Do you dabble in Forex trading? If so, you may be wondering how you can be even better at it.
When trading Forex, you don’t want to only look at price charts. Instead, you need to be able to analyze information.
Luckily, many tools have been created to help with this. You’ll just need to do a little research and see which one works the best for you.
To help you in your decision, we’ve compiled a list of some of our favorites. Keep reading to learn about five trading analysis tools you should definitely know about.
1. Forex Calendar from Forex Factory
This tool is pretty basic, but it provides a free option to help you with analysis. Track news events, their impact, and past data. You can also forecast possible future events.
While this tool is basic, it allows you to interpret data instead of just look at it.
2. Forex Signals
Forex signals are not necessarily a tool, but more of analysis provided by professional traders. This analysis is generally deliver with price levels for entry point, take-profit & stop-loss.
These type of signals are helpful in learning how to trade more successful as they are generally backed by market commentary & verified results.
You can read our full guide to forex signals here.
3. MetaTrader 4
MetaTrader 4 is a powerful collection of tools that will really enhance your trading analysis abilities. For ultimate convenience, it’s available to use on many systems, including Windows, Linux, Apple, and Android.
It’s also free. And it can be used on computers or mobile devices.
At no cost to you, you’ll have a powerful analysis tool with you wherever you go. While this tool offers a lot, there’s no need to be intimidated. It’s helpful for beginners and advanced traders alike.
4. OANDA VaR Calculator
While there are many fancy tools out there, you may want something less extravagant. If you’re looking for a simple Value at Risk calculator, check out OANDA.
5. Mataf Correlation Tool
Mataf provides a very useful Forex correlation tool. From here you’ll be able to see how different currencies relate to each other.
Mataf also provides information on how the correlation numbers are calculated and how you can use the data.
Forex Trading Analysis Tools: Try them Today
Forex trading can be complicated, but it doesn’t have to be. Using trading analysis tools will help you stay on top of things, improve your strategy, and maybe even be more successful.
Don’t waste these valuable tools that have been produced for people just like you. Especially since they’re free!
Try one of these tools today and see how it can improve your Forex trading experience.