4 Basic Forex Trading Tools for Beginners

4 Basic Forex Trading Tools for Beginners

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Being a trader in 2017 is much easier than being a trader of yesteryear. Today the market offers a huge selection of trading tools for both beginner and advanced participants. The variety of trading tools and platforms are so wide that it can seem quite confusing at the first sight.

In this article, we’re going to discuss the most important forex trading tools you can start with to develop a successful trading career. Hopefully, you’ll find the one online trading tool, which fits your needs the most.

So, let’s get started.

What Trading Tool Should You Invest in?

1. Calculators. Online calculators help you to cut the losses and to increase the overall profits. Completing a number of different trading calculations means that you get the most out of your trading time. What you actually get is an automated system, which covers certain areas of your work. For example, it calculates how much margin you will need to open a position, what is the condition of the previous trades, etc. The best part is that most calculators come in app form too. So, you can easily install them on your Apple or any Android device.

2. Dashboard. This tool helps you to have a sound understanding of the world’s currency market. With the help of the currency movers and client positions charts, you get a better view of the current situation on the online market. For example, FxPro Dashboard gives you volume trade information and trades per time of major currencies at the same time. You can easily change currencies in one click and see which currency is stronger Euro or Dollar, or maybe Pound, or Yen, or Swiss Franc. So, the dashboard is the fastest way to monitor and compare the currency situation on the market.

3. VPS. Virtual Private Server is a remote computer, which drastically frees up your own PC, is accessible from anywhere, and is scalable to your needs. This tool allows your trading experience to be completely automated. VPS is easy to set up, prepare, and use. And what is more important, this system is available 24/7, without delays and bugs.

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4. Mobile Tools.
Which trader doesn’t want to get a full information about his trading progress and current situation on the market directly on the phone? Mobile trading tools are not just the typical applications. They have real-time charts about forex, shares, indices, futures, etc. It is a whole set of all existed features in one place: trader’s dashboards, calculators, economic calendars, markets, and blogs. You can monitor the market situation, set price alerts, look through daily market analysis, and follow the moving currencies. It is definitely one of the most convenient online trading tools among all existed, especially for beginner traders.

 

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