Trading in various markets can be successful if you constantly expand and improve your knowledge and use powerful support tools. Of course, you should have at hand a fast and reliable device (computer, laptop, or smartphone) with stable Internet access from which you will work. However, you’ll also need trading software. Here are five vital tools you can’t live without.
Best Tools for Successful Trading
Trading Platform
There are a huge variety of brokers and the trading platforms they offer. You can spend a lot of time choosing the most suitable product. A system gives you access to markets and assets and provides essential trading functions. If you do not yet know what exactly suits you when choosing a service, pay attention to the following parameters:
- list of available assets;
- commissions and interests;
- number of technical indicators;
- types of orders;
- the feature to copy transactions;
- built-in tools;
- notifications;
- the convenience of use;
- the provider’s reliability.
Trading Calculator
A Forex calculator is a simple yet essential tool for every investor. With it, you can quickly calculate the result of a transaction for given market parameters. Choose universal products that allow you to get data on several options at once (for example, pip, margin, loss, etc.). Depending on the specific provider, an interface and available fields may differ, but as a rule, to get the calculation, you need to enter the following indicators:
- trading instrument;
- lot size;
- leverage;
- currency;
- ask and bid prices.
Of course, such calculations can be done manually. However, it takes a lot of time, and it is possible to make a mistake or not consider some parameters.
News Feed
The importance of news for fundamental analysis should not be underestimated. So that you do not manually search for financial news, find a compact feed that will include all the critical events. Advanced trading platforms from well-known developers have built-in feeds that are updated in real-time. So you will always be aware of current events and be able to make accurate calculations and make informed decisions.
Currency Calculator
As you understand from the name, this tool shows the ratio of one currency to another at the moment. Advanced tools also allow you to track price changes over previous periods to plan for the future. Unlike the manual approach, their information is updated automatically in real-time. So you can be sure that only up-to-date data is taken into account in your calculations. For trading on the Forex market, it is an indispensable product.
Economic Calendar
The economic calendar is usually paired with the news feed as it is another essential fundamental analysis tool. The pivot table contains various macroeconomic indicators for different market players (countries and companies). It considers both major political events and force majeure and investor expectations. All this allows you to see how the market situation will develop shortly.
Make the Most of Available Trading Tools
The presence of the described tools and the possibility of automating some processes does not guarantee a total profit. Such products should complement your strategy, the development of which requires you to improve your skills constantly. All this together will make your trading successful and efficient. What tools do you use in your work every day?
