Best Forex Tools 2023

Why are Forex Tools Important?

It is important for a Forex trader to use appropriate trading tools because it can either increase or decrease his chances of attaining profitable results. A good Forex tool that would be most effective in identifying entry and exit points, for example, would significantly contribute to his trade strategies. On the other hand, if he chooses an outdated or inaccurate tool, this might lead him towards making poor decisions which could greatly affect his overall profitability.

Using the proper Forex trading tools can significantly reduce the risks associated with forex trading and make it easier for traders to attain their desired earnings. These tools can also help improve morale, especially when things do not turn out as expected, given that they only serve as additional aids; there is no guarantee that they would produce the desired results every time.

How to Choose the Best Forex Tools for Your Trading?

There are many different forex tools that traders can use. Some of these tools are free, while others require a subscription fee. It’s important to choose the best forex trading tools for your trading needs before you start using them. Otherwise, you could end up wasting time and money on something that doesn’t work well for you. We will discuss some of the factors to consider when choosing which forex tool is best suited for your trading needs!

Do your Research

The best way to choose the best forex tools for your trading is through intensive study. You must do extensive research about various trading tools and select those with a proven track record or which are recommended by professional traders. The more information you gather the better prepared you will be in choosing your own “killer app.” Just remember that no matter how good a software claim to be, if it does not work for you, don’t waste any more time trying! Consider yourself lucky that there are so many forex tools out there; one of them is bound to work for you!

However, forex traders tend to be emotional. They fall in love with certain tools and then try to convince others that it is one of the best forex trading tools available on the market. That’s why you always need an objective person who has tried a given tool and can give you realistic feedback on how it works. This objective person can be your broker or an experienced trader from one of the forex forums out there.

Choose Your Tool Based on Your Trading Style

When you are choosing a forex trading tool, the first thing that you need to know is your trading style. Do you want to be a scalper? Or an intraday trader? How much do you have for investment? Every forex trader has his own style. So, if you are scalping, don’t choose a classic charting solution that would require more time than necessary for entering or exiting positions. On the other hand, if you are not looking at trading on a daily basis, why pay any subscription fee for charting tools?

The best forex tools in the world won’t work unless they cater to your personality and style of trading, such as scalping or swing trading. Hence, think deeply about how many pips per day do you want to achieve? Do you prefer to trade volatile currency pairs such as EUR/USD or stable currency pairs such as AUD/NZD? Which time frames do you often use for trading?

Always ask About the Entry and Exit Platforms

Make sure you see the whole process from point A to point B. If you intend to be a scalper, then an excel spreadsheet will do just fine as long as it contains 2 dimensions: time and price. But if you plan on doing intraday trading and use no-broker solutions such as signals service providers, make sure you can enter or exit your position at any time of day or night without paying an extra fee.

Free Trial Period

While choosing the forex tools, check if the tool offers a free trial period. If not possible, don’t even think about purchasing this tool! At least take advantage of the free trial period before making a purchase.

Choose Between Free and Paid Tools

There are so many forex trading tools out there, but not all of them can provide an edge to their users. Suppose, you intend to trade manually with the help of some simple indicators on a chart. In this case, it is better to invest in a suitable indicator instead of paying for a complex tool that has no proven track record.

Create Your Own Toolbox

Once you have got a good grasp of what kind of tools will work best for your style of trading, consider adding more tools into your repertoire. Don’t limit yourself – perhaps you will find another “killer app” which you did not even know existed! In fact, some traders may need particular tools only for particular time frames. So, choose the multiple forex tools according to your needs.

Use Multiple Charts

There are so many forex brokers out there that you can choose from, but your broker should provide more than one charting solution, perhaps the offering of many tools. If the broker doesn’t, then don’t hesitate to switch to another provider. This is important because it will make your life much easier once you start trading! There are online webinars that allow you to see how professional traders look at their price charts. You can follow them step by step and learn trade tricks!

Analyze What’s Hot/What’s Not in Forex Forums

Forex forums contain little snippets about any software or indicator that appeals to people. They share information like “this indicator saved my account!” or “this scalping guru is so awesome! what else can I say?” etc. Try to look at these indicators/strategies in action before you make the final decision that it’s the one for you.

Look for Recommendations from Other Traders

Don’t rely solely on the information given by the provider or retailer of these forex tools/indicators. You must ask for recommendations from your fellow traders and see if they have tried it. If the recommendations are favorable, then you should go ahead and give them a try!

Combine the Best of Both Worlds

Remember that there are so many best forex tools out there. But these won’t work unless you combine them with proper money management strategies, discipline, and patience! For example, you can use Fibonacci retracement because it’s a proven way to predict market turns. And then, use an oscillator like Stochastic to know how much momentum is carried by the price move. This way, your profit margin will increase substantially!

Be Careful of Scams

There are a lot of scams out there claiming to be “the best forex tools in the world,” but these aren’t really true. Stay away from websites that offer free software or demo versions because they will most likely ask for your credit card information when you want to download them. These scammy tools usually have trial versions that expire after a days, so better use them NOW! In addition, make sure that these products won’t bear your computer with viruses or adware! So what does this mean? Your research before jumping into any website!

Educate yourself Before Making any Purchases

There are so many websites out there offering forex tools. You must educate yourself first about the certain product you want to buy. One way of doing this is by reading customer feedback, testimonials and conducting online research on it before finally choosing whether or not to acquire its service. If you don’t know how to do such, try asking for recommendations from someone with experience with that particular software/indicator.

Allow Yourself Budget Some Time

Lastly, don’t be in a rush to purchase some forex tools which claim to do everything for you. Remember that “the spice of life” comes by when you take time to smell the roses – after all, this applies not only forex trading but also to anything you like doing, like music, arts, or sports. So make sure you allow yourself sufficient time to try out several different tools and choose one which suits your personality best!

If you carefully follow the above guidelines, then your chances of becoming a successful trader using the forex trading tools will be greater than ever! And if luck doesn’t favor us, traders, we can always count on the best forex tools in the world to help us get more of the right decisions!

What are the best forex tools to use? That’s a question that many traders ask themselves when they are starting out in trading. There are so many choices, and it can be hard to find the one that fits your needs. Hence, we will go over some of the different types of tools and which ones might work better for you, depending on what type of trader you want to be.

Forex Pivot Points Calculator

In forex, a pivot point is an indicator in technical analysis, calculations and is used in determining the market’s overall trend over different time frames. The pivot point is just the average of the high, low, and closing prices from the previous trading day.

The pivot calculator helps you in calculating the pivot points for forex and SBI FX, forex options, commodities, bonds, stocks, options, futures, options, and other investment securities with a high, low, and closing price, during a given period.

They can be used to measure market sentiment as well. As a trader, the pivot points calculator is a valuable tool.

So, what exactly are forex pivot points in forex trading?

Pivot Points (PP) is a technical analysis term. It refers to levels of support and resistance for an asset. These levels form important areas where the market price usually reverses its direction, meaning traders can take advantage if they guess right. They are also helpful when deciding whether or not to enter the forex market by measuring how likely it is that prices will continue to rise if they breach one level but drop if they breach another level. The number of timeframes that Pivot Points cover varies – some use just 4-hour data while others use daily data to create their charts. However, the key factor is that all these Pivot Points are based on data from previous sessions. This should not be confused with a moving average, which is based on current data.

The forex pivot point is not a specific price – it’s more of a range.

What about the calculations? How do these pivot points get calculated?

Forex pivot point calculation is either a complicated or very simple process depending on who you talk to. There are three different methods, and none of them involve using any outside sources such as moving averages or indicators, other than possibly volume levels: ·

Linear – It’s one of the oldest methods, which is also the easiest for people to understand. You basically take today’s prices and add them up and then divide that total by 5 (1+2+3+4+5). The result is what we’ll call Pivot Point ONE. Take yesterday’s high price and add it up and then divide that total by 4 (1 + 2 + 3 + 4). The result is what we’ll call Pivot Point TWO. And then there’s the third one. This is also called the no BS method. It simply takes yesterday’s high price and multiplies it by 1.3 while multiplying the low price by 0.8 to get an average of 1, which will give us two values known as PP ONE and PP TWO.

However, if you want to calculate the pivot points manually, you need to put in a lot of effort. But if you use a pivot calculator, things get easier.

Forex Pip Value Calculator

Forex pip value calculator is a financial tool helping traders to calculate the profits or losses of their trades, as well as margin requirements. However, the pip value calculator only applies to forex businesses that use leverage and requires a position to be opened with margin funding. Other business types do not use this type of calculation but rather work on a “net-to-firm” basis or “mark-to-market” values.

The currency values are calculated based on the currency pair’s price change in percentage points (pips). If one currency in pairs gains 10 percent value against another it has added 10 pips to its value. However, calculating pip values is simple when currency rates are low (1-, 5-, 15-minute intervals) and more complicated when dealing with high-volume currency pairs. For example, in EUR/USD, we have 1:30 and 4:00 time frame data for the same period, but the pips change differently in both cases. In this case, the forex pip calculator comes handy.

Forex pip value calculator can be used to calculate the current lot price if we know the current exchange rate, trading volume, and leverage factor.

Using this tool, a trader can know the actual value of a pip in the currency that they choose. Typically, all you need to do when using the calculator is:

• Set the pip amount
• Choose the currency pair for the trade
• Select the number of lots you wish to trade
• Choose the currency you want the pip value to be displayed in

The currency pair define the pip value that you are trading, the size of the trade, and the exchange rate of the pair. The pip value calculator will divide one pip (normally 0.0001) by the current market value of the forex pair.

A forex calculator is a useful tool for both beginning and experienced traders. Although all brokers offer charts, some require paid subscriptions to access the most updated information about currencies. Moreover, investors may also use free online tools to perform currency conversions or find forex brokers that are regulated within their country of residence.

Nevertheless, a forex pip value calculator is useful for investors who are just starting out with foreign exchange because it helps them determine if they are making money by buying low and selling high. That is why it is also referred to as a pip profit calculator. This knowledge allows them to stop before losing too much money that they cannot afford to lose, thereby preventing financial ruin. Investors who use pip calculator tend to make wise choices about which currencies to buy, when to buy them and how much money they are willing to lose during any given trading session.

It is also important for investors to know that most exotic pairs have between 100 and 200 pips per day. Hence, it is not rare for an investor’s account balance to rise or fall by thousands of dollars within minutes due to fluctuations in these. So, traders should always use the pip calculator forex tools to know exactly how much money they are willing to lose before starting up any sort of strategy.

Fibonacci Calculator

A Fibonacci calculator is a useful tool in forex trading. It is used to determine support and resistance levels in the market. Many analysts use it regularly when they find it helpful in determining what future prices may do.

Today we would like to explain what Fibonacci calculator forex tools actually are and how you can use them to help your trades become more successful.

First of all, let us take a look at some important aspects that one must consider before using Fibonacci Calculator. These are:

• Support & Resistance Levels
• Price Patterns (i.e., head & shoulders, double tops/bottoms, etc.)
• Trend Lines (Both Linear & Parabolic)
• Fibonacci Ratios (Butterfly & Gartley Patterns )

Fibonacci calculator online uses these levels and patterns to determine future support and resistance levels based on past price action. It is important to note that the Fibonacci calculator forex tools do not give absolute values for support and resistance levels, but rather, it gives a percentage range of possible targets.

This means that after seeing an indicator showing you 3% as a support and resistance level, you should then consider taking trades targeting those prices. Keep in mind that this tool is just another forex trading tools that can help traders find good areas to take trades off.

It is important for traders to understand that although the Fibonacci calculator online gives you a range of possible targets, it does not give absolute values for support and resistance levels.

The Fibonacci calculator gives the trader three key pieces of information:

• This is where price should reverse
• How deep retracement/extension will be if any
• Additional fib levels for entry and exit

Position Size Calculator

Forex position size is the number of currency units that you want to invest in a given market. The higher your position size, the more leverage you will achieve and also tends to be correlated with increased risk.

An online forex trading calculator is a simple tool that gives an overall idea about the capital allocated for each unit of account at different levels. Forex position size calculator is such a forex profit calculator.

The forex position size calculator is an analytical tool that allows you to quickly and easily determine the size of your next trade by giving you a suggested position size for any traded amount. You can use this calculator as an aid or together with other methods such as Fibonacci retracements, Moving Averages, Support and Resistance Levels, and Elliott Waves Theory.

Many courses on forex trading teach various strategies for making money from foreign exchange trading. The most common method used among these strategies is a technical analysis which mainly involves drawing trend lines, support and resistance levels, and so on to predict the future movement of prices. While this might sound easy enough but it actually isn’t since we need tools to use through our decisions in the market. These tools and methods can be useful by helping us gain the most profit with the least risk.

One such method is the position size calculator, which explains how much money we should invest in one trade. To calculate forex position size, we divide our capital into the appropriate number of shares or lot sizes, including stop-loss and take-profit levels as per our total account’s equity level after each new position is taken. Most people tend to overlook this, but it is a must to know this before any kind of trading because there are no guarantees of success even if you do your homework perfectly. Thus it helps a trader think about what could happen if their prediction was wrong or simply goes against them. This way, they can avoid any kind of trading disaster and be ready for the worst possible scenario.

However, the FX position size calculator is a complex task that many traders tend to overlook, but it’s important to understand this for maximum profits and minimum risks. To calculate forex position size, you simply divide your total equity into share sizes to match your trade unit, which includes stop targets and profit goals.

Usually, you will get the position size calculator with the forex trading platform such as MetaTrader 4 or MetaTrader 5, etc. Position size calculator MT4 helps us decide how much money we should invest in each trade and loss, which we can afford up to a specific level. This way, we can avoid any kind of financial crisis and focus on our performance. It also helps us determine the amount we need to sustain certain levels of drawdowns so that we can keep profits flowing even after a series of losses. Hence position sizing plays an important role not only in minimizing risk but also in increasing profitability by optimal choosing lot sizes based on market exposures.

Forex Risk Reward Calculator

Forex risk reward calculator is one of the forex trading tools that helps in calculating the reward and risk in a given position in percentage terms. Basically, it determines whether an investment or trade can be classified as a good one or not.

As a trader, you will need to calculate the position’s best targets and their risk-to-reward ratios. The calculations are based on the Fibonacci retracements from the local peak and the bottom. A calculator is a handy tool to determine potential risks before entering any position.

When you start, you will calculate the Fibonacci retracements to form the entry, target, and stop-loss levels. It is usually wise to enter positions only when the current price is close to the Fibonacci level. You will reduce the risk significantly.

In simple words, the risk reward ratio forex calculator is an easy-to-use and effective forex trading tool that allows traders to calculate the amount of profit or loss they stand to make when opening a new position in forex. The main difference between entry and exit points is the difference between your stop loss level and take profit target price. The distance between these two prices, expressed in pips, will tell you how many pips worth of profit or loss you could potentially see on each trade. If you often don’t correctly anticipate the future movement of currency value, this calculation may be useful in handling your emotions and keeping track of potential gains and losses in order to stay rational when making trading decisions.

Also, a forex trading risk reward calculator may be used to measure the potential profitability of a currency pair by comparing how much you stand to gain or lose from opening and closing a position at current rates. This is especially useful for beginners who need to make quick decisions about entering and exiting trades based on available data; without having to wait out long periods of time for currency price fluctuations to occur. By checking the potential returns against the amount of capital they have to invest, traders quickly get an idea of whether this trade will be worth it or not.

Gain and Loss Percentage Calculator

The calculator will quickly tell you what percentage of the account balance you have won or lost. You will also get an estimate of the percentage of the current balance that you will require to reach the breakeven point again. Please note that the calculation assumes the market will remain flat.

The tool is excellent when you want to understand even better how much you have won or lost in your trade. If you had a losing trade, you would know what is needed to get back to breakeven. With a winning trade, you know how much you can afford to lose before you return to the starting point.

The Gain Percentage Calculator estimates how much of your margin equity would be lost if a position were to move against you by the number of pips entered for any given pair/time frame on any particular day. Further, it also calculates what percentage gain or loss would occur if the market moved in your favor by the number of pips entered for any given pair/time frame on any particular day.

Nevertheless, you can use this calculator for all pairs that are traded on MetaTrader 4. But please do note that it may not work correctly with some of the less popular pairs due to insufficient liquidity.

Benefits of Gain and Loss Percentage Calculator

This calculator can help traders understand what portion of their capital could be at risk when trading certain positions and is primarily used during times of low volatility. The results from the gain and loss percentage calculator are only estimates and should not be used as a guarantee. It is because they do not guarantee a particular potential gain or loss but rather serve to give you an idea of what may happen depending on market conditions. To get the most accurate results, please try to use realistic values when inputting data into the calculator. It is important that you enter realistic values for each field in order to ensure proper results.

MetaTrader VPS Hosting

As you know, that forex market runs 24/7. Therefore, you may need to keep your computer turned on all the time. But, keeping a PC open 24/7 might not be possible. So, you may miss important trading, or your forex trading tools might not operate if the computer goes offline. That is why you must need something that will keep your trading on even if your computer is shut down. Here comes the VPS as your savior.

And, MetaTrader platform offers VPS hosting with their forex trading platforms. Although MetaTrader VPS hosting is similar to a regular VPS, it is superior for forex trading. Hence, you can consider it as one of the forex trading tools to boost your profit.

Forex Report Analysis Tool

If you are active in the forex market, then it is no secret that forex report analysis tools are extremely useful. Forex report analysis tool will not only help you to stay ahead of trends but also ensure that you aren’t caught short by unwelcome surprises. It is basically forex trading tools that can analyze any currency pair and show you exactly where the market is going. However, just because these forex tools exist doesn’t mean everyone knows what they are or how to use them.

It works by analyzing a large amount of past data for a given currency pairing and finding which one has been most successful; it’s called ‘The Winner.’ Once this program has found out ‘The Winner,’ it will then calculate all possible support & resistance levels as well as Fibonacci retracement levels. In other words, the forex report analysis tool shows you exactly where to enter and exit the market!

Interest Rate Table

The interest rate is the amount a lender will charge you for using his/her assets. An interest rate table is a tool you can use to break down the math and know what you have to do to pay back. The interest table expresses this as a percentage of the principal.

The tables are prepared in many forms. The variations are usually on the level of detail offered and refinement of things like the decimal places, time intervals, and other things that may or may not be useful to you. The tables allow you to stay ahead on payments and such.

The interest rate table is important to traders, especially those who trade in the forex. Having an understanding of how it works will aid in forecasting currency rates and being able to pick up on market trends.

Elliott Wave Videos

Elliott wave is a theory of financial market analysis that is most commonly associated with the study of price patterns in stock, bond, and commodity markets. The Elliott Wave theory was written by Ralph Nelson Elliott in 1938. He said that he created this theory based on human instinct. Human beings have a tendency to move with crowds and sometimes make decisions against them. As a result of what has been called a self-affirmation bias, we tend to want to “be right” even if it costs us money or friends. The underlying theme here is that people give names to market trends, and they tend to follow the crowd even if they know that this is not logically correct.

The Elliott Wave principle proposes that the collective investor psychology or market sentiment oscillates between optimism and pessimism. All of this happens in natural sequences. The mood swings create patterns, of which price movements of the market are evidence.

At every degree of a trend of time scale, you will see the Elliott Wave. In trading, you can use the information coming from the wave patterns to know if the price movement is impulsive, or a retracement. You get to do all this before the price changes the overall structure as sentiment changes.

Forex Trading Strategies

When you are a trader in the forex market, you will need to have forex strategies that work. To understand this much more comfortable, you need to know the top 5 strategies that are useful and frequently used;

• Position trading
• Swing trading
• Day trading
• Scalping
• Transition trading

Each of these has merits that will work for or against you. All of it depends on your analysis skills and understanding of the market. It is advisable to know the successful forex trading strategies and apply them appropriately for maximum profits and lessened risks. For that, you will need extensive forex education.

The strategies mentioned above are also effective forex trading strategies for beginners. Besides, beginners can use other strategies such as price action strategies, range trading, news trading, grid trading, and more. Nevertheless, newbies can apply all of these strategies with forex tools. Eventually, new traders can find their own successful forex trading strategies.

Currency Strength Meter

A currency strength meter is a forex indicator that calculates and displays the relative strength or weakness of a currency based on the weighted average of all other currencies.

The forex currency strength meter is not as popular as some other indicators, but the best currency strength meter can play an important role in your trading decisions, particularly when deciding about entry and exit points for trades.

Currency strength meter indicator color codes:

• Green: +ve (overbought) currency = $ is getting stronger compared to its peers
• Red: -ve (oversold) $ is getting weaker compared to its peers

What does this mean? It means that if you compare two currencies, such as US Dollar with the Japanese Yen, and see that the green line (Japanese Yen) is below the red line (US Dollar), you can buy the US Dollar and sell the Japanese Yen.

Nevertheless, the currency strength meter forex tools show the average of all currency pairs. If we see that the green line (or blue one if using the inverted version) is NOT below the red line (or above it for inverted), this means no change in strength or weakness.

Forex Calendar

Forex calendars provide information about economic news releases which affect currencies due to their impact on interest rates (i.e., how likely they are to change) and inflation rates (i.e., the amount of change expected). This is why FX calendars are often referred to as event calendars or economic calendar forex. An FX calendar does not only give the names and times but also gives an indication about where currencies are likely to have changed during that session.

Forex calendar can give you some benefits such as,

• Shows the connection between currency and an economy
• Forecasting inflation rates
• Forecasting interest rates

Compound Forex Calculator

The rise of online trading platforms has made forex trading more accessible than ever, and many people worldwide are turning to it as an exciting source of income. Therefore, people use simple and compound forex calculators to measure their profit, loss, or number of trades executed.

Compound Forex Calculator – How does it work? 

A simple forex calculator will only show you one particular aspect, such as your profit or loss on each trade. On the other hand, a compound forex calculator takes everything into account and provides you with a complete picture like the number of trades executed, total profit or loss incurred during that time, etc. Nevertheless, this breakdown could help you decide whether trading is right for you. Further, the compound calculator includes the lot size forex calculator, forex margin calculator, forex risk calculator, leverage forex calculator, and swap forex calculator. All these calculators will give you enough insights to trade using other forex tools.

Compound Forex Calculator – Why should you use it?

If you are keen to get into forex trading, then a compound forex calculator will provide valuable insight into the entire process and help you make an informed decision. It can be very easy to get swept away by all of the hype and spectacular stories about how people make thousands of dollars overnight and quit their jobs in a matter of days. The truth is that there’s no such thing as easy money, and whatever your ultimate goal is, using a compound forex calculator will help give you an idea of how much work needs to go in before things even start getting exciting. When deciding to invest in something, it’s always advisable to be as informed as possible in order to make the right choice.

Let’s get to know the other elements of the compound forex calculator.

• Lot size forex calculator: It provides an accurate calculation of how many contracts/lots or shares equal 1 pip for any currency pair, including stocks(equities), commodities, and financial indices.
• Forex risk calculator: It is a tool that enables you to measure your maximum number of consecutive losses in forex trading. It calculates the loss based on the risk per trade and shows the results of how many consecutive losing trades can be sustained before reaching your money management stop loss.
• Forex margin calculator: It is a technical application for trading on the foreign exchange market. By using this application, you will get profit when trading Forex online in order to follow the trend movement (upward bias or downward trend) that has occurred during recent times. The advantage in choosing “the direction of the trend” gives you an opportunity to make a profit in large amounts.
• Leverage forex calculator: It is a tool that would allow you to calculate equity changes given different amounts of leverage. However, equity changes depending on the opening price and today’s price, as well as commissions charged. Nevertheless, these calculations are only estimates made by the tools and cannot be held as truth or legally binding.
• Swap forex calculator: It’s an app that was developed to provide forex traders with a better way of calculating their daily swap costs.

Forex Profit Calculator

This calculator is one of the best tools you can have when you want to stay on top of what you have gained and to see what you have lost. The profit calculator will let you know how much you have and how to make sure that you do not dip below your principal amount.

With a forex profit calculator, you will always have a way to know how much money is available and how much you can afford to lose when you are trading. Management of funds is one of the tenets every forex trader must learn to survive.

Final Words

Forex trading is an exciting prospect, but getting one’s head around at first can be hard. Therefore, using forex tools is a good idea before making any kind of commitment. Forex tools will provide you with all of the information needed to better inform your decision about whether or not this is something that you want to pursue. Remember, just because someone else made money doing this doesn’t mean that there aren’t some initial efforts required of you too. A little bit of work on your part could pay off big time down the road, though! So what are you waiting for? Get busy forex profit calculator today!

Most of the forex trading tools we have discussed above can be obtained for free online. However, you can get some of them via your forex broker or news websites. On the other hand, the rest of the premium tools can subscribe through the developer’s website.