Forex trading (foreign exchange trading) can be very tricky, even for the most experienced trader. Nobody can see the future and predict which country's currency values are going to go up and go down. It is something you need to figure out on your own and hope that you are right. With all the uncertainty in Forex trading, there are some useful tools for traders to get a better understanding of the trades they are about to make. |
One useful tool is an economic calender. This is a calendar used by traders. This will allow them to track the occurrence of market moving events. Investors will research the date and time of a specific even and pay close attention to it. This is because there is a high probability that it will effect the direction of the market. Some occurrences traders are looking for are interest rate decisions, non-farm payroll numbers, and changes in Gross Domestic Product (GDP), Consumer Price Index (CPI), and purchasing Managers Index (PMI). All of this information is available on an economic calendar.
The Forex News Timeline is an excellent tool for traders. With this tool, traders can receive live market news from one of the most reliable sources directly on your trading platform and through many company's websites.
A margin calculator is an absolute necessity for any trader who wants to turn a profit. A margin calculator is a risk management tool. It is a basic calculator used in the Forex market by traders for calculating margin. This is required in order to trade any currency pair on the basis of leverage provided by the broker. Trading without using margin and leverage is not a good idea. Forex is the only speculative market where brokers offer very high leverages for trading.
Another good risk management tool is a pip (percentage in point) calculator. This tool can be used to estimate the value of each pip in your account currency.
When you begin trading, starting with a demo account is a good idea. This will allow you to try your hand at Forex trading so that you can learn the ropes without spending money. Most trading platforms have this option. Most allow you to start with a demo account amount of $100,000. You can practice, see what trades work and what trades don't. You can test yourself without losing money.
There are a few trading platforms out there who offer free one on one training in Forex trading. This is an excellent idea for a newbie. You will get lessons from a professional trader. It is easier and more effective than trying to figure it out as you go along.
The internet is an excellent tool for trading. You can read blogs from various traders to see what their take is on different trades. Most Forex bloggers offer advice regarding trading. Getting advice from those who are achieving what you want to achieve is a good learning tool as well as a motivation builder. You can ask yourself, “If this person can do it why can't I?”
Using all of the trading tools available to you is a very good idea if you want to be successful in Forex trading.
If you are looking for many FREE Advanced Trading Course on forex trading tools just click on the link. Or you can visit http://www.theprofittaker.com/freeforex for plenty of FREE trading software.
Related Articles -
forex, trading, tools,