The Best Forex Tools to Kickstart Your Trading Career
BY TIO Staff
|December 16, 2022If 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:
- Trading platforms
- Charting software
- Financial news platforms
- Copy trading service
- Time zone converter
- Economic calendar
- Corporate calendar
- Trade journal
- Currency correlation matrix
- Forex volatility indicator
- Trading signals apps
- Forex trading simulators
The Best Forex Tools on Trading Platforms
At TIOmarkets we offer access to the MT4 and MT5 trading platforms. Both 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.
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 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.
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Behind every blog post lies the combined experience of the people working at TIOmarkets. We are a team of dedicated industry professionals and financial markets enthusiasts committed to providing you with trading education and financial markets commentary. Our goal is to help empower you with the knowledge you need to trade in the markets effectively.
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