over 2 years ago

 

 

Broker Spread Comparison Tool

One of the most important elements to think about whenever choosing a broker is the spread.Traders always prefer a tighter spread, as entering and exiting positions can be much cheaper. forex trading strategies At once, the trader can make their trades at the most effective exchange rates.

Conversely, a broad spread in a trade increases the price of trading and can seriously hinder the task 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

Enough time periods a trader chooses to work in the forex market have a significant effect on the exchange rates of currencies. The world's largest forex trading centers are New York, Tokyo, London and Sydney, which operate in numerous time zones.

The opening hours of these key shopping malls overlap to some extent, with the Sydney market opening on Sunday at 17: 00 New York time and closing on Friday at 17: 00 New York time.

A graph showing the time once the forex market is open for 24 hours in various financial centers around the world is really a useful tool for the trader. This really is particularly so as the periods when markets overlap, they're the most active and liquid for trading.

Trading activity, liquidity and market volatility are three important components required for effective trading of the chosen financial instrument.

Volatility Calculator

One of the most important elements required for successful trading is market volatility. Currency pairs with a small range are usually not the most effective pairs to trade.

Given the amount of currency pairs designed for trading, it is better to leave the calculation of volatility to a particular service. An average forex volatility calculator or indicator форексtakes historical details about the exchange rate and determines the volatility of each currency pair in real time.

An excellent forex volatility calculator also reduces historical volatility into different time periods, such as for example 1 week, 1 month, 3 months, and 1 year. This can help traders determine whether the volatility of the selected trading instrument is high or low relative to the selected historical period.

It can also help a trader work on the most volatile currency pairs at the same time when they're most volatile, as higher volatility leads to more trading opportunities.

On another hand, the trader can reduce how big is the position in currency pairs with higher volatility to cut back their risks.

Trading Platform

MetaTrader 4 does not have any 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, allowing traders to analyze currency charts in realtime and apply several different technical indicators to them. You may also 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 personal trading. Having an archive of the real history of each trade, why it had been initiated and why it had been liquidated, can give a trader valuable details about their trading habits.

Furthermore, checking all trades helps the trader hone and enhance their trading. Researching your own personal mistakes can help you prevent them as time goes on, and they're some of the benefits of keeping a trading journal.