Here is a list of tools I use of which I recommend every forex trader to have. Forex trading is difficult, but there are ways for you to make it both simpler and more profitable for yourself. This involves things such as researching and studying the markets and learning how to read the charts, of course, but today I am not talking about that. Today, I am sharing with you the top 10 tools every Forex trader should have in 2021.
1 Trading view by Binary
Tradingview by binary is awesome and it is the one I use to analyse the charts or explain something to someone. Trading view helps you with Live quotes, stock charts and expert trading ideas. link: https://tradingview.binary.com/v1.3.12/main.html
2 Trading journal
A trading journal is one of the most effective tools for performance management. It is where you record and review daily trades for better output and for future reference. A journal can help you track progress as well as study mistakes made when entering or exiting a trade. Sign up here to download my recommended app.
Founded in 2007, Investing.com is a definitive source for tools and information relating to the financial markets such as real-time quotes and streaming charts, up-to-date financial news, technical analysis, brokers directory & listings, an economic calendar, and tools & calculators.
4. Pip calculator
Pip is the smallest unit of movement in a currency pair’s exchange rate. A pip calculator can, therefore, allow you to determine the exact amount of worth per pip. To do this, it uses the local currency’s position size.
The calculator can display a specific currency pair’s value based on a standard-lot (100,000 currency units), mini-lot (10,000 currency units), or a micro-lot (1,000 currency units).
5. Profit calculator
This is a tool that which can help you know if a trading position would result in a profit or loss at different levels of the exchange rate. click here for profit calculator.
6. Time zone converter
A time zone converter is another very useful thing to have and use, which is vital, as time zones can make a major difference. As you might know, the world’s leading forex trading centers are located all over the world. The ones you have in New York, Tokyo, London, and Sydney are all in separate time zones. Even so, some of them have overlaps in their trading sessions, and the most liquid moments of the day may be these overlaps.
7. Metatrader 4 or 5
I am sure you know what metatrader is, if you don’t read more here.
A VPS is a virtual private server. Technical indicators, bots and expert advisors do not work when your computer or smartphone is off. That means they are essentially useless unless you have a VPS. A VPS is actually a remote computer that is ever on 24/7 of which you can rent out. Learn how to get a free VPS here.
You need a broker to trade forex. Sign up here for my recommended forex broker. And watch some my free strategies for this recommended broker. For android traders, watch this. For PC traders, watch this.
10. Forex trading community
You can never know everything, therefore you always need someone to exchange with what you know. Luckily, I have a Telegram which is now converted to a forex chat room, It has awesome and kind people who are there 24/7 answer questions, share signals, ideas, indicators and so on for free. Join here. Also you can join my free emailing list and get updated for free here.
Above are the tools I use I myself of which I recommend you to use too. They are not the only tools but they are the top 10 most important. If you have other tools you use and recommend others to use too, feel free to comment below. If you liked the post, feel free to share. If you have questions, join the group and ask.