The Best Forex Tools to Kickstart Your Trading Career

BY TIO Staff

|December 16, 2022

If you are looking to start a career in trading, there are a few basic tools that will help you get started. In this article we share some of the best Forex tools to help you kickstart your trading career.

There are a lot of Forex tools and services out there, so this post will cover the various categories of trading tools and their uses for helping you with your trading.

Trading tools can be really useful when you are starting out as a trader, whatever instruments you choose to invest in. They can help you with:

  • Finding trade opportunities
  • Making trade decisions
  • Keeping track of your trades and money
  • Running backtests
  • Analyzing your previous trades
  • Keeping your finger on the market pulse

If you’re just starting out, you’ll obviously need to know and start with the basics.

These are the obvious basic tools you will need to start Forex trading:

1. A computer that can run Forex trading platforms.

2. An internet connection (for online trading).

Trading and investments have made a big leap in the past few decades since the digital revolution began. Prior to online trading brokers and online platforms, traders would speak to brokers and execute trades over the telephone. Now most traders, regardless what instrument they are trading with, use an online broker and platform and various tools to help them make decisions.

Once you have the basics in place you can test these advanced tools that many Forex traders use to trade online.

The Best Forex Trading Tools:

  1. Trading platforms
  2. Charting software
  3. Financial news platforms
  4. Copy trading service
  5. Time zone converter
  6. Economic calendar
  7. Corporate calendar
  8. Trade journal
  9. Currency correlation matrix
  10. Forex volatility indicator
  11. Trading signals apps
  12. Forex trading simulators

The Best Forex Tools on Trading Platforms

At TIOmarkets we offer access to the MetaTrader MT4 and MT5 trading platforms as well as the alternative option cTrader. Which is useful for IOS users who are not able to download MT4 and MT5 from the Apple App Store.

Each one of these trading platforms come with a number of useful tools.

MT4 Tools

MetaTrader 4 is a platform that offers users a variety of features to help them trade. It has an extensive array of trading tools and indicators, as well as a built-in educational center and an online community where you can share your knowledge with other traders.

The MT4 platform offers:

  • A news feed that displays the latest financial news and market information.
  • A ticker that shows real-time data on the price of specific financial instruments.
  • A charting module that allows you to analyze price patterns and execute trades based on these patterns.
  • Basic trading indicators, including the Moving Average and RSI.
  • The ability to create your own custom indicator if you know how to program.
  • The ability to create your own custom alerts to be notified when markets reach predefined prices.

The most popular is the MetaTrader currency converter, which is used by traders to convert currencies and commodities into their own local currencies. This helps them determine the price of their stocks and other assets in their native currency.

MT5 Tools

MetaTrader 5 (MT5) is the latest version of the MetaTrader platform. It offers a number of advanced trading tools that are not available on MT4. With MT5, you can create your own technical indicators, develop your own automated trading algorithms, and even use scripts in your trading strategy.

The MT5 platform offers:

  • Chart indicators: including MACD, RSI, Stochastic Oscillator and Bollinger Bands.
  • Customizable alerts that can be set to trigger when a certain condition is met.
  • The ability to view order book data and analyze other traders’ behavior in real time.
  • The Market Analyzer, which allows you to see live information about all the markets on one screen
  • The Watch List Manager, which allows you to add multiple watch lists so you don’t have to switch between them constantly while trading.

cTrader Tools

For Forex and CFD brokers, cTrader is a platform solution providing a complete package of tools and features to its clients. The platform offers a wide variety of options to accommodate all potential investing preferences.

The cTrader platform offers:

  • Charting tool that offers a wide range of charting options, including technical indicators and drawing tools. You can also choose to view live intraday data or historical data with the click of a button.
  • News Portal which allows you to access hundreds of thousands of news items from all over the world in one place. You can filter the news by region and category, so that it’s easy to find what you’re looking for.
  • Market Data for over 10,000 instruments, including stocks, futures, CFDs, forex pairs, commodities and more. You can even trade commodities like gold and silver!
  • Indicator Builder that allows you to build your own indicators
  • Expert advisors (EA) and automated trading strategies, including those based on neural networks
  • Trading signals from our partners to help you make the best trading decisions
  • Basic scalping tool which helps you utilize cTrader’s single click position feature to react to the market fast.
  • Advanced scalping tool, a more advanced version of the basic scalping tool which allows you to open positions depending on your account leverage and balance and close them quickly.
  • cTrader Advanced Forex Scalping Tools Robot which lets you submit, close, and manage orders at breakneck speed with complete risk management right at your fingertips.

Forex Tools for Finding Trade Opportunities

To find opportunities to trade, most Forex traders use a number of tools. These tools help them scout out opportunities and make their trades accordingly.

Forex Tools for Trading Opportunities:

  • Economic calendars: a great way to find trading opportunities. They allow Forex traders to see when economic data is going to be released. This information can help a trader predict the direction of the market and make informed decisions about when to enter or exit a trade.
  • Financial news platforms: help forex traders find trading opportunities by providing them with a wealth of information about the economic environment and other factors that can affect currency prices. The news feeds are updated throughout the day, so traders can stay on top of any new developments in their industry or region.
  • Trading signals apps: designed to help you find trading opportunities by analyzing the market’s behavior, trading signals alert you when a trade is likely to be successful.
  • Corporate calendars: show the times of corporate earnings calls, and the calls provide important information about which companies are doing well and which ones are struggling. This information can be used to make informed decisions about whether or not to buy or sell a specific currency pair.

The Best Forex Tools for Feeling the Market

While corporate calendars and economic calendars are great at helping you find opportunities for future trades, for day trading and scalping traders need more real time updates such as live spreads and market heat maps.

Summing Up The Best Forex Tools

There are many Forex tools available for those looking to start trading. Some are available directly on the trading platforms you use, such as MetaTrader and cTrader, and other tools are provided through your broker. Others are separate apps or third party platform plug-ins that you can download and use.

While trading can be a profitable way to earn money, it’s also a highly complex endeavor. The further you understand the nitty gritty details of each tool, the better prepared you will be to make educated decisions on your trades. There are plenty of tools out there, so take your time, consider all the pros and cons, and decide which one is right for you.

To start your trading journey, register with TIOmarkets and try out the various tools, platforms and apps at your disposal.

Risk disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Never deposit more than you are prepared to lose. Professional client’s losses can exceed their deposit. Please see our risk warning policy and seek independent professional advice if you do not fully understand. This information is not directed or intended for distribution to or use by residents of certain countries/jurisdictions including, but not limited to, USA & OFAC. The Company holds the right to alter the aforementioned list of countries at its own discretion.

TIO Staff
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Trade responsibly: CFDs are complex instruments and come with a high risk of losing all your invested capital due to leverage.