Who are we? - Forex trading specialists. MoneyMakingForexTools is part of the 12 year old Expert4x group which has specialised in Forex trading mentorship services, Forex Techniques and Forex trading tools such as Expert Advisors and Indicators over the years and helped over 10 Forex trading beginner and advanced students through live trading, one-on-one sessions, courses, Forums, Read many more reviews about the Forex Smart Tools on the independent website FOREX PEACE ARMY To be a profitable forex trader, manage your trading like a well run business. Recording and carefully analyzing your trades is a major factor of success Best Forex Tools Our best forex tools have been designed and created by best programmers, a tycoon on this market, who base their software on the innovative language MQL. The main advantage of this language is its support of modern data analysis, interesting presentation of information as well as the possibility of making Forex transactions easily
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Trading in the foreign exchange market can be quite challenging for both novice and seasoned traders. This is why all forex traders with any level of success will augment their decision-making skills by using a number of FX trading tools. These tools can help traders facilitate and determine profitable entry and exit points.
Forex trading tools can either be paid for by subscribing to a service, or are offered free of forex tools by a forex broker, a trading platform provider, or as in the case of an economic calendar, by a significant number of websites specializing in financial and forex market news. Several forex signal trading services are also available that provide trading cues that can be helpful for novice traders.
Some of the best forex trading tools forex tools be found within popular online trading platforms, such as MetaTrader 4. Trading platforms like MetaTrader 4 offer a comprehensive package of technical indicatorsas well as trade automation abilities.
Details about some the most useful and popular forex tools for traders are forex tools further in the sections below. This list includes currency trading tools that are offered free of charge, as well as those offered through various websites for a subscription fee.
Some of the most useful and popular tools for traders are fundamental analysis tools that can be accessed by anyone online, such as economic news calendars, forex tools. Since the foreign exchange market reflects the relative values of currencies according to the present economic conditions in each country of origin, interest rate differentials forex tools market expectations in the forex market can have an important impact on exchange rate levels.
Other free online trading tools can be found on numerous websites, forex tools, as well as incorporated into many of the currency trading platforms offered by online forex brokers.
This includes MetaTrader 4, which will be forex tools in further detail later in this article. Other free tools for forex traders can be readily found on forex tools Internet at various forex news and information websites. Some of them are apps that can be used online, forex tools, while others can be downloaded forex tools spreadsheet form or exist as functions to augment standard spreadsheet programs like Microsoft Excel.
One of the most useful and popular tools for the forex trader is the economic news calendar, forex tools. This list provides traders with the future market consensus, as well as previously released outcomes, for key economic data and relevant geopolitical events, forex tools.
It also usually lists the timing of central bank policy statements, monetary policymaker speeches and elections. This important forex trading tool is of special interest to fundamental analysts.
Economic calendars are typically offered by forex brokers and financial news websites. This vital fundamental information is usually available on most online calendars one or two weeks in advance of the releases listed.
In addition, forex tools, the type of release will generally be coded in some way depending on whether it has a significant impact, a medium impact, a light impact or no impact at all.
If the economic release forex tools a low impact, forex tools the currency pair will typically have a small or nonexistent reaction to a deviation from the consensus, while a medium impact event will make the currency pair move to a greater degree if the result deviates from the consensus. When the number of the release is significantly higher or lower than the market expectation, especially when it comes to items with a high impact, the currency pair associated with the release tends to move more and experiences considerably more market volatility in the process.
As an adjunct to the economic forex toolseconomic news is disseminated by a wide range of financial publications. Reports of the speeches, official press conferences and policy statements released by these sources tend to be published quickly on the financial newswires, and they are now published promptly on the Internet as well, forex tools. Working with amounts expressed in foreign currencies can be somewhat confusing if one is not familiar with the pip forex tools system.
A currency pip calculator is a forex trading tool forex tools allows the trader forex tools determine the amount a pip is worth based on the size of their position in their local currency.
A typical pip calculator might also show the pip value for a specified currency pair based a Standard lot offorex tools, units, a Mini lot of 10, units, and a Micro lot of forex tools, units. Dollars per Euro. If this currency pair is trading at 1, forex tools. To use the pip calculator, a trader simply has to enter the details of their position that include the instrument or currency pair, the size of the trade, the amount of currency in the account, and the leverage and position size parameters.
This tool is extremely useful to keep track of the amounts that positions are worth in the account. Because the forex tools exchange market is made up of multiple pairs of currencies, known and calculable correlations exist between currencies, which can be positive or negative, with correlations typically being more prominent in forex tools pairs than in others. For example, the Swiss Franc generally has a positive correlation with the Euro.
These two currency pairs had a very strong positive correlation before the announcement of Brexit, but now they have a much weaker positive correlation. Mataf offers a currency correlation tool that is popular among many forex traders. Correlations can be listed precisely, and can also be coded in forex tools. A list of possible correlation intervals from To create a correlation table, the correlation of each currency with forex tools to all the other currencies is computed for forex tools or more historical period s and put in the box where they intersect in the table.
As an added forex tools, many correlation tables have their computed boxes color coded where, for example, red is a perfect inverse correlation and blue forex tools a perfect positive correlation, and the rest of the rainbow is assigned in increments to segments situated in between those correlation extremes.
One of the most important elements that spread sensitive forex tools tend to examine before selecting a forex broker is their typical dealing spreads. A tight dealing spread is always preferred by traders, since getting in and out of positions can be considerably less costly if a trader is able to execute their trades at the better exchange rates generally offered by a tighter spread.
Conversely, a wide dealing spread increases the cost of trading and can severely forex tools short term traders, such as scalpers who make money by taking positions that they intend to liquidate as soon as a small profit materializes.
A typical spread comparison website generally shows the spreads brokers usually quote on major currency pairs, sometimes separated by USD pairs, EUR pairs, GBP pairs, forex tools, etc. Many spread comparison websites will allow a browsing trader to filter by currency pair, forex tools, session or time frame, forex tools, and they give the trader an edge when it comes to knowing which broker is offering the most competitive dealing spreads.
Unlike most of the tools designed for forex traders, comparing dealer spreads becomes somewhat forex tools once you have selected a broker to operate with since switching forex brokers afterwards can be inconvenient for a variety of reasons, forex tools.
The time periods that a trader chooses to be active in forex tools forex market can make a considerable difference to their bottom line. The business hours of these key trading centers also overlap to forex tools degree, with the market opening in Sydney on Sunday at 5PM New York time, and closing on Friday at 5pm New York time, forex tools. A graphic showing the times that the forex market is open during a 24 hour period in the different financial centers around the world is a useful tool for a trader.
This is especially true since the times that the markets overlap often seem to be when forex trading is most active and the market is most liquid. Trading activity, liquidity and market forex tools are three important ingredients necessary for a financial instrument to be traded effectively.
As noted, one of the most important elements necessary to successful trading is market volatility, forex tools. Currency pairs that have a limited range are typically not the best currency pairs to trade. Calculating the volatility on a currency pair is no trivial matter though, and with the amount of currency pairs available to trade, calculating volatility is best left to a properly programmed computer, forex tools.
A typical forex tools volatility calculator or indicator will take historical exchange rate information and determine the implied volatility of each currency pair forex tools real time, forex tools.
A good forex volatility calculator will also break down the historical volatility into various time frames, such as 1 week, 1 month, 3 months and 1 year. It can also assist a trader to operate in the most volatile currency pairs during the time that they are most volatile, since higher volatility tends to lead to more trading opportunities.
On the other hand, a trader could choose to reduce position sizes in currency pairs with higher volatility to reduce risk as part of their overall money forex tools risk management strategy. MetaTrader 4 truly has no equal as one of the most popular online forex trading platforms. This comprehensive forex trading platform has a number of features that are indispensable for the serious forex trader.
Figure 1 — The primary interface of the MetaTrader 4 forex trading platform showing its charting and technical analysis capabilities, as well as its market overview feature, forex tools. As Figure 1 above shows, the trading platform includes a complete technical analysis functionality that allows traders to chart currencies in real time and apply a number of different technical oscillators and other indicators to them.
It also has a fully integrated trading function that allows the trading of currency pairs directly from the charts. Another great advantage of MetaTrader 4 is that it can be used to trade with most online forex brokers, and it has a wide community of traders using the software that can help if the user runs into problems. In addition, forex tools, it enables the user to employ their own parameters for both premade and custom indicators.
MT4 also offers the ability to trade other asset classes supported by their online broker, forex tools metals, energy products and stock indexes. Keeping an accurate record and journaling trades is a valuable way to learn from your trading. Having a recorded history of each trade, why it was initiated and the reason for liquidating the trade can give a trader some valuable insights into their trading habits, forex tools.
Also, keeping a record of all trades helps a trader hone and refine their trading. Learning from mistakes and examining ways to avoid them in future are just some of the benefits of keeping a trading journal. Trading consistently and profitability in the forex market can be a challenging endeavor, and the fact remains that most retail traders tend to lose money in the market.
Nevertheless, forex tools, with a comprehensive trading planthe proper forex trading tools, and sufficient knowledge of the currency market, your chances of success as a forex trader can be significantly improved. Take Your Trading to the Next Level, Accelerate Your Learning Curve with my Free Forex Training Program. Download the short printable PDF version summarizing the key points of this lesson…. Forex tools Here to Download. Join My Free Newsletter Packed forex tools Actionable Tips and Strategies To Get Your Trading Profitable….
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Who are we? - Forex trading specialists. MoneyMakingForexTools is part of the 12 year old Expert4x group which has specialised in Forex trading mentorship services, Forex Techniques and Forex trading tools such as Expert Advisors and Indicators over the years and helped over 10 Forex trading beginner and advanced students through live trading, one-on-one sessions, courses, Forums, blogger.com Platforms. Our proprietary, award-winning platforms optimized for forex traders offer advanced tools and high performance. Available as a browser-based interface (for Mac or PC), or mobile apps for iPhone and Android. Learn more Best Forex Tools Our best forex tools have been designed and created by best programmers, a tycoon on this market, who base their software on the innovative language MQL. The main advantage of this language is its support of modern data analysis, interesting presentation of information as well as the possibility of making Forex transactions easily
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