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[Oluti]

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

 

[kerryjoy]

These tools are crucial for successfully navigating the market as a forex trader. The economic calendar helps me predict market volatility by allowing me to time trades around significant news events. By knowing possible gains or losses per pip movement depending on trade size, using a pip calculator helps me manage risk. I can maximize trading opportunities by staying informed about market opening times around the world thanks to the world clock. While pivot points assist in identifying important levels of support and resistance for strategic entry and exit points, live currency quotes offer real-time price data for well-informed decision-making. When combined, these resources enable me to trade profitably and intelligently in the ever-changing foreign exchange market.

 

[TOM88]

As someone who is well-versed in Forex trading, I am convinced that using the appropriate tools is essential to making wise choices. Since it helps me stay ahead of significant market-moving events, I never trade without consulting the economic calendar. I always want to know exactly what each pip means to my account, so the pip calculator is essential for risk management. In order to better time my trades, I also use the world clock to keep track of market sessions. I always keep an eye on the day's highs and lows, and live currency quotes allow me to feel the market in real time. I think pivot points are invaluable because they make it easier to spot levels of strong support and resistance. I trade not just harder but smarter with these tools.