Jul 142013
 

  [simple_series title=”Forex Beginners”]

Due to development of technological tools, forex trading is going to be more dependable on technology. And gradually a lot of technological tools are adding here. That’s why, if you want to be update with forex trading, you must be skilled with the latest and necessary tools.

You can find out a lot of trading tools in market. But you have to use the most effective tools to be successful. Considering your necessity, I collected information about the best tools and the tools are using the successful traders and they previously used. Let’s be introduce with these……..

  • Autochartist: Autochartist is one of the most popular tools in forex trading. It finds out a huge amount price data and predicts market condition. Basically it collects data according to predefined instruction and shows it from chart. About 70% forecast is proved correct of it.

  • Moving Average: This is very effective to know about market trend. It also shows you whether the market is neutral or bearing other conditions – such as bearish or bullish. It shows markets probable highest price and the resistance level. Actually it shows the average movement of market.

  • CPR: Candlestick Pattern Recognition is an indicator for showing custom charts in forex trading. It also shows the markets entry points and different time frame values. And you can make important decision seeing CRP result. CRP shows the information below—

  • Morning Star and Evening Star,

  • Piercing Line,

  • Dark Cloud Cover,

  • Three inside and outside up,

  • Three inside and outside down,

  • Three white soldiers and black crows etc.

  • Fibonacci Retracement: This is a web basis tool in forex trading. Using this tool you can know the support and resistance level of market. According to the information of it, you can fix an entry and exit point. You can know the lowest and highest market points of a certain day. Actually you can take an effective decision of a certain time using this tool.

  • Economic Calendar: Economic calendar shows the different market situations and its impact on market flow online. It provides the information for a long time. So that it helps to understand the present and future market flow analyzing the previous conditions.

 

  • Volatility Indicator: If you want to know the market volatility, this indicator will help you perfectly. Such as – certain pair volatility has halved for a certain time. Actually it indicates the most volatile pair which is correlates with the pip value. This is very effective for MT4. And you can easily be informed about the currencies which are facing volatility.

 

  • Pivots: As technical and analysis tools, pivots indicators are most popular. It shows the daily and weekly pivots as well. It will help you to calculate the resistance and support value and the level of your charts. According to pivots analysis you can make a successful decision.

These trading tools are very effective and helpful. So if you learn these fully, it will help you to gain success in forex trading. 

  One Response to “The Best Forex Trading Tools for Your Success (13)”

  1.  

    We should not alone depend on trading tools since that alone can never lead us to be successful; we have to trade with proper analysis but of course it is not easy and we need experience for this. I am able get this ready-made thanks to OctaFX broker, they have one of the best analysis providing services that too free of any charges and results are awesome and then I don’t need to depend on any tools to use for trading.

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