Tools are great to deal with trading and they will help you. Trading involves lots of data processing to make a decision to trade. Choosing a right tool are also important to light your path. There are many tools available. These tools cover different aspects of the trading. Millions of people use the paid services as well as free services. You can get many free forex trading tools. Depending on the purpose, you can change the tools. Every tool has updated information on the FOREX trading. To make it simpler we are listing some of the important tools. Following are the tools which are popular in the market.
Calculation and prediction of PIP value is definitely not an easy job. When you try to do it manually you need to consider every aspect and the decimal points of the currency pair. You also need to consider the higher value and secondary value for better results. But with the PIP calculator, you can get the information about the trade. You can check whether the trade is suitable for bidding or not. This will help you to minimize the risk of losing your money. You can do it easily. All you need to do is set the PIP value and the currency pair. Then select a total number of available that you want to trade. Then choose the output currency. See the result, analyze it and decide on the trading.
The currency pair is a set of permutation of all the currencies in the market. One has the expectation to correlate the prices between the pairs. Correlation is the important subject to understand the case of multi-pair trading. For the cases of hedging- negative correlation is the answer, For the cases of diversifying- zero correlation is the answer if you are aiming to increase the exposure- positive correlation is the answer. This tool presents this kind of sensitive data in systematic order. This tool offers the flexibility in calculating the things in excel itself. It is also well known for user-friendly visuals and displays.
Time is money– these words hold true for all sorts of trading in the world. One needs to stay updated with all the details of the trade with respect to time. Even the micro reports might impact the Forex market. This calendar can switch to the different time zone for different currency and even present the details of the forecast figures of active and inactive, impact of any variation and much more.
This tool helps you keep the trading activity in proper shape. It computes the margin, one needs to maintain in the account. This maintenance serves as insurance to prevent your position to shut down. It calculates your leverage and size to restrict you from disappointments. It is dependent on the specification of a standard account. The operation of this calculator involves selecting the account currency, currency pairs and size and this will display your margin.
Forex Volatility Calculator
Volatility is the main ingredient for the trader. The profit is less for the forex pairs which is stagnant. Traders always look for currency pairs which are volatile. Finding the volatile pairs in the exchange is not an easy task. One need a tool to free himself from the manual task to calculate the Volatility pairs. One such tool is Forex Volatility Calculator. It has the capability of calculating the volatility of 30 pairs using the histogram data of maximum limit of 54 weeks. It can represent the hourly volatility, which is a deciding factor for what moment, one can invest in the trade. Similarly, it can represent data based on different constraints.
When you want to enter into a trade, you should understand that you can earn a profit or face the loss. But if you use the profit Calculator app or tool, then you will have an idea about the profit margin. Before entering into an open trade in Forex, try to check the possible outcome in the profit Calculator. These may not be obsolete. But they provide a hint. If the outcome is too bad then you can consider and revise your options. You can choose for different bid. You need to select the pair. Then select the mode of order that is sell or buy. Set the price for opening and closing trade. Then select the currency to see the results. Voila! You will get a prediction.
FXTM trading signals
This will help you to find the fluctuations in the total value depending upon the important financial factors. The main factor is the price. This will track the behavior of the financial instruments. Depending on the variations, you will get results. It covers 14 financial aspects including 3 market indices, 3 commodities and 8 pairs if currency. It provides the price movement along with the three technical value indicators. They also help you to find the protective stop losses. You can check for trading signals at different scenarios.