Top trading tools to help you make profits in forex
What are some useful tools to help you with your trading?
The forex business is a lucrative one, with several traders making the kill daily. However, while a lot of successful traders make do with some professional trading tools to earn enormous profits, others are losing their hard-earned income because they are employing the 'trial and error' method.
The type of tools you use in trading could be the difference between success and failure as far as the forex trade is concerned. Though there are several of these trading tools out there, one needs to lay one's hands on the right one to be able to get a piece of the pie from the market.
In this post, we shall take a look at
the best trading tools available at your disposal and how they can help you
make more profits in the forex
business. So, what are those tools?
What Are Trading Tools?
Trading tools are special tools designed
to enable the forex trader trade and earn more profits without depending on his
intelligence while placing trades or taking profits. They are technical tools
designed by professionals, based on their rigorous study of the forex ecosystem
over a long period.
The Signal tool provides you with live
signals on the market. It shows you a visual display of real-time happenings in
the market. Some of the activities captured in the live signals include
EUR/USD, Crude oil, Palladium, Nasdaq, CAC 40, Silver, Gold, USD/CAD, IBEX,
Natural Gas, US 30, DAX, etc. The live signals tool covers multiple areas of
signals, and they include:
Daily Market Trends: This covers different Currencies - AUD/USD, EUR/JPY, EUR/USD, GBP/USD, NZD/USD, USD/CAD, USD/CHF, and USD/JPY. Besides, it displays commodities such as Brent Oil, Copper, Crude Oil, Gold, Natural Gas, Silver, US Coffee C. Besides, another area covered in the daily market trends include Indices: CAC 40, DAX, FTSE 100, Nasdaq, Nikkei 225, S&P 500, US 30. The last product captured in the daily market trends is the Stocks: Apple, Bank of America, Exxon Mobil, Google, JP Morgan.
Apart from the daily market trends, the
live signals also take care of the weekly market trends and Monthly market
trends. The areas covered are virtually the same as in the daily market trends;
the only difference is the period.
The technical analysis tool is quite helpful to traders because it enables them to identify FX trading opportunities without having to study the market trends or news manually. Several FX trading tools are at the disposal of the trader to assist them in doing the right researches to make the right decisions.
The LegacyFX technical analysis tool provides unique videos to offer you Daily Analysis, Commodities Charts, Indices Charts, Stocks Charts, and Currencies Charts.
The technical analysis tool is rich
because it consists of professional opinions from the LegacyFX team,
personalized trade ideas, automated ideas, as well as fundamental and technical
analysis to assist the trader in generating high-quality signals.
The Market news tool offers you an
update on Global crude prices movements, Asian Daily Market Review, US daily
market review, European daily market review, Walmart, Gold prices movement,
etc. Arming yourself with this information would keep you abreast of the
happenings in the market and enable you to make a move when making a profit is
Economic News Calendar
Another tool for trading that the forex trader will find highly useful is the economic news calendar. Why is this tool of great importance? It merely gives the trader access to future market consensus and outcomes that have been released in the past for critical economic data as well as geopolitical events.
This tool also contains a listing of all significant economic releases that would take place in the future, which would affect the assessment of the currency of a country. They are made available at least one or two weeks before the listed releases.
Also, it contains the timing of the policy statements of the central banks, monetary policymaker speeches, as well as elections.
These releases usually have some impact
on the currency pairs being traded. For instance, economic releases with low
impact would have little or no effect on the currency pair. But an event of
medium impact will cause the currency pair to shift to a higher degree if the
result departs from the consensus. The currency pair would move significantly
if the number of releases is lower or higher than what the market expects,
mainly if the items involved are of high impact.
Calculators are handy when calculating
risks and trying to minimize losses. Some of the calculators to help keep you
Pivot Point Calculator: This calculates four different pivot point types - Camarilla pivot Point, DeMark's pivot Points, Floor Pivot Points, and Woodie's pivot points. Each of these usually calculates four levels of resistance and support, depending on a high price, low price, close price, and an open price (only for DeMark's Pivot Points)/
Fibonacci Calculator: This calculates Fibonacci retracements and Extensions depending on three values - high, low, and custom value.
Size Calculator: This helps you in minimizing risks
while trading. With this tool, you can
quickly determine how many units of a specific asset to buy or sell. You only
need to input the values in the deal size calculator, and you are good to go.
LegacyFX.com provides you all the above-listed trading tools and other equally helpful tools. The platform does not only consist of special tools to hone your trading skills, but it also boasts of professionals who are always available to hold you by the hands and help you succeed.
Besides, LegacyFX has educational
materials such as video library, glossary, e-books, as well as advanced courses
to assist you in acquiring more knowledge and trading like a pro. Trading
signals and other analytical tools are available for you around the clock if
your dream is to trade in commodities, indices, CFDs, or currencies.