3 Essential tools for daily forex trading
13.05.2020
When entering the world of forex, the trader needs the right ammunition to ensure that they will have all the necessary tools they need to successfully navigate through the financial markets. Certainly, choosing your forex broker is vital to your success, but having the right tools is equally important.
Trading the financial markets can be quite tricky and complicated both for novice as well as experienced traders. That's why all traders make decisions using a wide variety of FX Trading tools. There is an abundance of tools, some of which are free or provided by your forex broker, paid or subscribed for by yourself or even websites specialising in forex market or financial news.
We‘ve compiled a list of the 3 essential tools a forex trader needs to be properly prepared for as they enter the global forex market.
Trading platform:
We have previously touched on the importance for trading with a powerful platform that offers you an abundance of trading tools to use. Some of the tools you‘ll work with are provided within the Finior MT5 platforms. Platforms like the Metatrader 5, offer a quite comprehensive package
of technical indicators in addition to abilities such as trading automation.
The platform offers a functionality that enables you to perform technical analysis which allows the trader to chart currencies in real time as well as apply a variety of technical oscillators and indicators. Furthermore
the trader is able to trade the pair of their choice directly from the charts.
Economic Calendar news tool:
Fundamental analysis tools are some of the most important fx trading tools a trader will need. Such tools include the economic calendar which provides a trader with future as well as past released data for the key economic as well as geopolitical events. Additionally economic calendars also list the timing of monetary policy maker speeches, central bank policy statements as well as elections.
Currency heatmap tool:
As we all know, the forex market consists of a wide variety of currency pairs. Whether those are majors, minors or exotics. Between those currencies, exist calculable correlations which can either be positive or negative. The
currency heatmap tool is used to display the trend strength of a currency pair.
In essence what the heatmap does, is compare and collate the strength of a currency against the other. If the analysis is in favor of the trade you wish to open then that increases the chances of that specific trade to
be successful.
The trading tools touched in this article can be easily obtained from Finior Capital. Nonetheless it is hugely beneficial other than knowledge and the right tools, to make sure you are using a comprehensive and detailed
trading plan to maximise your chances for success. Combined with the trading tools, platform and support from your forex broker as well as sufficient knowledge of the financial markets you can sufficiently increase your chances
of a successful trading career.
One last tip, make sure you are keeping a record of all your trades which will then help you refine your trading and avoid repeating mistakes in the future.
