markets. This makes calculating trading costs simple as the commissions have been built into the spread costs. While Markets. First, is their staple Marketsx platform offering CFD trading in the full range of markets with their low spreads. Marketsx is Markets. This is an exclusive platform that comes with its full suite of risk management and trading tools.

We have listed some of the features of Marketsx below. Both of these platforms come with an array of different features including technical analysis tools, algorithmic trading capabilities, and advanced order types.

Both platforms come included with Markets. One of the main features of trading is understanding the ins and outs of the market. Some of these tools are listed below. Trading forex successfully comes down to having a proven edge in the market, the discipline to follow your trading plan and sound risk management strategies.

Yes, beginner traders and professional traders can make money on eToro by copying other traders. At copy trading platforms such as eToro, one can copy up to trades simultaneously. If you want to learn more about eToro social trading networks check our full eToro Review. Released in , the MT4 platform includes a generous number of technical tools, 3 different chart types, 9 different time frames, automated trading Expert Advisors EAs and so much more.

The upgraded MetaTrader 5 MT5 seeks to replace the MT4 platform by providing access to more markets, depth of market and more technical indicators. As well as a choice of account types Standard vs Razor , trading platforms MT4, MT5 and cTrader and social-copy trading tools, customers can download additional software add-ons to gain access to additional technical indicators and expert advisors. Before investors start trading with real money, a Pepperstone demo account can be opened with a virtual balance provided to practise forex trading.

Please note, this software comparison focuses on forex and CFD trading platform suitable for short term trading with leverage. Justin Grossbard has been investing for the past 20 years and writing for the past He co-founded Compare Forex Brokers in after working with the foreign exchange trading industry for several years.

He and his wife Paula live in Melbourne, Australia with his son and Siberian cat. In his spare time, he watches Australian Rules Football and invests on global markets. If you click on the link, you will be taken to the publishers website for you to buy directly through the publisher.

Even though we do get a referral fee, you pay the same price as all clients of the publisher. We use cookies to ensure you get the best experience on our website. By continuing to browse you accept our use of cookies. Justin Grossbard Justin Grossbard has been investing for the past 20 years and writing for the past What Changed?

Fact Checked We double-check broker fee details each month which is made possible through partner paid advertising. Learn more this here. Visit Site. Our Rating. Review Of Pepperstone. Review Of IC Markets. Review Of Plus Review Of FxPro. City Index Review. ASIC Australia. FCA UK. MAS Singapore. FMA New Zealand. DFSA Dubai. BaFin Germany. FSA Seychelles. SCB Bahamas.

Raw Spread. Commissions USD Base. Minimum Deposit. Swap Free Account. No Inactivity Fees. Funding Methods. No Funding Fees. Currency Pairs.

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Additionally, algorithmic trading features such as Expert Advisors and technical indicators can easily be integrated into MetaTrader platforms. They have some of the most competitive spreads on a range of CFD products including forex, commodities, cryptocurrencies, and more. Managing risk is one of the most important aspects of trading, so Markets. This makes calculating trading costs simple as the commissions have been built into the spread costs. While Markets. First, is their staple Marketsx platform offering CFD trading in the full range of markets with their low spreads.

Marketsx is Markets. This is an exclusive platform that comes with its full suite of risk management and trading tools. We have listed some of the features of Marketsx below. Both of these platforms come with an array of different features including technical analysis tools, algorithmic trading capabilities, and advanced order types. Both platforms come included with Markets. One of the main features of trading is understanding the ins and outs of the market.

Some of these tools are listed below. Trading forex successfully comes down to having a proven edge in the market, the discipline to follow your trading plan and sound risk management strategies. Yes, beginner traders and professional traders can make money on eToro by copying other traders. At copy trading platforms such as eToro, one can copy up to trades simultaneously.

If you want to learn more about eToro social trading networks check our full eToro Review. Released in , the MT4 platform includes a generous number of technical tools, 3 different chart types, 9 different time frames, automated trading Expert Advisors EAs and so much more. The upgraded MetaTrader 5 MT5 seeks to replace the MT4 platform by providing access to more markets, depth of market and more technical indicators.

As well as a choice of account types Standard vs Razor , trading platforms MT4, MT5 and cTrader and social-copy trading tools, customers can download additional software add-ons to gain access to additional technical indicators and expert advisors. Before investors start trading with real money, a Pepperstone demo account can be opened with a virtual balance provided to practise forex trading. Please note, this software comparison focuses on forex and CFD trading platform suitable for short term trading with leverage.

Justin Grossbard has been investing for the past 20 years and writing for the past He co-founded Compare Forex Brokers in after working with the foreign exchange trading industry for several years. He and his wife Paula live in Melbourne, Australia with his son and Siberian cat. In his spare time, he watches Australian Rules Football and invests on global markets.

If you click on the link, you will be taken to the publishers website for you to buy directly through the publisher. Even though we do get a referral fee, you pay the same price as all clients of the publisher. We use cookies to ensure you get the best experience on our website. By continuing to browse you accept our use of cookies. Justin Grossbard Justin Grossbard has been investing for the past 20 years and writing for the past What Changed?

Fact Checked We double-check broker fee details each month which is made possible through partner paid advertising. Learn more this here. Visit Site. Our Rating. Review Of Pepperstone. Review Of IC Markets. Review Of Plus Review Of FxPro. City Index Review.

ASIC Australia. FCA UK. MAS Singapore. FMA New Zealand. DFSA Dubai. BaFin Germany. FSA Seychelles. SCB Bahamas. Raw Spread. Commissions USD Base. Minimum Deposit. Swap Free Account. No Inactivity Fees. Funding Methods. No Funding Fees. Currency Pairs. Index CFDs. Share CFDs. Commodities CFD. Retail Max Leverage Australia. Max Leverage Australia. Retail Max. Leverage The United Kingdom. Leverage Europe. Leverage Singapore. Leverage Kenya. Leverage South Africa.

Leverage With offshore regulators. MetaTrader 4 MT4. MetaTrader 5 MT5. Proprietary Platform. Automated Trading. Standard Stop Loss. Guaranteed Stop Loss. Demo Account. Unique Feature. Razor Spread comparison. Our Rating The overall rating is based on review by our experts.

Standard Account: Spreads from 1. Fast no dealing desk NDD order execution with latency averaging 1ms or less. Equinix servers are located in New York. MetaTrader 5 The MetaTrader 5 platform is the latest MetaTrader software with certain improvements from its predecessor. Improvements to the MetaTrader 5 platform include: 38 preinstalled technical indicators and 21 timeframes Expert Advisors MQL5 Multi-currency, multi-thread backtesting Advanced pending order types cTrader cTrader is a platform known for its high-speed execution of orders with the trading platform providing a unique design and smooth user interface experience.

ZuluTrade ZuluTrade is an ideal solution for traders who cannot commit time to build their own strategies. Place and modify existing orders directly from the chart window Customisable hotkeys to place and modify orders seamlessly and directly from the pricing chart Very-low latency order submission and modification Arrange windows across multiple monitors Analyse crypto markets for free Automated Trading The NinjaTrader platform provides a range of trading tools for suiting all levels of experience from beginner to advanced, with no auto trading programming knowledge required.

Web Trader The City Index web trader platform is powered by HTML5 technology and offers a user-friendly, yet customisable workspace for those new to trading. MT4: MQL4 programming language. Multi-thread, multi-currency backtesting Backtesting algorithmic trading strategies on the MetaTrader platforms allow traders to test and optimise their EAs against historical data.

Additionally, the cTrader platform is known for its features and tools as: 70 pre-installed indicators and the ability to customize indicators with prices, levels, and more Algorithmic trading with cBot trading robots and the C programming language Tight spreads and no dealing desk execution No requotes with 0. Axi — The Best Technical Analysis Tools and AutoChartist Axi formerly Axitrader offers access to multiple trading platforms designed to provide a seamless trading experience.

Spreads Markets. Can you make money copying on eToro? What is the best trading platform for Forex? About the author: Justin Grossbard Justin Grossbard has been investing for the past 20 years and writing for the past Notify of. Inline Feedbacks. David Levy. One of the most useful and popular tools for the forex trader is the economic news calendar. This list provides traders with the future market consensus, as well as previously released outcomes, for key economic data and relevant geopolitical events.

It also usually lists the timing of central bank policy statements, monetary policymaker speeches and elections. This important forex trading tool is of special interest to fundamental analysts. Economic calendars are typically offered by forex brokers and financial news websites. This vital fundamental information is usually available on most online calendars one or two weeks in advance of the releases listed. In addition, the type of release will generally be coded in some way depending on whether it has a significant impact, a medium impact, a light impact or no impact at all.

If the economic release has a low impact, then the currency pair will typically have a small or nonexistent reaction to a deviation from the consensus, while a medium impact event will make the currency pair move to a greater degree if the result deviates from the consensus. When the number of the release is significantly higher or lower than the market expectation, especially when it comes to items with a high impact, the currency pair associated with the release tends to move more and experiences considerably more market volatility in the process.

As an adjunct to the economic calendar , economic news is disseminated by a wide range of financial publications. Reports of the speeches, official press conferences and policy statements released by these sources tend to be published quickly on the financial newswires, and they are now published promptly on the Internet as well.

Working with amounts expressed in foreign currencies can be somewhat confusing if one is not familiar with the pip valuation system. A currency pip calculator is a forex trading tool that allows the trader to determine the amount a pip is worth based on the size of their position in their local currency. A typical pip calculator might also show the pip value for a specified currency pair based a Standard lot of , units, a Mini lot of 10, units, and a Micro lot of 1, units.

Dollars per Euro. If this currency pair is trading at 1. To use the pip calculator, a trader simply has to enter the details of their position that include the instrument or currency pair, the size of the trade, the amount of currency in the account, and the leverage and position size parameters. This tool is extremely useful to keep track of the amounts that positions are worth in the account.

Because the foreign exchange market is made up of multiple pairs of currencies, known and calculable correlations exist between currencies, which can be positive or negative, with correlations typically being more prominent in some pairs than in others. For example, the Swiss Franc generally has a positive correlation with the Euro. These two currency pairs had a very strong positive correlation before the announcement of Brexit, but now they have a much weaker positive correlation.

Mataf offers a currency correlation tool that is popular among many forex traders. Correlations can be listed precisely, and can also be coded in intervals. A list of possible correlation intervals from To create a correlation table, the correlation of each currency with respect to all the other currencies is computed for one or more historical period s and put in the box where they intersect in the table.

As an added feature, many correlation tables have their computed boxes color coded where, for example, red is a perfect inverse correlation and blue is a perfect positive correlation, and the rest of the rainbow is assigned in increments to segments situated in between those correlation extremes. One of the most important elements that spread sensitive traders tend to examine before selecting a forex broker is their typical dealing spreads. A tight dealing spread is always preferred by traders, since getting in and out of positions can be considerably less costly if a trader is able to execute their trades at the better exchange rates generally offered by a tighter spread.

Conversely, a wide dealing spread increases the cost of trading and can severely hamper short term traders, such as scalpers who make money by taking positions that they intend to liquidate as soon as a small profit materializes. A typical spread comparison website generally shows the spreads brokers usually quote on major currency pairs, sometimes separated by USD pairs, EUR pairs, GBP pairs, etc.

Many spread comparison websites will allow a browsing trader to filter by currency pair, session or time frame, and they give the trader an edge when it comes to knowing which broker is offering the most competitive dealing spreads. Unlike most of the tools designed for forex traders, comparing dealer spreads becomes somewhat unnecessary once you have selected a broker to operate with since switching forex brokers afterwards can be inconvenient for a variety of reasons.

The time periods that a trader chooses to be active in the forex market can make a considerable difference to their bottom line. The business hours of these key trading centers also overlap to some degree, with the market opening in Sydney on Sunday at 5PM New York time, and closing on Friday at 5pm New York time.

A graphic showing the times that the forex market is open during a 24 hour period in the different financial centers around the world is a useful tool for a trader. This is especially true since the times that the markets overlap often seem to be when forex trading is most active and the market is most liquid.

Trading activity, liquidity and market volatility are three important ingredients necessary for a financial instrument to be traded effectively. As noted, one of the most important elements necessary to successful trading is market volatility.