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7 best trading tools for 2021
Forex trading is complicated, but there are ways for you to make it easier on yourself, as well as more profitable. Of course, that includes things like studying the market and learning how to read the charts, but we are not talking about that today. Let's look at some of the best forex trading tools in 2020.To get more news about WikiFX, you can visit wikifx.com official website.
Today, we are talking about having the right forex trading tools at your disposal. These tools will help you do various things, such as:As soon as you start trading forex with these tools at your side, you will quickly realize why they are so popular. They can give you the edge you need to make good trades and avoid bad ones. They will help you analyze the markets, set up parameters for choosing trades, and do a lot of other useful things that will increase your odds of making a profit.
What to look for in forex tools？
Of course, not just any tool will do. You need to look for tools that display certain characteristics. Here is what you should look for:
Most tools that trading platforms or broker websites include are likely reliable. However, you should test them to be sure.
Naturally, you need a tool that can do what it was created to do and function without problems under normal circumstances within the forex market. Functionality and consistency are crucial, as you need to know that you can rely on your tools at all times.
Lastly, you shouldn't pay a fortune for your tools, especially if there are much cheaper solutions out there that do the same thing. You should look for functional and reliable tools, but if you can pay less for obtaining them, that will certainly help. After all, your goal is to make money, not waste it.
What kind of tools do you need？
The last important question before we start talking about the actual, specific tools that you could consider is deciding on what kinds of tools do you really need. Many of them will depend on your trading style and the methods you use for money management.
A day trader and a trend trader will not use identical tools, as the former needs short-term technical indicators and chart patterns, while the latter is likely going to be more interested in long-term moving averages and charts.
So, keep in mind that your strategy matters a lot. But, with that said, there are some tools that will be of use to most traders, regardless of their preferred trading style.
Those would include things like:
1) Charting software
Charts are among the most useful things in your arsenal when it comes to forex trading. With them, you can track market performance, notice patterns, examine the history of specific currencies, and even analyze the market in real-time. This type of software often includes other technical indicators and trading signals as well, all of which are helpful for successful forex trading.
2) Copy trading servicesCopy trading is a relatively new thing in the trading industry, as it has only been around for about a decade or so. This technology allows traders to duplicate successful trades of others and use the same methods for tackling the market. Whenever a successful traders trade on their accounts, you can copy the trade automatically. Of course, they would not be identical but scaled to suit your own risk preferences and other settings. These are very useful tools for those who look up to a professional trader.
3) Trading platforms
Of course, there is also the matter of a trading platform. These platforms often contain some analysis tools of their own, most of which have order entry abilities, and can track the market changes in real-time. This is certainly convenient for tracking the market changes as you are placing your order.
Another thing that they often have is a financial news feed, which can also help you decide what move to make. Then, there is a highly-customizable, sophisticated trading software that allows you to set up different parameters and use them for automating your trades. That way, you don't have to worry about missing an opportunity that you would consider good enough to enter a position.
Best of all, it is also very easy to find a platform that comes with its own mobile version, so you can also trade on the go.
Last but not least, there are all kinds of online calculators that can help you save a lot of time when calculating your next move. Those can include things like margin, pip, profit, and volatility calculators, as well as your typical currency converters.
Best forex trading tools
With that out of the way, let's get into the tools themselves. These will be some specific tools that we recommend for helping you trade forex in 2020.
1. MetaTrader 4 and 5
At the top of the list, we have MetaTrader 4 and MetaTrader 5. These are trading platforms that offer a lot of tools of their own that can help you create your own version of EA (Expert Advisor) software. As a result, you can automate your trading to a pretty large extent, so that you don't have to analyze every situation yourself.
MetaTrader 4 — or MT4, as it is also called — gives you access to a built-in editor, and a compiler with access to a free library of software, created by users themselves. It will provide you with fresh articles, and all the help you need for making successful trades and learning the software.