- Forex Calendar – Stay updated about forthcoming economic data
No matter the strategy you plan to approach, the economic calendar, also known as the forex calendar, is crucial for your trades. This tool helps you stay updated about the forthcoming major economic information, such as the interest rate decisions, non-farm payroll numbers, the Gross Domestic Product (GDP) rates, the Consumer Price Index (CPI), or even private medical insurance rates and government reports. The calendar is automatically updated and covers financial data from all over the world. In Forex, even a small event can cause a small ripple in the market and give you the chance to make a tidy profit!
- Forex Pip Calculator – Know if the trade is worth the risk
As a beginner, the fear of risking your capital is the biggest factor that can hold you back and interfere with your execution. The ideal thing to do is create a risk management plan and follow it each time you open a trading position. In addition, a very useful tool you can use to monitor the risk per trade is the forex pip calculator. All you have to do is enter your position details, the trade size, and your account currency. The tool will calculate the value of a pip in the currency you want to trade-in and will determine if the trade is worth the risk. If your broker doesn’t provide this tool, you can find it online and use it for free!
- Technical Indicators – Use the price action to your advantage
Forex traders believe that price action is not completely random, but it can actually provide valuable insights. Technical indicators, also known as “technicals”, represent mathematical calculations based on the price, volume, or open interest of an asset. By analyzing statistical trends gathered from price movement and volume, you should be able to recognize favorable trading opportunities. Whether you’re an active trader or not, they can help you analyze short-term price movements and identify entry & exit points. When analyzing the desired currency pair, you can use more technical indicators at once. You can also incorporate them into automated trading systems. The most common technicals are moving averages (MA), the relative strength index (RSI), and the moving average convergence-divergence (MACD).
- Mirror Trader platform – Trade Forex like a professional
Another valuable tool that could help you profit at the beginning of your trading journey is the Mirror Trader web-based platform. This product was created by Tradency, a renowned financial technology provider, and has a full trading functionality for manual and automated strategies trading. Mirror Trader enables you to use or mirror, as the names suggest, the trading strategies of experienced investors. In other words, the platform records all strategy developers’ “Buy” and “Sell” signals and allows you to view, analyze and automatically execute the signals in your own account. The greatest advantage is that you can pick a strategy that addresses your personal trading preferences, such as risk tolerance and past results. You have more than 3,000 verified algorithmic strategies to choose from, so there’s a solid chance you will find the perfect match for your trading profile.