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The forex market remains one of the biggest and most lucrative entities of its type anywhere in the world, with an estimated daily trading volume of more than $6.6 trillion currently being reported.
This has risen exponentially from $5.1 trillion since 2016, with this increase driven by sustained technological advancement that has encouraged a growing number of novices to the retail marketplace.
But what are the most powerful trading tools to help you when trading forex online? Here are some examples to keep in mind!
#1. Trading Platforms
Let’s start with the basics; as you cannot hope to trade forex successfully without first identifying the best and most powerful trading platforms.
Invariably, these platforms will serve as a one-stop shop for investors, containing a range of analytical tools and technical indicators to help inform trades in real-time.
They also boast real-time order entry abilities and are capable of tracking (and displaying market shifts) as they occur, so you can ensure that you’re placing effective trades based on the most up-to-date information.
You can choose a viable trading platform depending on your chosen brokerage site and the devices that you use to invest, with the MT4 for Mac providing one of the most powerful options in the marketplace.
#2. Charting Software
Your trading platform will also feature charting software, which is undoubtedly one of the most useful and purposeful tools in your armoury in the field of forex trading.
With aforementioned platforms such as the MT4 (or its de facto successor the MT5), you can also access customised charting, enabling you to display visual information efficiently and in a way that’s relatively easy for you to understand.
Charts perform a range of features for investors, from tracking market performance in real-time and identifying actionable patterns to reviewing the history of relevant currency pairings.
Such software also includes other technical indicators and viable trading signals, all of which are helpful to successful trading.
#3. Copy Trading Services
This is a relatively new concept in the forex market (and similar entities), with copy trading having emerged as online trading has become increasingly popular.
Despite only being around for about a decade or so, however, this technology allows traders to follow successful investors and duplicate their trades in real-time. It also provides an opportunity for traders to utilise similar methods to those used by successful investors, including overarching strategies and ways of utilising information feeds.
With automation, you can also use software to copy successful and targeted trades automatically, ensuring optimal efficiency and minimising the risk of human error or emotive trading.
However, seasoned or knowledgeable traders may still want to scale or amend copy trades to suit their own risk profile and preferences, otherwise, they may risk incurring sizable losses that are larger than they can sustain.
The Last Word
There are other trading tools of interest too from a forex perspective, including an array of calculators and trading journals.
Ultimately, your task is to determine which tools are most relevant to you, so that you can create an optimal tool kit that enables you to achieve your forex trading objectives.
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