One of the top three trading industries in the world today is forex, along with stocks and companies. Since February 2020, I’ve been taking part in trading forex, and I’ve made an average monthly initial profit of 3,000 USD, not much considering that I also own an online retail store on Etsy, two blogs on career and decoration, and a YouTube channel.
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For more information on becoming a good forex trader, you can check out my previously posted article. In this post, I will show you a list of the top 15 forex trading tools.
1. MetaTrader 4
MetaTrader 4 (MT4) is considered the most popular online forex trading platform. It offers a wide range of tools for trade execution and market analysis and is provided by many brokers.
Main characteristics include:
– Customizable charts and analytical tools in an intuitive interface
– Assistance with Expert Advisors (EAs) in Algorithmic Trading
– Features including automated trading methods and copy
– Compatible with mobile, web, and desktop
Beginners will find MT4 an excellent option because of its simplicity, while more experienced traders will find value in the advanced automation and analytical features. The platform is widely popular and well-supported by the community. Overall, MT4 offers a reliable option for forex trading.
2. Forex Factory
In addition to news, analysis, and calendar services, Forex Factory offers a renowned online forex trading community.
Main features include:
– Lively discussion forums and trader profiles
– Consistently updated news, analysis, and commentary
– A calendar of upcoming economic events and releases
– Selection of third-party applications and services
– Accessible through both website and mobile app
Forex Factory is a site that many traders use to remain updated on the foreign exchange market. It provides up-to-date news and data combined with insightful analysis. Besides, the economic calendar is a useful instrument to follow the events that might affect the market.
3. TradingView
TradingView is an industry-leading charting and trading analysis platform. It integrates with a number of major forex brokers while not a broker itself.
Key Features include:
– A variety of flexible chart types and indicators
– Ability to evaluate forex pairs, CFDs, stocks, futures,…
– Social community with trading ideas and technical analysis
– Customizable layouts and design options
– Accessible via desktop and mobile apps
In terms of charting, TradingView is an excellent tool. You will receive the knowledge of an active trading community in addition to an outstanding selection of analytical instruments. TradingView is an ideal resource for skilled technical traders.
4. Trading Economics
Trading Economics offers an economic and financial data portal besides a worldwide economic calendar.
Main features are as follows:
– Over 20 million economic indicators data
– Historical charts for forex pairs and other instruments data
– Latest market news and analysis all over the world
– Calendar of economic detailing upcoming events
– Professional analysts’ consensus predictions
– Available through the website
Trading Economics provides a massive of historical and current economic data for fundamental traders. It offers an excellent background for the macroeconomic forces that drive FX movements. The economic calendar might help in the identification of possible catalysts.
5. MetaTrader 5
MetaTrader 5 (MT5) is the latest version of the popular MetaTrader platform from MetaQuotes. Compared to MT4, it is becoming more and more popular.
Key Features are as follows:
– Advanced technical analysis instruments and charting
– Supports algorithmic trading via MQL5 language
– Options for strategy testing and optimization
– Access to a range of global markets
– Integrates with MetaTrader 4 accounts
– Available via desktop, web, and mobile
The remarkable feature set of MetaTrader 4 is improved via MT5. It provides updated charting, more order types, more indicators, and connections with new markets including futures and stocks. The platform is an example of how the MetaTrader ecosystem will develop in the future.
6. BabyPips for Forex Trader
BabyPips provides free educational resources for beginners alongside a community forum. Through its online school, it offers instruction on a variety of topics.
Main characteristics are as follows:
BabyPips specializes in providing education for beginner forex traders. Its online course is a great place to start if you want to understand the fundamentals. Expert traders could also benefit from updating the community forums to determine the market psychology.
7. Oanda
Oanda provides clients with helpful analytical tools in addition to hosting a well-known forex trading platform.
Key Features:
– Authorized forex and CFD brokerage services
– Deloped charting packages and technical analysis
– Forex position sizing and margin calculator
– Economic calendar relating to upcoming events
– Regularly updated market analysis and commentary
– Free practice accounts to try different strategies
Oanda is a comprehensive option that includes practice accounts to help you develop your abilities, regulated trading access, and high-quality analysis tools. Its calculations assist in figuring out appropriate position sizes depending on your risk tolerance and account balance.
8. Trade Interceptor
Trade Interceptor provides a web trading platform in addition to mobile-focused FX trading apps.
Outstanding features are:
– iPhone and Android-specific mobile trading applications
– Advanced charting features with more than 100 indications
– News and sentiment tools for analyzing the market.
– Web-based platform accessible on desktops and laptops
– Risk-free strategy testing with a free simulator
– Low spreads and fast transaction execution
With fully functional mobile applications, Trade Interceptor makes it simple to trade FX while moving. An excellent interface for active traders is offered by its extensive array of analytical tools and fast trade execution. Additionally, traders may improve their abilities with the free simulator.
9. DailyFX for Forex Trader
DailyFX is a perfect platform for forex trading news, analysis, and education. Owned by broker IG, it offers many useful trading resources.
Main features are as follows:
– Real-time news and commentary on the Forex market
– Frequent webinars with an emphasis on trading education
– A wide selection of trading guides and ebooks
– Economic calendar and global market headlines
– Integrates with the CFD and forex trading platform offered by IG
– Available via website and mobile
DailyFX combines an active news site with a multitude of educational materials for improving your trading abilities. One of the best ways to learn from expert analysts is through live webinars. It’s a helpful tool for both new and experienced traders.
10. FXSSI
FXSSI offers advanced charting and analysis tools intended for the forex and CFD markets.
Key Features:
– Concentrated on forex and CFD instruments
– Advanced indicators and charting tools
– A scanner using pattern recognition to identify trading setups
– Capabilities for integrated trading through partner brokers
– Economic calendar and market headlines
– Available via desktop and mobile
FXSSI offers powerful capabilities in an easy-to-use package for traders who specialize in forex and CFDs. Its sophisticated toolkit assists in identifying promising trading opportunities across all major forex pairs and crosses if you trade price action and technical indicators.
11. Forex.com
In order to help traders improve their forex trading abilities, Forex.com offers a wide range of educational resources in addition to a reputable trading platform.
Outstanding features are:
– Trading platform with competitive spreads
– Advanced desktop and mobile charting apps
– Variety of educational guides and ebooks
– Trading courses for newbies to improved
– Market news and analysis
– Regulated broker with access to 250+ markets
Forex.com offers full support for both novice and seasoned traders. The combination of effective trading instruments, access to licensed brokers, and an array of educational materials creates an excellent package. It’s suited for American traders searching for a reliable FX brokerage.
12. FXStreet
FXStreet provides real-time forex news, analysis, an economic calendar, and a variety of trading tools.
Key Features:
– Frequently updated forex news and market analysis
– Real-time FX rates and charts streaming
– Economic calendar and consensus forecasts
– Multiple trading calculators and converters
– Active forum discussions and blogs
– Available via website and mobile
FXStreet has great coverage for keeping up with the most recent changes in the forex market. Its news and analysis are added by a strong combination of trading tools. FXStreet is a go-to site for traders looking for up-to-the-minute news and insights.
13. TradingView Web Platform
Technical traders can utilize the TradingView web platform to access advanced charting and analysis tools.
Main features include:
– Wide range of flexible, customizable charts
– Social community with trading ideas, analysis, and discussions
– Over 1000 technical indicators and overlays
– Advanced drawing tools for patterns and trendlines
– Integrates with many forex brokers through API
– Completely browser-based
TradingView offers an excellent toolset and community that will appeal to serious chartists and technical analysts. There are countless customization possibilities and the charting capabilities are some of the best available. It has an extremely user-friendly interface while being packed with many features.
14. MetaTrader Supreme Edition
MetaTrader Supreme Edition expands upon the framework of MetaTrader 4 by adding advanced features for experienced traders.
Main features are:
– Adds 50+ new technical indicators
– Improves charting with more objects and timeframes
– Enhances order management system
– One-click trading from charts
– Additional trading automation capabilities
– Available via desktop
MetaTrader Supreme Edition enhances MetaTrader 4 with additional advanced capabilities. The extended feature set of MT4 will be appreciated by seasoned traders who want even more flexibility and control. It advances an already capable platform to the next level.
15. NinjaTrader
NinjaTrader offers an advanced trading platform with an emphasis on options, forex, futures, and stocks.
Key Features:
– Advanced charting and analysis features
– Customizable interface with floating windows
– Market scanning tools to identify trading opportunities
– Selections for automated trading strategies
– Simulated trading for backtesting strategies
– Available via desktop
The target market for NinjaTrader is active traders in many markets other than forex. It has powerful automation and charting features to help you improve your skills. The simulated trading feature allows you to easily evaluate strategies before going live. In general, NinjaTrader offers advanced features for short-term traders.
Conclusion
There are many trading opportunities on the forex market, however, using the correct tools is very essential to making a profit on it. This list above includes sites for education, community, analysis, and platforms that help improve your trading experience.
The forex trading tools that align with your personal strategy, experience level, and goals will be the best. Concentrate on tools that fit your understanding or strengths. For instance, instructional websites and simulated practice could be helpful for beginners. More sophisticated charting features would be preferred by experienced price action traders.
Continue looking into all of your possibilities, but don’t make things too complicated early. It is advisable to learn a set of fundamental tools rather than utilizing an excessive number of platforms and resources. Nothing on this list guarantees immediate financial success. Utilize these tools to enhance your own trading abilities, analysis and instincts.
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