In trading, time is money, and whatever strategy you apply needs to be as smooth and efficient as possible. Using Forex trading tools will boost productivity, give you more confidence in making the best decisions, help upgrade overall performance, and save you precious time in front of the screen. The line separating success and failure in this market can be paper thin — and the right tools at hand can make all the difference.
This article is a detailed overview of the best Forex-related trading tools out there, useful for beginners as well as professional traders.
Contents:
- Which Forex trading tools should you consider first?
- 1️⃣ Trading platform
- 2️⃣ Charting software
- 3️⃣ Financial and economic news
- 4️⃣ Trading journal
- 5️⃣ Various calculators
- 6️⃣ Educational materials and community
- Bottom line
Interact with the underlined words and green dots to get additional details and explanations.
Which Forex trading tools should you consider first?
1️⃣ Trading platform
There are tons of platforms within easy reach, but only the best of them will help you trade successfully. A good platform is not just a gateway to the market that leaves you on your own once you enter. It is a real helping hand, offering users a number of essential features and functions.
What should be taken into account when choosing a platform?
Accuracy
The platform should be able to quickly reflect exchange rate swings — low latency is highly important because sometimes, a trade’s fate is a matter of mere seconds, especially when market conditions boil over.
Demo account availability
Knowledge without practice is a risky game, that’s why every trader should be able to use a well-organized demo account. It’s one of the coolest Forex trading tools that is free by default, since its sole purpose is testing skills and strategies without spending a cent.
Ease of use
A user-friendly interface is another key to successful trading. Registration and using various Forex trading tools presented on the platform should be nice and easy. Beginners can get demotivated by an overly complex UI, especially if the broker hardly explains how it all works.
Thankfully, there are lots of reliable platforms, both free and paid. Olymp Trade’s stylish and user-friendly interface helps take the edge off the trading experience, simplifies the whole process and brings your skills up to the next level. Olymp Trade is focused on streamlining the trading environment for everyone, maintaining rock-bottom deposits and trading amounts. You can also download the official Olymp Trade app on your phone to always stay tuned and never miss anything important.
2️⃣ Charting software
Advanced Forex trading platforms usually provide real-time charts to visually represent the current market situation. But if that’s not the case with your chosen platform, it won’t be a problem to download charting software or view it online. Charting is one of the major Forex widgets used for tracking market performance. It also provides a glimpse into the currency’s history and helps with forecasting future price movements.
Charting software is embedded onto Olymp Trade’s platform. It is only logical that Forex trading tools are included along with the platform itself, so that users can remain up to date, analyze the market conditions and make profit. There are four types of charts on Olymp Trade, each of them suitable for different strategies. It’s also possible to place two different charts on the screen to view simultaneously for a fuller picture of market activity 🔽
3️⃣ Financial and economic news
On any given day, there is a multitude of events running through the news feed. Keeping track of global updates is basically feeling the market pulse. This is crucial if you want to plan your trades carefully rather than just roll the dice.
An economic calendar is one of the Forex trading tools that lets you keep a close eye on the triggers affecting currency, stock and cryptocurrency prices. Listed by time and date, such info indicates employment rates, inflation risks, rises and drops in GDP, central bank meetings, corporate earnings reports, big company announcements and more. Olymp Trade’s Insights are daily notifications that help you scan through the news, understand which asset it could impact and see which direction its price might take. It provides the necessary background context for opening a trade in line with those signals.
Along with economic calendars, live news reports are another Forex trading tool that shouldn’t be underestimated. A few minutes of scrolling through headlines can reveal some interesting factors not included in the calendar. Search Bloomberg, CNBC, Reuters, Forex Factory and other well-known resources for geopolitical news that can significantly impact exchange rate behavior.
4️⃣ Trading journal
A trading journal allows traders to monitor all their performed trades and outcomes. This provides valuable insight into both winning and losing strategies. It’s completely up to you where to store this data, be it a set of hand-written notes or an electronic document. Moreover, it’s one of the few Forex trading tools that is definitely free — because you are the only creator and proprietor.
What should be written down?
- The asset you traded and the trading amount
- Date and time of the trade
- Technical indicators you used
- Trading strategies used
- Entry and exit points
- Outcome of the trade
Feel free to include any additional information that might be helpful to you, like screenshots of the charts active at the time of the trade, or even emotions experienced during this trade — were you stressed, excited or as cool as a cucumber?
You are your own teacher here. Keeping a “diary” as a Forex trading tool will teach you a lot about your trading psychology and understand what you can work on.
5️⃣ Various calculators
These Forex widgets can save a lot of time and provide valuable information for making trades so you aren’t left wondering.
Profit calculator
Before you open a position, it would not be a bad idea to know the exact numbers of what is at stake. The profit calculator helps you figure out potential profit and loss in trading a particular asset.
Forex volatility calculator
Volatility represents how often and how significantly currency value fluctuates over time. The calculator gives traders an idea of the risks and opportunities while trading certain currency pairs.
Currency correlation calculator
A correlation matrix shows how the exchange rate of one currency pair curves relative to that of another pair. A set of correlations helps traders visualize the interconnections between currency movements. A positive correlation means that two currency pairs are climbing up or dropping down at the same time. If they move in the opposite directions, that is a negative correlation.
Time zone converter
Trading times for dealing with certain currency pairs are better than others in terms of volatility, liquidity and volume. Converting those time frames into your time zone can help you navigate the market better.
6️⃣ Educational materials and community
Unless you were born under a few lucky stars, you do need to learn how to trade, and even if you were, it wouldn’t hurt to expand your horizons.
Olymp Trade provides rich educational and research resources. The official YouTube channel offers a wealth of videos, including those from traders and analysts all over the world, sharing valuable tips and recommendations. Along with Official Olymp Trade Blog, the Help section provides in-depth coverage of technical and fundamental analysis, different strategies, assets and much more. The educational content comes in multiple formats, including video lectures, articles and webinars. Best part is, these Forex trading tools are completely free for anyone willing to master trading.
The Olymp Trade community is very diverse, with its Facebook groups and other channels serving as a safe haven where traders support each other by answering questions, sharing ideas and visions, and discussing the latest market trends.
It is also important to follow your broker’s in-house news. Olymp Trade has a special section for that, so you’ll never miss any important updates on new releases, bonuses, contests and corporate events.
Bottom line
The best of the best in Forex trading tools is, after all, experience. The more you trade, the better at it you become and the more profitable your trades get. However, time alone won’t make all the difference — you need to develop the skills. To get the ball rolling on that as fast as possible, the first thing to do is choose a trusted, accredited broker and the best Forex trading tools, many of which will be free if your broker is playing nice, providing both basic and complimentary materials for you to have a fair shot at getting into the game.
With Olymp Trade, whether you’re a newcomer or a pro, you’ll have everything you need to learn, progress and get ahead of the curve — jump in and see for yourself!
Go Trade ForexRisk warning: The contents of this article do not constitute investment advice, and you bear sole responsibility for your trading activity and/or trading results.
