Broker Spread Comparison Tool
One of the most important elements to take into account when choosing a broker is the spread.Traders always prefer a tighter spread, as entering and exiting positions could be much cheaper. forex trading strategies At once, the trader may make their trades at the most effective exchange rates.
Conversely, an extensive spread in a trade increases the price of trading and can seriously hinder the work of short-term traders, such as for example scalpers, who generate income on short-term positions, taking small profits.
Many spread comparison sites allow traders to filter by currency pair and see which brokers offer the most competitive spreads.
Time Zone Converter
The full time periods that the trader chooses to work in the forex market have a significant impact on the exchange rates of currencies. The world’s largest forex trading centers are New York, Tokyo, London and Sydney, which operate in different time zones.
The opening hours of these key shopping malls overlap to some degree, with the Sydney market opening on Sunday at 17: 00 New York time and closing on Friday at 17: 00 New York time.
A chart showing the full time when the forex market is open for 24 hours in a variety of financial centers around the globe is a useful tool for the trader. This is particularly true since the periods when markets overlap, they are the most active and liquid for trading.
Trading activity, liquidity and market volatility are three important components necessary for effective trading of the chosen financial instrument.
Volatility Calculator
One of the most important elements needed for successful trading is market volatility. Currency pairs with a restricted range usually are not the most effective pairs to trade.
Given how many currency pairs readily available for trading, it is way better to leave the calculation of volatility to a particular service. An average forex volatility calculator or indicator форексtakes historical information about the exchange rate and determines the volatility of each currency pair in real time.
An excellent forex volatility calculator also stops working historical volatility into different time periods, such as for example 1 week, 1 month, 3 months, and 1 year. This can help traders determine if the volatility of the selected trading instrument is high or low in accordance with the selected historical period.
It can also help a trader work with the most volatile currency pairs at any given time when they are most volatile, as higher volatility results in more trading opportunities.
On another hand, the trader can reduce how big is the career in currency pairs with higher volatility to reduce their risks.
Trading Platform
MetaTrader 4 doesn’t have equal as you of the most used platforms for forex tradingфорекс. This comprehensive trading platform has several features which can be essential for any trader.
The trading platform includes full technical analysis functionality, which allows traders to analyze currency charts in real time and apply several different technical indicators to them. You can even trade currency pairs directly from the charts.
Trade Magazine
Keeping trader’s trade log of trades is a valuable way to master from your own trading. Having accurate documentation of the history of each trade, why it had been initiated and why it had been liquidated, can give a trader valuable information about their trading habits.
In addition, checking all trades helps the trader hone and improve their trading. Learning about your own mistakes helps you prevent them as time goes on, and they are some of the benefits of keeping a trading journal.