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3 Best Tools for FX Trading

With so many great tools available to traders right now, choosing a top three is difficult. It is important to use top software when you are trading in Forex market to enhance your performance.

by Forex Bonus Lab

Doing a little research on a tool you wish to try out is essential. Here are our favorites:

1. MetaTrader 4 Supreme Edition

MetaTrader 4 (or MT4) is one of the most commonly used trading platforms in the market today. The reason for that is simple − it is outstanding. So when MetaTrader 4 Supreme Edition came out traders were expecting even more. And sure enough, Supreme Edition is a magnificent tool. It is a plugin for MT4 platform with additional features that were not available in the previous version of this software.

MetaTrader 4 Supreme Edition is easy to navigate and it is suitable for traders of all levels. The additional features included in this version are mini terminal that allows you to enter a trade with just one click, as well as execute stop loss and take profit orders quickly. The trading terminal is another add-on you will find especially practical if you use a scalping method since it provides you with a complete view of your trades. It is great for trading various currency pairs at the same time too.

2. Autochartist

Autochartist is in our opinion the best tool you can find for identifying trends quickly and accurately. It watches the market, discovers patterns, and delivers you its suggestions. The analysis is done in real time and you will get a notification right away so you can quickly decide what your next move should be. You can choose whether you want to receive charts with currencies, stocks, commodities, or anything else which is traded in the market.

The charts delivered to you by Autochartist are straightforward and you will be able to understand them even if you are a beginner. The design of this tool is user friendly and you will easily navigate it. It is good to know that if you already use MT4, you can install Autochartist plugin right away.

3. Economic Calendar

This might be an obvious one, but economic calendars are the cornerstones or every successful trading strategy. There are many economic calendar programs you can use, so we will not be making a specific suggestion as to which one you should choose. That is completely up to you.

Economic calendars are especially useful if you are focusing on the fundamental analysis of the market. They will provide you with dates and times of important news releases and you will be able to prepare yourself for any possible market movement.

Conclusion

Trading without quality tools on Forex market can be tiresome, but luckily, there are plenty of options you can choose from. MetaTrader 4 Supreme Edition, Autochartist and any economic calendar of your choosing should be your options if you want simple but powerful tools that will provide you with the best possible features and components. Trading Forex will be much more satisfying if you are using the right trading tools.


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