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5 tools you should use

Discussion in 'Forex Discussions' started by painofhell, Feb 28, 2016.

  1. painofhell

    painofhell Content Contributor

    Jun 24, 2015
    Likes Received:
    Forex Trading Tools You Should Know.

    In the currencies trading world there are several daily Forex trading tools that each trader should consider using. Those tools will help you as a trader to get a sense of where the market is heading. Eventually you will be able to make the most the right and most profitable trading decisions.

    Below are some of the basic Forex trading tools you should use on a regular basis.

    Economic Calendar.
    Economic calendar is one of the most important forex trading tools. It will give you the exact times of important economic news releases and events. An economic calendar also provides traders with previous historical figures of what happened last time this news was released, and how the result is expected to affect currencies.
    Use it on every trading day.

    Pip Calculator.
    When trading, you will take a risk on your funds, and when risking your forex funds, you must know what movement every pip represents based on your trading volume, in order to manage your money properly. Use this as one of your basic forex tools.

    World Clock. Normally, the previously mentioned Forex trading tools come integrated with a world forex clock. This clock also can be sometime represented with colors that will indicate if the local market is opened or time until this market is opening. Always keep a track on this clock.

    Live Currency quotes.
    The live currency quote today is integrated into your platform. Use it wisely and certainly verify the high and the low prices for the day, each day, in order to get an indication regarding the price range.

    Pivot points.
    The pivot points are considered to be one of the best trading tools, that will show you the average price based on the previous day, week or month. Pivot points are an important tool which is used in many different trading strategies, as they considered to be important and reliable support and resistance levels.
  2. Sharon Higgins

    Sharon Higgins New Member

    Oct 29, 2014
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    In my view these are the tools that we need to have look at once in a while, but otherwise it is not something we will required often, but of course economic calendar is important and that’s where we need to look after quite a bit. I have got all these tools available at OctaFX, but the best part is their economic calendar which is easily set according to our time zone, so that means I am able to spot news right away and work through that while they even got excellent daily market news and analysis service available, it really makes trading simpler while this is free as well which makes it pretty comfortable and easy for me to work with.

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