To be able to start trading, you have to commit to saving money, gaining knowledge through relevant books, and developing trading strategies that suit your trading style. Besides knowing the basics of trading, beginners that have started forex trading recently can benefit from these tools and services to make the most out of their trades. Nowadays, traders prefer these tools as they provide the liberty to trade without setting up a permanent trading station.
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Price Charts
After you have signed a deal with a broker, the next thing to do is to select price charts that help you in making profitable trades. These charts provide you valuable insight into the market and present information in an easy-to-understand manner. TradingView and Stock Charts are some popular services that you can use to stay up to date with market trends as they are quite user-friendly.
News Updates
Trading is always affected by many events happening around the globe. Having an app representing a reliable news source will surely help you make the right decision while trading. However, don’t just rely on the app to provide you updates. Instead, read business newspapers, watch the news on TV, and try to stay updated with current affairs. There are numerous so-called experts out there, so it’s worth reading unbiased reviews to check which ones you can trust.
Testing Your Strategy
Strategy back testers are tools that can be used to save you from loss when you are unsure whether the decision you made is right or wrong. These backtesting tools display real markets that you can practice on to get experience while you perform trades. You can also test your newly developed strategy on this tool to test its effectiveness, and determine whether it works. It’s a quick and easy way to keep your money safe while you trade and gain further experience.
Stock Screeners
These are sophisticated software that are essential for virtually every type of trader out there. The stock market is filled with various types of stocks and it sometimes becomes difficult to focus on a specific one. In cases like these, you can use stock screener software that claims to show you information on certain stocks according to your search criteria. The piece of software also has an easy-to-understand interface that shows the user frequency of trades between different markets. Furthermore, you have access to related market data, signals, trend charts, headlines, and much more all in a single place.
Volatility Calculator
Volatile markets undoubtedly provide a higher profit margin but also come with a lot of risks. This helpful tool analyses a specific market to measure its volatility over a set period. If you have become expert enough to handle volatile markets and generate high profits, then a volatility calculator is a must-have.
Market Indicators
When trading, you have to study the market in order to understand the direction in which your particular assets of interest are moving. These market or forex indicators tell the user the proportion of investors that are holding assets long term and short term. Remember that market indicators show data collected on specific markets and do not mean that you have to take the indications provided for granted. Never decide on trade after only seeing data from market indicators. Instead, try conducting in-depth analysis before deciding on your next move.
Trading Platforms
Nowadays, you can find powerful trading platforms that incorporate essential tools into an easy-to-use platform, making it easy to trade and avoiding the need to jump from one application to another. Brokers can also provide you with their trading platforms for a trial period so that you can evaluate whether the platform suits you. It is not compulsory to stick with your broker’s provided trade platform if you can find a better option out there in the market. Free trading platforms offer limited services and are unable to protect your personal information from identity theft or a cyber attack. On the other hand, paid platforms are a lot more sophisticated, have a plethora of customizable features, deliver real-time market trends, and help the user make an effective strategy that collectively leads to highly profitable trades.
Fundamental Analysis
These apps are another way to learn about the market fluctuations, analyze the current situation, and explore the progress of certain stocks of interest to decide accordingly. This type of analysis gives you direction and helps you make an action plan whenever you have difficulty doing so on your own.
Trading is indeed stressful and requires constant market surveillance if a trader wants their trades to be profitable. As a beginner, you should stay calm as learning forex trading takes a lot of time. So focus on learning the way markets work, usage of trading tools, developing a strategy, and lastly, deciding on evaluation of each aspect that makes a successful trade.
