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The forex market can be complicated and cumbersome if a trader does not have the proper tools.
Handling the forex market is like working at a wood shop, if you have the right tools, everything becomes easy to do and your time is always well spent. So, without further ado, here are the must-have forex trading tools
MetaTrader 4
The go-to platform for anyone interested in trading forex, there is no equal for this fantastic platform. MT4, as it is commonly known, comes with several features and capabilities that will help novice and experienced traders alike.
The main interface in MT4 gives traders access to all the technical tools they need to a proper and efficient technical analysis. Moreover, these tools can be used in real-time, which means traders can make quick decisions based on accurate information.
Traders can open demo accounts to test their skills. But, if they are ready to trade, the platform can be download for free at the developer's site.
Forex volatility calculator
Understanding volatility is paramount when trading forex. Pairs can change by a couple of pips in a matter of seconds, and that chance could be the difference between earning a profit or making a loss.
There are several online forex volatility calculators out there, but instead of choosing one at random here are some options from the most reliable ones.
- MT4 Forex Volatility Indicator
- Investing.com Forex Volatility Calculator
- MT5.com Forex Volatility Calculator and Charts
Time-zone converter
Time flies, and that could not be truer regarding forex. Time zones make it hard to know when a market is in the middle of their trading day or just taking a break. Is Tokio ahead by a day? What about Sydney? Did London wake up? All these things may sound contrive in a market the pride itself of being open 24 hours a day. However, when economic data affects forex, and economic reports only come out during business hours. Having a cheat sheet that tells when the major financial markets are open, simplifies any trader's life.
News calendar
Fundamental analysis is highly dependent on being up-to-date with the news. However, following the news can be a mess. An RSS feed can be set to filter only the desired news stories, but it is more efficient to follow a financial news site that already filters and curates all the relevant news a trader needs.
Pip calculator
Lastly, a pip calculator can be a handy tool when trading forex. Working with pairs from all over the globe is a confusing task since, sometimes, the pair value is also expressed in a foreign currency. This is the part where the pip (the smallest trading unit) comes in. Having a calculator that shows the worth of a pip based on their current position, helps to see things more clearly.
There are no wrong pip calculators because they all calculate the same numbers. That said, it is crucial to use the most convenient and the one that works the best with your other tools.
