Forex Trading Tool Chest
The Forex Trading Tool is an important component of your Forex Trading System. It consists of the tools you need to execute your Trading Plan, which forms the core of your system.Usually, your Forex broker provides most of the tools you'll need, including charts and live quotes. However, you might find some more tools in this "tool chest" that you can add to your trading arsenal. • Alerts - Forex trade alerts are used mainly by long-term traders (i.e., non-scalpers) who do not wish to stare at their computer all day long.
• Charts - Forex trading charts are the main tool of choice for technical analysts. They provide a visual representation of price action, which can be analyzed to forecast future price movement.
• Currency Converter - A free online currency converter that allows you to convert the value of one currency to the value of another currency.
• Economic Calendar - A global economic calendar allows you to determine if any important news events are scheduled that might affect the markets…and your trading.
• Exchange Rates - This currency exchange rate table provides a quick lookup of exchange rates among major currencies.
• Glossary - As a Forex trader, you need to be familiar with the language of the markets. This handy reference contains a list of common forex definitions.
• Interest Rates - This forex trading tool is used primarily by carry traders, but it's important for all Forex traders to know the current federal interest rates of leading currencies.
• Live Quotes - This live forex quotes table provides the current rates between currencies.
• News Video - Forex market news can affect your trading. Watch these recent video clips to stay informed.
• Single Currency Lookup - This tool allows you to retrieve the foreign exchange currency rates of a single currency against all other currencies.
• Trading Sessions Map - This world map shows you which major market forex trading sessions are currently open, in real-time. It also helps you to visually determine which major markets are currently overlapping.
• VPS - A cheap windows vps, or "virtual private server" is a must for any trader utilizing an automated forex trading system. It is essentially a virtual desktop that allows your automated trading software to run continuously 24/7.
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