Having proper tools is essential for every job.
Day in and day out, traders have to deal with a lot of information, so it’s always best to automate as many processes and calculations as possible. In the Forex Market, a trader’s mind can often be overwhelmed and grow tired with stress, even in the case of those who Trade Socially and copy other traders. As a consequence, this can not only be very detrimental to traders’ health but also adversely affect their decisions.
Nowadays, thanks to modern technology, many valuable tools have been created to help traders make the most out of their time and energy. Some of these tools already come with the broker’s platform as is the case with Tradeo’s Social Trading system. Others need to be obtained elsewhere. Whatever the case, these tools are used to make projections, deliver news feed, keep track of trading progress and many more applications.
Many tools are available nowadays, and some are often unwieldy to use. Therefore, Tradeo encourages its clients, especially beginners, to begin to get acquainted with some of the important tools available in the internet. We have created this guide in order to help you understand them better.
Below are the 5 most important (and basic) tools every Forex Trader needs to have:
1. Economic Events Calendar and News Feed Tools:
There’s a reason why these two come together and it is that each of them complements the other one. Having a trustworthy News Feed provider is crucial to make informed decisions as market fluctuations can be greatly affected by unexpected major events. Often, events are already set to happen so traders need to carefully take them into consideration before operating on special dates. On Tradeo’s website, there’s a constantly updated Economic Events Calendar and News Feed, free of charge for everyone to see. Studying both what happened and what should happen always give a more accurate view of what to expect from the market.
2. Trader rank and search to copy / follow:
This is a unique tool that has been pioneered by Tradeo’s Social Trading system and is particularly suited for beginners. Knowing who are the most successful traders allows others to follow and copy his orders so that they can also profit. By doing so, risk is minimized as only traders with a proven track record are usually copied.
3. Sentiment rank:
Another unique tool developed by Tradeo. As traders make their trades, they can also give an opinion on whether a certain pair or asset will go up or down. This way, traders can receive more crowd wisdom before forming their decision. The Sentiment rank is available inside Tradeo’s Social Trading platform and helps many traders profit even more thanks to the crowd’s opinion.
4. Indicators and Trends Calculator Tools:
These two calculators (often grouped together) give instantly some of the most important pieces of information traders need to have at all times, including Pivot Points and Fibonacci projections. Knowing how to interpret the indicators and trends is a must for everyone before operating in the Forex market. Later on, traders can make use of these calculators to automate their planning and predict approximate variations in the market. Some platforms, like that of Tradeo, already possess these two calculators free of charge.
An offline notebook can be a valuable tool for recording operations, plans and market impressions. It helps traders to recognize their mistakes and improve when reviewing it. These lessons are unique for each trader as they navigate through the sea of Forex trading. Never underestimate the power of a notebook as it will prove to be of immense help in the learning process.
In conclusion, tools were made to make life easier but using them efficiently can be an art.
Nevertheless, with a little bit of patience and determination, they can be mastered and become valuable assets to traders. In order to know more about our tools, don’t hesitate to call one of our representatives at Tradeo and ask him questions.
We are happy to help!