When starting out as a forex trader, traders will want to engage in good forex trading software they can manage, as well as all of the forex trading equipment they will need to run your business.
Here is a list of tools that helps traders in their way to success.
1. Trading platform: MetaTrader 4 and 5 by MetaQuotes are two of the advanced forex trading platform that allows traders to place orders and provide a variety of tools for studying the currency market in real time. The choice to select the appropriate platform holds the key to accomplishment.
2. Economic calendar: A live economic calendar enumerates the time and date of major economic information that can impact currency pairs once announced. The information contains employment and inflation figures, as well as GDP and central bank meeting dates.
3. Currency correlation matrix: Correlation is a measurement of how one currency pair's exchange rate fluctuates in reference to another currency pair's exchange rate. A currency correlation matrix is made up of a compilation of correlations that allows you to visualise the interconnectivity of currency pair exchange rate patterns.
4. Financial news: The direction of forex markets may be strongly influenced by news. Traders can get fast insight to data that could impact the currency market by using a quality financial news service.
5. Trade journal: Keeping a trading record allows you to get important perspective into prior trades, both wins and losses. Some firms offer software that is specifically developed for this purpose. It is not a bad idea to learn from one's own experiences.
6. Time zone converter: With regard to liquidity, volatility, and trading volume, some trading sessions and times are preferable than most for trading particular currency pairs, thus forex traders should be aware of these periods in their local time zone.
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This material is considered a marketing communication and does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Past performance is not a guarantee of or prediction of future performance. Trust Capital TC Ltd does not take into account your personal investment objectives or financial situation. Trust Capital TC Ltd makes no representation and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast, or other information supplied by an employee of Trust Capital TC Ltd, a third party or otherwise.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.92% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Trust Capital TC does not offer Contracts for Difference to residents of certain jurisdictions including the USA, Iran, and North Korea. Please consider our “Risk Disclosure“.
