Picking the Right Forex Tools to Aid Your Trading Progress
Having discussed at length the position size calculator in a previous article, we thought it might be an opportune time to discuss other forex tools which should prove useful as part of your armoury of weapons to take on the FX market. These tools fall outside the normal scope available from your FX broker and as part of our continual commitment to our clients we intend to (once compiled, tested and our own intellectual property) make these tools permanently and freely available to our client base.
There may be other tools for inclusion in our FX toolbox that you’d like to recommend and as this list is only a starting point please feel free to be pro-active with any additional recommendations in the comments section at the foot of the article. Naturally we’ve left out the obvious main tools such as charts and the more experienced traders amongst us will already automatically reference many of these tools throughout the appropriate times of the day or week. However, many of us will testify that we’ve occasionally missed a blindingly obvious move in the markets by forgetting to pay attention to certain freely available tools. Many of us still miss key economic announcements, many position traders or ‘currency investors’ could operate singularly through the COT report, a sentiment index, the VIX and the Fed’s implied volatility rate and there’s many a trader who will still ask; “what time does NY open when the UK British summer time ends?”
Some of these tools you’ll have to bookmark yourself and be professional and disciplined enough to visit each resource on a daily basis. Some are not free, such as a squawk service and there’s often a one off charge to have, for example, a world clock sit inside your browser, nevertheless it’s up to you as a professional to examine your needs and requirements.
Position Size Calculator
So let’s start with the position size calculator. By putting in your account balance, your risk tolerance in percentage (or money value) and the stop in pips the calculator automatically gives you a lot size. Whether full lots, mini lots, or micro this calculator is invaluable to traders new to FX trading. As we progress we automatically ‘do the math’ in our head, however, this calculator is one of the most important tools given it is a key money management resource.
Economic Calendar Events List
Currency price reacts to fundamentals. Being aware of which fundamental news releases are scheduled for release on any given day should form part of any trader’s pre market preparation. FXCC produce an economic calendar that’s as comprehensive as you need.
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Forex Articles by FXCC | Forex Tools for Successful Trading
Source: FX Central Clearing Ltd. (FXCC BLOG)