Foreign exchange trading doesn’t require an elaborate set up, but you need to have reliable equipment to be successful. Forex trading can be done in the home or from a formal office, wherever you choose to trade, you will need to have a good computer. Your computer should have ample space on the hard drive and be equipped with strong anti-virus and anti-spyware tools. You will need regular and unconditional access to high-speed internet. While wireless connection may be convenient, wired access is the safest in terms of privacy.
You will need a bit of training, you don’t have to take a lengthy or elaborate course, but if you want to decrease your initial losses, it I best to arm yourself with information. There are several free or low-cost courses you can take online or in person. They will give you the basics of forex and how to manage trading.
Foreign exchange trading is not very complicated if you have the right tools to help you get the job done. There are thousands of applications and tools found online, but choosing the ones that will help you be a successful trader is often more difficult that trading itself. Here is a list of the top tools found online for forex trading that have great reviews and a proven track record of reliability.
MetaTrader VPS hosting
Hosting isn’t only for web pages, this services allows you to have private hosting for your forex trading platforms. You can keep your systems running when you are not in your home or away from your office without sacrificing speed or security.
Candlestick Pattern Recognition (CPR)
This is a great tool to help you find patterns that occur on your charts. There is a unique perspective provided into the analysis of charts with this program that may not be found in other similar applications.
Pip Value Calculator
Do you know the cost of one pip? What about CAD/JPY or EUR/CHF? This free online tool is a quick way to find out the price of a pip in US dollars. You are able to find the price regardless of the size of the lot, or the pair of the currency. Simply fill in the values and send. There is nothing to download and the results are displayed in a few seconds.
Risk and Reward Calculator
This is an online version of a risk calculator that is designed to show you the possible rewards and risk associated with your target. The calculation is based on the Fibonacci levels of the current wave of any currency you are trading
Elliott Wave Videos
These are analytical videos that are delivered daily. They are created using the Elliot wave principles. If you are a forex trader in the European market, these are essential to your toolkit. The analysis is helped by Fibonacci levels and indicators.
This is another charting program that functions of a collection of widely used systems and indicators. Basics tell you when preset conditions occur so that you can act quickly and decisively.
Position Size Calculator
When trading forex, risk management and fund management are very important. A good trader must accurately calculator the portions to properly manage the risk. This calculator adjusts to every countries currency, pairs and has other parameters.
There are a lot of patterns involved with trading, upward and downward trends along with price consolidation create textbook patters. Autochrtist is a great too to help accurately chart these trends and give you a wider margin of success on your trades.
These analysis tools are used in almost every forex sector. They can be set as weekly or daily indicators. Resistance values and calculated support are displayed in an easy to understand fashion that even beginners can understand. If you want to up the ante, you can make use of the online version that will draw from four different web based calculators. They are considered the key market trend points and can have their course altered according to support or resistance.
These are some basic tools that are good for novice and advanced traders alike. If you are a professional trader with more time under your belt, you might consider;
The Forex Tester
If you haven’t heard of it before, is basically a bit of software made to simulate trading accurately. It is a great way to hone your forex tools and test new ideas without the risk of loosing your funds. The software has ten years of history built in that allows you to trade via simulation in real world situations. The simulation is equipped with 18 different currencies as well as silver and gold. If you are a fan of automated strategies, this is the perfect platform to perfect your plan with accurate results prior to implementing it live.
Forex Signal Services
When you trade currency across markets, the main part of your job is to know when to buy and when to sell. Most traders watch the news or a number ticker to track this progress. Of course, since life a move at a fast pace, no one really has time or the want to sit in front of a screen all day. Finding a company that give free or low cost forex signals is a great way to take some of the tedium off your shoulders. These companies will usually watch the market and interpret the results according to the markers you set. When your conditions are met, you will get a message, email, text or call, depending on your preferences. If you deal with a brokerage, you may get this service with your package rate, if not, you can sign up to one of the many sites whose sole job is to check and report on the market. Of course, these services won’t make the trade for you, they will simply alert you to the presence of conditions you set. You will still need to get online to personally start trading.