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Forex, or foreign exchange, is a trading activity that’s positively booming at present. With the traded volume exceeding $4 trillion every day, it’s a sector that’s well and truly thriving as ever-increasing numbers of people are realising the potential of such a fluid market.
Of course, as with any trading instrument there are risks involved and Forex does not guarantee any return of profits. If you are looking to venture into this world, it’s important to do your research and make sure you understand the risks attached.
It can seem like a daunting prospect, especially for beginners, so it’s handy to know which tools you can utilise to make the most of your trading strategy. Read on to find out more.
Time zone converter
Forex trading goes on right across the world, from San Francisco to Singapore and everywhere in between. With various hotspots based in the likes of Tokyo, London and New York, traders can access markets almost 24/7. It’s vital to keep track of which markets open when, and a time zone converter can help you plan your schedule around those hours.
MetaTrader 4
The MT4 platform is popular among traders around the world, thanks to its simple interface and the ability to execute your trades quickly and efficiently. That user-friendliness makes it the perfect tool for beginners, as it allows you to hone your skills while providing more complex functionalities for those who boast a greater wealth of experience.
Trading journal
No Forex trader gets it right every time. Even the most experienced operators make mistakes, and it’s vital that you learn from those to avoid a repeat. A great way to do this is to keep track of your trades in a journal, making a note of all decisions as well as recording their outcomes. That way, you can review your trades on a regular basis and use that information to help shape your future strategies.
Currency correlation tool
With so many currency pairs to choose from, it can be valuable to gain an insight into whether the correlation between the two is positive or negative. This can offer an indication as to which direction certain pairs are set to move, which can help to inform your decisions. Many Forex brokers will offer this feature free of charge.
