The world of the foreign exchange is fast paced, tempestuous, and volatile. Values can rise and fall in an instant, and a single day can be all the time that’s needed for you to build a fortune or suffer a catastrophic loss.
It is this element of danger that makes it so essential for you to understand the markets that you’re trading, and there are some fantastic tools that will make this task far easier for you.
Here are just three that you ought to have access to…
#1: Real Time Data
Your trading platform will be your conduit to the markets, and it should provide you with an in-depth insight into how your currency combinations are performing at any given time. In the world of foreign exchange trading, we all know that trends can change in an instant, and this means that working with out of date information is highly detrimental to the success of your strategy. Data that is just three minutes behind its real time counterparts really could spell the difference between profit and loss, so unless your broker can provide you with live streaming statistics at all hours of the day and night, it’s time to look elsewhere.
#2: An Economic Calendar
You should also have access to an economic calendar. Most brokers will make these available to their traders, but if you’re not happy with the one that’s offered to you, then spend some time looking elsewhere in order to find a more comprehensive resource. The one that you choose should detail every financial event that could have an impact on the markets, however minor, so try to find a version containing as much information as possible. The more clued up you are, the greater your chances of successfully apprehending market movements and trading accordingly.
#3: A Multi-Format Platform
Although traders’ opinions on their preferred type of platform will vary widely, the forex markets are open around the clock, and it’s handy to have an option which allows you to take full advantage of this. This is why multi-format platforms, offered by companies like ETX Capital, are the ideal choice for most investors. Although they provide the ability to make your moves from home if this is what you wish, you’ll still be able to access their features on the go too, so that wherever you are, you can always capitalise on any opportunity that arises.
Transform your trading strategy and secure your forex success today with these three investing essentials.