What Tools Do You Need for Trading

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Trading on stock and financial markets has become quite common in recent times. It is wrong to believe that such activities provide quick and easy money. To work effectively, you need knowledge and skills, constant monitoring of the world situation, and the right tools. About what should be in the arsenal of every trader, read below.

Trading Platform

A trading platform or terminal is the main tool that gives you access to various markets and instruments (Forex, metals, stocks, energies, etc.). It is software for PC or portable devices. Different brokers may offer different platforms. The most popular is MetaTrader of 4 and 5 versions. When choosing the right terminal, you should pay attention to the availability of the features you need:

• trading instruments and access to orders;
• functions for technical and fundamental analysis;
• algorithmic (automatic) trading;
• advisors, robots, alerts, and charts.

Also, it will not be superfluous to check the quality and speed of service. Your main tool should function promptly and without interruption so that you respond to market events quickly. If your orders are not fulfilled on time, it will result in financial losses.

Trading Calculator

Any trading platform has built-in analytics tools so that you can predict market behavior. However, it is also not superfluous to use a Forex calculator. With it, you can estimate a variety of parameters, depending on the type:

• pip calculator;
• swap calculator;
• margin calculator;
• profit and loss calculator;
• all-in-one service.

It is suitable for you to find the order’s outcome in advance, taking into account the current market situation, without investing your funds. Advanced providers offer users to make calculations simultaneously in several directions. By and large, you could do similar operations yourself, for example, in a table. However, trading calculators speed up and simplify the task, minimizing errors due to outdated data or typos.

Economic Calendar

This tool looks like a pivot table that collects macroeconomic indicators for different countries and companies. The calendar may take into account major political events, elections, force majeure, economic parameters, and psychological factors (such as expectations and emotions). That is everything that has an impact on the market. All this gives you a general idea of ​​what the situation will look like in the near future and allows you to plan your actions.

Currency Calculator

A currency calculator or converter is another easy-to-use yet essential tool for traders. It lets you quickly understand how much one currency costs in relation to another, determine the difference in prices, and track changes in quotes over the past month. If you decide to trade on Forex, you cannot do without this service. The information is updated automatically in real-time, so you don’t have to search for anything manually.

Use Them Comprehensively

The listed services are indispensable assistants for traders and greatly simplify the analysis and prediction of the behavior of certain instruments. Together, they give you comprehensive information about the current state of the market. Which of these tools do you use regularly?