Experience is a guarantee of successful trading outcomes. Though when you are just starting, or want to understand the peculiarities of the market and exercise all possible resources for your improvement, you need to pay attention to trading tools which will bring you only benefits. The most appealing advantage of these tools is that they save your time! Let us go through three reputable useful tools to enhance your trading performance level, save time and increase profitability.
Forex Calendar
So far, the FX Calendar is considered to be one of the most precise and user-friendly tool to stay up to date with all recent Forex events and news. Some traders underestimate the importance of tracking the events happening on the financial market, having only technical approach towards trading. Although it is quite beneficial to study the news as you might get into something big – face upcoming favorable trends, or contrariwise avoid adverse news which could wreak havoc to your trading balance.
Forex Calendar 1-2-3
Do not get stressed, as the amount of data you will see might get overwhelming. But here are some basic steps to navigate yourself:
- visit one of the sites that offer Forex Calendar
- adjust your correct time zone on the calendar tab
- The news will be synchronized according to your local time, so you can track them within real time.
- set and apply the events filter
- Choose particular news you are interested in. You are able to filter events by the expected impact, event type or currency (red – high-impact, orange – medium, and yellow represents low-impact news).
It is possible to check the events through specific time frames and there is an option to expand each event to get more into the details.
Most common strategic positions
There are three general safe ways of positioning your trades:
- No open positions ahead of news, which is the safest choice to be with major news around the corner.
- Open position and make small profit. Your number one job as a trader is capital preservation. Making money always comes second. When in doubt, get out.
- Open position and make a large profit.
Stick to the higher time frames (4h and daily) to get a better understanding of the impact of a major news event. The inside bar is best traded only on the daily time frame.
FX Calendar Summary
FX Calendar shouldn’t be the tool to get acquainted with the market, though it is a great trading tool to track upcoming events. It benefits you showing scheduled time and expected impact of the news – anything more than can become more of a distraction than an asset.
In the following article we explain in detail how to trade with market economic news: How to trade Forex with economic news
Autochartist
Autochartist is an outstanding web trading tool that automatically scans the market and generates very good overview over potential trade opportunities. The company is operating since 2004 and now is in more than 80 countries with minimum 2 mln charts produced and viewed monthly. Autochartist is using ‘pattern recognition engines’ to constantly scan such markets as Forex, Stocks, Indices, Commodities and Equities. It uses trading signals to show emerging trends and gives an open space to make decisions.
Benefits
- no need installation, works directly from your browser
- very user-friendly interface
- physical alert when it is necessary to make a decision
Why Autochartist?
It provides a number of indicators for trading platforms, like MetaTrader, which can give a great technical analysis of patterns while they can still be lining up. Autochartist is quick, accurate and provides a qualified perspective on using chart patterns in trading. So that you can rather spend time on deciding which patterns offer the best opportunities in the financial market and take advantage of them.
MetaTrader 4 Supreme Edition
The Supreme Edition is a powerful plug-in with good analytical features for MT4. It is promised to be productive and pleasurable for your trading experience. The trading tools are user-friendly yet it may be too hard for the starters to start benefiting from them. It might be a helpful trading tool for experienced trader. Below you will find more information about these EAs.
Features of MT4 Supreme Edition
- plug-in can be attached to your MT4 platform
- has quick entry/exit in trading: in Mini Terminal you can place orders in a blink of an eye
- in the Trade Terminal you can place multiple instruments orders at the same time
- Alarm Manager will let you know when important events occur (can act on behalf of your account basing on your preset preferences)
- Tick Trader helps to place your order extra-fast (plus wide choice of various chart styles and possibility to download tick data right to your PC)
- with a built in Sentiment Trader you can review current and historic collective mind-set toward a particular trading instrument
What could be improved
- the Supreme Edition is not available for MetaTrader 4 Web Platform
- has its setback with OS X interface
- is not available with most MT4 brokers
- might cause delays with your trading platform
- might be tough to understand for beginners
There are many ways to expand your horizons with various useful trading tools in the market. MetaTrader4 Supreme Edition is definitely one of them. Although keep in mind that it might be way too complex and inconvenient when you are just starting.
Conclusion
Be conscious and make reasonable decisions. There is a wide range of useful trading tools available to enhance your Forex market experience. Be smart and save your time by using those tools as Forex calendar, MetaTrader 4 Supreme Edition and Autochartist. Focus on building-up your own trading style and strategies avoiding spontaneous solutions and risks.
