There’s a ton of trading tools out there on the market, but which ones might help to give you that edge you’ve been looking for as a trader?
From platforms with built in tools, to standalone browser based tools and even custom built algorithms, this trading tools blog takes a look at the best of the best and compares which one might work in forex markets today.
Forex Pattern Trading Tools
Sometimes it sounds like a trip to the Zoo when you hear about forex pattern trading tools. You’ve got the crab, a bat and a ton of other names like head and shoulders that are a bit like looking for constellations in the sky if you don’t know what you are looking for. The best forex pattern finder would have to be the Manara trading tool. This tool uses AI technology to identify and map out trading patterns in a TradingView style chart with clickable pattern alerts that pull up the chart when you click.
Forex News Economic Calendar
There are economic calendars, and then there’s deep insight calendars that provide detailed history of what happened to price in previous announcements. When trading news, it is best to stack the odds in your favor before the market releases the news.
Deep insights means a deeper level of understanding of what is likely to happen based on the same previous events. Trading is a probability game, as outlined by the famous book Trading in the Zone and stacking probabilities in your favor is critical to success long term.
EURGBP Germany Inflation statistics pulled from the deep insights tool.
EURGBP Employment Change statistics pulled from the deep insights tool.
Algorithmic Trading - Statistical Probabilities
Using statistics in your favor makes trading far easier than hitting and hoping for a win. Knowing the probabilities of your system makes you far more confident in trading, and algorithmic trading opens the door for continuous trading without the headache of watching the charts and being a part of the ups and downs of each trade. Being somewhat close to a set and forget system, algorithms make trading more of an investment where you test and trial until you are happy with the recipe, then you can cook the cake on an ongoing basis.
While learning to code and building your own Expert Advisors for MT5 can be a great way to go, there are pre made algorithms that are tried and tested, like the Waka Waka ea.
Education - Your Mind is the Tool
While it isn’t a traditional ‘tool’ as such, your mind is the real difference between winning and losing long term. Global Finance Trading is all for learning and building real skills that will help long term. So many influencers and youtubers out there are pushing big wins like they happen everyday, because too many people fall for hype. Don’t fall for hype, learn as much as you can, become resilient and mentally tough so you are ready for a long road to learn how to trade and master a skill that can create so many opportunities you will not need any hyped up products to create your dream life.
How can you learn, if so much is hype?
Well, there’s a few courses out there that are legitimate.
Keyzone Trading – Forex trading
Magnetic Trading – Index trading programs
G7FX – Futures order flow trading
All coding programs will be helpful if they have what you need to learn a little more. Coding isn’t about hype (unless it’s those drag and drop style programs)