Just like a plumber without a pipe wrench and channel locks, it is hard to imagine a successful trader without such forex trading tools software as trade journals, time zone converters, financial news-wires, and more. They all have an impact on the strategy you choose and must never be underestimated.
In our today's guide, we will review the five essential Forex trading tools for those who only get started.
What Forex Trading Software for Beginners to Choose
With so many sophisticated trading instruments and software, not using them is a crime for newbies. Of course, it is great to have them all in the pack delivered by MetaTrader 4 out of the box. On the other hand, beginners may look for Forex trading software free on different websites or right here in this article.
So, here is the list of Forex tools beginners might need when only getting started:
- Financial News-wire – your access to major economic and financial outlets such as The Wall Street Journal, Bloomberg, and more.
- Time Zone Converters – to know exactly what is the best trading time for a particular asset or commodity.
- Economic Calendar – contains vital data including released outcomes and future market consensus.
- Calculators – to come up with accurate pips, volatility rates, and other crucial metrics.
- Trade Journal – when a trader keeps regular and accurate notes of his or her actions, it ensures priceless insights as well as the ability to realize the nature of mistakes or success.