Financial News-wire makes it possible to track economic and political situations across various nations, monitor current currency values, and more.

Trading hours can make a big difference for a trader despite the level. The idea is to know when trading sessions are open or closing down. Apart from benchmark releases or geopolitical events, the tool will be necessary even for technical traders who are eager to know the exact release time. You can read all about trading according to time zones in our article about forex trading sessions.

After you have collected all the essential news and trading factors, you need a place to keep and arrange all those pieces of information.

This is where an economic calendar may help. The idea is to keep all the data easy and fast to access. When we say "data", we mean the following:. A good idea is to choose a relevant color for each event depending on the importance. For instance, green color is for moderate releases while orange is for urgent and the most influencing events. Having an economic calendar will let you react faster. There's a great Economic Calendar by Investing. It is a trusted source that has all necessary filters for quick access to major events.

From currency pip and volatility to profit and margin calculators — advanced online software makes the trading process simpler. As a rule, a chosen Forex broker delivers most of those tools. If for some reason, it does not, you may still find them on different websites provided free of charge. So, beginners may need:. Forex trading is all about analyzing, tracking, reporting, and evaluating. A trader will never be able to figure out the reasons of loss without detailed records of all steps made.

While the easiest way is to learn how to trade from professionals, the most effective way is to learn trading from yourself. A trade journal will let you keep a record of all trades you made. dollar are known as crosses, and they often have considerably less liquid markets than the majors. Other less liquid pairs that do include the U. dollar consist of the minor and exotic currency pairs. Brokers and market makers operating in the forex market make their money largely from the dealing spread instead of charging a commission.

The dealing spread consists of the difference between the bid and offer price for a particular currency pair. The bid is the exchange rate where the market maker will buy a currency pair, while the offer is the exchange rate where the market maker will sell it. Most active currency pairs are quoted to the 4th decimal place 0. The width of the dealing spread is an important cost to a trader and can add up considerably for those who trade actively. Spreads can also vary depending on market conditions.

The forex market has various benefits compared to other financial markets like the stock, bond and commodities markets. Here are several key benefits of forex trading:. Charting software generally features a slew of technical indicators that can provide trading signals. Some forex trading software even lets you program and back test your strategies to determine how they performed historically. In addition, you can buy or subscribe to trading signal generators that are typically offered as a monthly service.

In normal markets, you can expect a high degree of accuracy from your forex tools as long as the exchange rate feeds they use are of a high quality. When the market heats up with increased trading volume and exchange rate swings, the accuracy of your software may be adversely affected. In addition to signals and indicators, many 3rd party services provide educational and research resources. The cost for 3rd party services can vary significantly.

The cost for a service typically increases depending on the extra features provided. Market Scalper Algo MS Algo is a tool that currently works only within TradingView to overlay your financial charts with signals to buy and sell.

It also provides independent exit signals for each. The tools can be used on equities, futures, forex and cryptocurrency. It uses proprietary technology and strategies to provide the most accurate signatures.

You can setup automated alerts for your phone, email and Webhooks. TraderSync features user-friendly design and a sleek interface to provide you with the tracking and reporting data to take your trading to the next level.

You can import your trades with just a few mouse clicks. The journal is straightforward. Asia Forex Mentor is led by Ezekiel Chew and provides a range of trading resources and a proprietary training course for forex investors. What started as a simple course helping a few friends turned into a massive enterprise. Prospective students can visit the Asia Forex Mentor website, read the blog, check out of the vlog and register for the One Core program.

If you want to know how it works, there is a video on the home page explaining the program in greater detail. Additionally, there is a video on the Who Is Asia Forex Mentor page with further details.

The One Core program is more than a simple trading course. You learn how to go from a trader with no experience to a professional who may wish to change careers. Aside from the trading course, Asia Forex Mentor keeps testimonials from successful students, allowing you to read comments from people just like you. With a focus on return on investment over all else, you can more easily turn profits and learn how to monitor the market for your next opportunity to make money.

The best online forex broker for you depends on your needs as a trader. In general, you want to select a broker you can trust with your money that meets your trading requirements and will accept you as a client.

You can try a platform like Tickmill , which allows you to invest in a wide range of assets, including forex. For instance, Tickmill is an excellent option for traders because it helps you invest with low minimums, use MT4 and MT5 and makes it easy to build a complete portfolio.

Take a look at our other picks for the best online forex brokers to enhance your forex trading tools:. Claim Exclusive Offers. CedarFX is not regulated by any major financial agency. The brokerage is owned by Cedar LLC and based in St. Vincent and the Grenadines. If you have the patience to learn how the forex market works and the incentive to develop an easy to follow and successful trading plan, then you might be able to make a career trading in the forex market.

Yes, although profitable trading generally involves developing and implementing a trading plan with a successful strategy. Getting rich depends in large part on how disciplined you are in your trading, how much risk capital you have to trade with and the successful implementation of a proven trading plan. Trading forex online may not seem difficult, but trading successfully requires a good trading plan and strategy, as well as time, discipline and perseverance. Starting off with a small sum of money makes perfect sense to practice and determine if you have what it takes to be successful trading forex.

com , registered with the Commodity Futures Trading Commission CFTC , lets you trade a wide range of forex markets plus spot metals with low pricing and fast, quality execution on every trade. Learn more about FOREX. My Account. Benzinga Plus.

Log In. Our Services. News Earnings. Retail Sales. Insider Trades. Markets Pre-Market. After Hours. Binary Options. CME Group. Global Economics. Penny Stocks. Digital Securities.

Ratings Analyst Color. Price Target. Ideas Trade Ideas. Covey Trade Ideas. You also know how important it is to make trades as quickly as possible to avoid potentially losing out on profits due to fast price movements. Fortunately, MetaTrader 4 and MetaTrader 5 both offer the option of one-click trading, which, once enabled, allows you to open trades in an instant.

Source: MetaTrader Supreme Edition, mini terminal. Learn more about the mini terminal here. Market orders leave you at the mercy of the markets and larger traders because you have no control over the price you'll get. The best way around this is using advanced order types to ensure your Forex trades are executed the way you want.

The good news is that MetaTrader Supreme Edition allows for many advanced order types, such as one-cancels-the-other OCO orders. Advanced order templates, including OCO breakout and OCO reversion. Just consider OCO orders, which can be very useful for traders looking into breakouts, or trading on major news releases. Employing an order of this type, the trader sets two price levels at which orders will be executed.

Once the first order is filled, the second one is cancelled automatically. The trader cannot predict the result, yet they might believe that the price should move at least 50 pips , and the movement direction depends entirely on whether the results are above or below the expected forecasts. The trader may set an OCO order at 1. This way, once the prices begin to move, the order will be quickly executed, no matter what direction the trend moves in.

This is no doubt one of the most useful FX tools for traders who prefer to trade news releases. Apart from this, Trading Terminal comes with a number of other exciting features, such as setting your stop-losses and take-profits in US Dollars, and much more.

Source: MetaTrader Supreme Edition order templates. Learn more and install Order Templates here. As for the exit, top traders predefine their own set of rules for partial, total or multiple closing an open position based on profitability or price. With an Automated Close form , you choose the threshold when this rule is applied.

Call it the best simple feature to increase your profit potential. Source: MetaTrader Supreme Edition Automated Close. Learn more and install Automated Close here.

The final set of FX tools to consider are tools that will help you build and test your trading strategy. Below we will cover the best technical analysis and software for Forex traders. So what tools do day traders use, you might ask? We've all heard the saying, "the trend is your friend. In any case, identifying trends is a valuable tool for making smart trading decisions. And, in the MetaTrader Supreme Edition Mini Terminal, there is an FX tool to help you do just that: Smart Lines.

Smart Lines is a tool that takes advantage of trend, price and timelines. This high-end technical analysis feature is an online Forex trading tool that allows online traders to convert any trend and channel line, horizontal and vertical line into a stop loss, take profit or trailing stop.

Learn more about and install Smart Lines here. For online traders, backtesting is one of the most important aspects of developing a trading system. Backtesting is when you test your trading strategies using historical data, which can indicate their potential level of success should you try the same strategy on the live market. The good news is that you can do this in MetaTrader Supreme Edition!

Our next FX tool is Trading Simulator , which is one of the best free trading softwares on the market. It simulates manual trades using historical data.

The simulator will run the trade, and then report on the results you would have achieved had you traded using the parameters you put into the tool. Traders can use it for both currencies and for stocks. MetaTrader Supreme Edition trading simulator. Learn more about and install the trading simulator here. Our final Forex trading tool is using indicators.

Forex indicators give you a raft of useful information to help you make more successful trades. These include identifying levels of volatility, whether the market is trending or ranging, whether an instrument is overbought or oversold, as well as triggers for entering and exiting trades.

While most online trading platforms will come with a handful of built-in indicators, there is a range of additional indicators on the market that can help you get even more from your trading. Some of these indicator packages are available for a fee and can be bought from forums and the MQL marketplace, while some brokers will offer their clients advanced indicator packages free of charge. At Admirals, our MetaTrader Supreme Edition plugin includes a package of 16 new indicators. You might have noticed we've been referring to MetaTrader Supreme Edition quite a bit.

This is simply because it's the ultimate one-stop-shop for advanced trading tools, with over 56 additional features available for both MetaTrader 4 and MetaTrader 5. However, before you can use MTSE you will need the best trading platform , so why not download MT5 below, absolutely free? As you can see, there is a wide range of Forex tools available to help supercharge your trading, and the best part is that many of them are available absolutely free!

This wraps up our review of the most popular Forex tools to maximise your trading experience. If you're ready to start testing out these tools on the markets, why not open a live account? If you're not quite ready to make the leap to the live markets, you can opt to trade with a free demo account with Admirals. Our demo account enables you to trade on any device with a virtual account balance of EUR10, with live market data, real-time news, analysis, and more!

It's the best option for beginner traders to learn how to trade and practice, or for advanced traders to test out their new strategies before they apply them to the live markets.

Start trading on a risk-free demo account today by clicking the banner below! Admirals is a multi-award winning, globally regulated Forex and CFD broker, offering trading on over 8, financial instruments via the world's most popular trading platforms: MetaTrader 4 and MetaTrader 5. Start trading today! This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.

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Also how to use the alert function on the currency strength indicator to pick out a move away from a congestion phase of price action. Read More. And it's one reason we developed a Camarilla indicator that displays six levels as opposed to the more usual four. In addition, the indicator displays time frame specific levels. For example, levels on all charts up to but not including the hourly are refreshed every 24 hours, whilst the levels on the hourly and up to the daily are in play for one week with the weekly levels remaining play for the month.

In this section from our latest webinar, we explain how to apply the indicator to the NQ which is one of the futures contract for the Nasdaq, an index that has been roaring higher for some time and triggering FOMO in many traders and investors. This is a perfect example on Cable of a congestion, followed by the breakaway,then comes the trend and now possibly a reversal. Sentiment in the financial markets is expressed as risk-on or risk-off, and following the release of Chinese data overnight, market reaction could best be described as mixed with not universal agreement in risk asset classes.

Throughout the trading session, volatility ebbs and flows and knowing when to trade and when to wait is key. In this session from the US futures trading session, we take a closer look at this aspect of trading through the prism of volatility. Sessions crossovers arrive daily and the big one is always when the London forex market gets underway with the deepest liquidity.

This is when the market makers are at their most active from 8am UK time with volatility, reversals and congestion following. Some of the traps are on high volume as the market makers participate, others on low volume, but all are clearly signalled with volume price analysis and the volatility indicator for MT4, MT5, NinjaTrader or Tradestation.

Many of the currency market pairs remain rangebound and trading in congestion ranges as risk on and risk off oscillates with the ebb and flow of pandemic news daily, with fundamental data taking a secondary role. The Quantum Trading tools and indicators are your sonar system on the market, helping you to search out the best trading opportunities throughout the session, and as with all the indicators, not simply helping you to choose the best trade, but once in, helping to keep you in and get out at the right time.

When currencies are moving in the same direction expect congestion as there is no force driving the two apart. When there is divergence, a trend develops and all is revealed on the currency strength indicator, whether for NinjaTrader, MT4, MT5 or TradingView.

To keep your spreads tight and avoid artificially changing prices set by liquidity markets, Pepperstone charges Razor account holders a commission fee rather than wider spreads. This is a platform that provides you with everything you need, all in one place. com assurance of some of the best order execution rates on the market. Source: MetaTrader Supreme Edition, mini terminal. Backtesting algorithmic trading strategies on the MetaTrader platforms allow traders to test and optimize their EAs against historical data. by Matthew Adams.

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