Online traders also need to consider more unique approaches to identifying seasonal price patterns. So what is correlation in currency trading? It is the relationship of price changes in one currency to another. For example, the Swiss Franc is usually positively correlated with the Euro, meaning their values move in similar directions. Tool 9: CorrelationA correlation matrix is an FX tool that provides invaluable and in-depth market information across all asset classes in different time frames.

This enables traders to mitigate the risk involved when planning trades, or to spot trading opportunities when strong historical correlations are broken. With the free correlation matrix available in MetaTrader Supreme Edition, you can preview the correlations of trading instruments plotted over various time frames.

The process for downloading and using this tool is the same as the process for the MTSE market sentiment widget. Source: MetaTrader Supreme Edition Correlation Matrix.

Learn more and install Correlation Matrix here. We now move onto another category. A good trading strategy includes planning for profits and losses. This allows traders to make calculated risks - by calculating the maximum potential loss they are willing to accept in a trade, they can decide whether the potential profit is worth the risk. The challenge is that calculating Forex profits and losses isn't simply subtracting the opening price of your trade from the closing price of your trade.

You also need to consider trade volume lots , applicable leverage, your account currency, and spreads, swaps and commissions charged by the broker. The good news is that there is a range of free trading calculators available online, which include all these variables and more.

You can see how it works today with our free Forex calculator. Source: Admirals Forex calculator. Use the calculator here. Now you've identified your trading opportunities, you've gauged market sentiment and you've calculated your potential profits and losses.

The next step is trading. Whether you're a scalper, day trader or swing trader , time is money, and you want your trading to be as efficient as possible.

This will free you up to conduct further analysis or make more trades, or might simply mean you can get away from your computer more often to enjoy the other parts of your life.

The good news is that there is a range of Forex tools designed to make your trading experience as smooth as possible. MTSE is the ultimate trading toolkit for professional traders - simply click the banner below to download it today. The Trade Terminal is another feature in the MetaTrader Supreme Edition plugin, and it allows traders to keep an eye on multiple assets simultaneously.

Using the Trade Terminal , you will be able to trade multiple currency pairs from the same window, work out your stop-loss and take-profit strategies, as well as place trailing stop s. Trade Terminal also features a Mini Terminal , which enhances the default 1-click-trading manager that comes with MetaTrader 4 and 5. Instead of just being able to purchase and sell currencies with one click, this tool lets you preset stop-losses and take-profits, making it an essential tool for short-term traders.

One of the challenges of most trading platforms is that it's difficult to see the same instrument in multiple time frames and formats. Either you need to manually change the time frame and chart type for your chart, or you need to open multiple charts for the same instrument and move between them. Mini charts, however, give you instrument analysis over different time frames within any chart window.

This allows traders to better see the direction of the market and help them make better forecasts of what might happen in the future. Varied small charts inside a main chart and even access to multiple timeframes like 3 minutes or seconds and chart types like Point-and-Figure, Kagi or Range, are not available in the standard versions of the trading platforms.

If you're a scalper or high-frequency trader, you know how quickly the markets can move. You also know how important it is to make trades as quickly as possible to avoid potentially losing out on profits due to fast price movements.

Fortunately, MetaTrader 4 and MetaTrader 5 both offer the option of one-click trading, which, once enabled, allows you to open trades in an instant. Source: MetaTrader Supreme Edition, mini terminal. Learn more about the mini terminal here. Market orders leave you at the mercy of the markets and larger traders because you have no control over the price you'll get.

The best way around this is using advanced order types to ensure your Forex trades are executed the way you want. The good news is that MetaTrader Supreme Edition allows for many advanced order types, such as one-cancels-the-other OCO orders.

Advanced order templates, including OCO breakout and OCO reversion. Just consider OCO orders, which can be very useful for traders looking into breakouts, or trading on major news releases. Employing an order of this type, the trader sets two price levels at which orders will be executed. Once the first order is filled, the second one is cancelled automatically.

The trader cannot predict the result, yet they might believe that the price should move at least 50 pips , and the movement direction depends entirely on whether the results are above or below the expected forecasts.

The trader may set an OCO order at 1. This way, once the prices begin to move, the order will be quickly executed, no matter what direction the trend moves in. This is no doubt one of the most useful FX tools for traders who prefer to trade news releases. Apart from this, Trading Terminal comes with a number of other exciting features, such as setting your stop-losses and take-profits in US Dollars, and much more. Source: MetaTrader Supreme Edition order templates.

Learn more and install Order Templates here. As for the exit, top traders predefine their own set of rules for partial, total or multiple closing an open position based on profitability or price. With an Automated Close form , you choose the threshold when this rule is applied.

Call it the best simple feature to increase your profit potential. Source: MetaTrader Supreme Edition Automated Close. Learn more and install Automated Close here. The final set of FX tools to consider are tools that will help you build and test your trading strategy. Below we will cover the best technical analysis and software for Forex traders. So what tools do day traders use, you might ask? We've all heard the saying, "the trend is your friend.

In any case, identifying trends is a valuable tool for making smart trading decisions. And, in the MetaTrader Supreme Edition Mini Terminal, there is an FX tool to help you do just that: Smart Lines.

Smart Lines is a tool that takes advantage of trend, price and timelines. This high-end technical analysis feature is an online Forex trading tool that allows online traders to convert any trend and channel line, horizontal and vertical line into a stop loss, take profit or trailing stop.

Learn more about and install Smart Lines here. For online traders, backtesting is one of the most important aspects of developing a trading system. Backtesting is when you test your trading strategies using historical data, which can indicate their potential level of success should you try the same strategy on the live market. The good news is that you can do this in MetaTrader Supreme Edition! Our next FX tool is Trading Simulator , which is one of the best free trading softwares on the market.

While major institutional investors were the 1st to implement and carry out algorithmic trading, the influx of automated forex trading software intended for the personal forex traders is now a rapidly growing market. com , Benzinga's top forex broker, tops this list due to its MetaTrader4 platform, education, tools and more.

MetaTrader 4 specializes in the forex market and the implementation of automated trading and supports literally thousands of trading robots and technical indicators. Its parent company, MetaQuotes, was a pioneer in the development of forex trading and charting platforms. While it is not itself an actual automated trading software, it boasts the widest selection of trading applications in the world, up to 1, different trading robots.

Not sure which is right for you? Several EAs supported on MT4 are offered for rent as well as purchase, so you can try products out for as little as 1 month and up to 1 year. Both MT4 and its younger brother MT5, which focuses more on securities and futures markets , are available through dozens of online forex brokers , but FOREX.

com is our top pick. This trading platform is rich in resources for traders focused on both futures and forex. The platform has a special community of resources available where you can explore indicators and strategies built by 3rd party developers. These range from automated strategies for order executions, education and training as well as hundreds of indicators, signals and strategies to personalize your platform.

If you are just starting out, NinjaTrader also provides unlimited free access to real-time and historical forex market data without a brokerage account. This makes it an ideal platform for new traders ready to use advanced charts and a free simulator until they are ready to enter the live market.

While it cannot yet compete with MT4 and MT5 in terms of size, many traders continue to make the leap from MT4 to NinjaTrader for its high-quality charting and increased customization features , as well as increased access to multiple data feeds. A market replay feature also allows traders to download historical data and simulate trades for further practice. NinjaTrader does have a wide range of useful educational materials available, including daily training webinars designed to educate new users, hundreds of on-demand training videos, help guides and an informative YouTube channel.

The thinkorswim platform operates under the parent company TD Ameritrade , an American veteran in the finance industry, and thinkorswim sits among the top brokers for currency pairs.

If you are interested in trading stocks, options, futures and forex, you can comfortably keep all your trades together under 1 concise account. If its robot can help you accrue lofty profits, it will probably be a small price to pay. Note: thinkorswim is not a platform for beginning traders , regardless of whether you focus on forex or other commodities. You can tap into a range of mobile trading options, available on all Apple phones, tablets and watches, as well as Android smartphones and tablets.

Interactive Brokers offers a similar breadth of currency pairs as thinkorswim, with more than to choose from. While it can be easily used for forex trades, it is also applicable to stocks, futures and more. The company offers a handful of different customizable automated trading systems to support the types of trades you make.

Interactive Brokers offers Android and iOS slimmed-down versions of their desktop software through mobile devices. From proven, prebuilt strategies and indicators to professional consulting for advanced traders who build their own trading scripts, Zen Trading Strategies offers services for algo traders of all skill levels.

With free trials, tiered pricing options, and a wide variety of plans, this company aims to offer something that fits every budget and every trading style. For algorithmic trading or any kind of high frequency trading, having a solid, backtested trading strategy, complete with entry and exit signals and a risk management framework, is key to success.

Most traders spend years learning the markets and learning how to build trading scripts—and lose a bunch of money in the process—before finding one that works consistently. Zen Trading does all the leg work for you, so you can simply customize it to the timeframe and assets you trade.

And yet, when it comes to forex trading, an expert advisor EA or a robot — as algorithmic trading is often referred to — does not beat out the human mind in all cases. However, it does offer several benefits that can make you a better trader. The top reasons for implementing AI into your trading scheme through automated software:. This is due to the restrictions implemented in the Dodd-Frank Act of , which banned CFD trading a popular form of derivative trading in an effort to protect consumers who had, in the past, lost the vast majority of trades partly due to the fraudulent practices of brokers.

While these platforms are available across most other continents, make sure you still practice safe trading under more lenient laws. Using AI through algorithmic trading is anything but an assurance of good performance. These programs are fallible for many reasons in their own right, otherwise every single trader would use them. Moreover, market conditions can change in an instant. Interest rates could shift, causing a currency to rise or fall dramatically. Margin calls may be made, requiring you to make a larger initial investment.

Exchange rates could also change before a contract matures. Current events in the issuing country, governmental stability and industrial profitability all play a part in the price of any currency in which you wish to invest. Keep in mind that automated software does not guarantee an infinite amount of successful trades — it just offers you more information with which to interpret the market. No matter how much research you do, remember that the perfect forex trading robot simply does not exist.

Humans excel at following economic conditions and current events which could influence currency prices, and robots are far better at discovering positive trends and trading signals. The best trader will use a combination for the best executions.

Not only is it extremely liquid, it operates around the clock, across the world and trades in volumes larger than all other markets combined. The forex market is a competitive, open market, as nothing but capital is required to enter. Its flexibility, coupled with the success of countless traders with different levels of expertise, proves that there is more than one way to eat an elephant.

However, one of the biggest drawbacks of the forex market has always been its high time consumption. com , registered with the Commodity Futures Trading Commission CFTC , lets you trade a wide range of forex markets plus spot metals with low pricing and fast, quality execution on every trade. Learn more about FOREX. My Account. Benzinga Plus. Log In. Our Services. News Earnings.

This is because it comes packed with professional-level tools and features that to the untrained eye - might come across as somewhat intimidating. When it comes to forex trading fees, TD Ameritrade builds all commissions into the spread. This means that you only need to look out for the gap between the bid and ask of your chosen FX pair. In some respect, leverage is a crucial tool to have at your disposal when trading forex online.

After all, the day-to-day gains that you can make by buying and selling currency pairs are going to be somewhat modest. As such, if you have access to a small amount of capital, it might be best to use a platform that offers high levels of leverage. As always, you might be offered lower limits - especially if you are based in Europe and you're not deemed to be a professional trader.

Nevertheless, we should note IG is much more than just a high leverage broker. On the contrary, this hugely popular forex trading platform gives you access to over 80 currency pairs.

Fees are really attractive too, as spreads on major pairs start from just 0. There are no commissions charged in the IG forex trading department, either. Additionally, IG is also compatible with MT4. If you haven't previously heard of IG and are concerned about safety - you shouldn't be.

This brokerage firm has been operational since the s and it is now publicly listed on the London Stock Exchange. And most importantly - it is fully regulated in several jurisdictions. FXTM is a popular forex trading platform that offers full support for MT4. This means that once you open an account and make a deposit, you can place all buy and sell orders via the MT4 desktop software.

As a seasoned trader, you'll know that MT4 provides heaps of technical indicators and is compatible with automated forex EAs. FXTM itself offers a huge number of forex pairs and there are several account types on offer. Plus, this FXTM account allows you to trade forex with micro amounts. This is perfect if you are trading forex online for the first time. In terms of forex trading fees, this will depend on your chosen account type. For example, some accounts offer zero commissions and wider spreads, while others allow you to trade currency pairs at 0 pips.

If you're a newbie, FXTM offers a good selection of educational and research tools. This will allow you to become a better forex trader over the course of time. If you are looking to trade several different asset classes other than just forex, XTB might be a good option to consider. The online trading platform is particularly popular in Mainland Europe - as XTB's parent company is listed on the Warsaw Stock Exchange. Nevertheless, the forex trading department at XTB is highly extensive, with dozens of pairs to choose from.

Best of all, you won't need to pay any commissions when trading forex, as everything is built into the spread. This is also the case with indices, commodities, and digital currencies like Bitcoin and Ethereum. If you're also keen on trading stock CFDs, XTB will charge you a very small commission of 0. There are no fees to get started with XTB and there is no minimum deposit to take into account.

XTB uses its own trading platform that was built from the ground up - xStation. This is available online or via the XTB mobile app, which you can use on mobile devices such as iPhone and the ones compatible with Android. When it comes to the extensive of supported forex trading market, nobody gets close to CMC Markets.

Naturally, this includes each and every major and minor pair in the market. But, CMC Markets is really strong when it comes to trading emerging currencies. This includes everything from the Indian rupee and Mexican peso to the South African rand and Singapore dollar. CMC Markets is home to an award-winning trading platform that is compatible with desktop browsers, Android, iOS, and tablets.

Additionally, you can also trade forex at CMC Markets via MT4. When it comes to trading fees, CMC Markets builds all costs into the spread. This starts at a very competitive 0. Outside of the forex department, CMC Markets also supports CFDs in the form of stocks, indices, cryptocurrencies, commodities, and Treasuries.

If you like the sound of CMC Markets, it takes just minutes to open an account with this top-rated forex trading platform. However, a major flaw here is that CMC Markets charges 2. So now that we have reviewed the best forex trading platforms of and beyond - it's now time to explain how you can find a provider yourself.

After all, no two brokers are the same, so you need to ensure that the platform is conducive to your forex trading needs. Below you will find a list of important factors that should be considered in your search for the best forex brokers. The global forex trading industry now sees trillions of dollars worth of currency change hands each and every day. As such, in most parts of the world, this online trading scene is heavily regulated. However, not all forex trading sites obtain the required license or authorization to operate in the countries it serves.

In other cases, although the platform might hold a license, this might be from a shady offshore financial body. As such, you should only open an account with a forex trading platform if it is regulated by a reputable license issuer. By choose a forex trading platform that is regulated by one or more of the above bodies - you can rest assured that the provider is safe.

For example, our top-rated forex trading platform - eToro, is regulated by the FCA, CySEC, and ASIC. It is also registered with FINRA in the US. All in all, these bodies have strict expectations on the best forex brokers that they regulate - all of which center on fairness, transparency, and investor protection. There are many forex pairs that you can trade from the comfort of your home.

Most forex trading sites in the space will cover most major and minor pairs. These are the most in-demand pairs as they carry the largest trading volume and liquidity. In turn, majors and minors benefit from the tightest spreads. With that said, the best forex trading platforms that we came across also offer lots in the way of exotic pairs.

eToro, for example, allows you to trade many emerging currencies against the likes of the US dollar and Euro. Although more volatile, this is something that is often craved by seasoned forex traders anyway. All forex trading platforms are in business to make money. How they achieve this can vary from platform to platform. Therefore, it is imperative that you check what fees will be applicable when trading forex at your chosen site.

Some forex trading platforms charge a commission on every buy and sell order that you place. In all but a few rare cases, this will come in the form of a variable percentage.

Swap cannot be charged in Islamic forex brokers or swap free forex brokers. With that said, the best forex trading platforms of allow you to place buy and sell positions commission-free. This includes the likes eToro, Forex. com, CMC Markets, and more. In this scenario, you will only pay a fee in the form of the spread. All forex trading platforms make money from the spread. This is the difference between the buy and sell price of the forex pair. Unlike traditional financial markets, the spread in forex is calculated in 'pips'.

In terms of what is deemed competitive, the best forex trading platforms offer spreads on major pairs at less than 1 pip. If you are unfamiliar with the spread, it is an indirect cost that you need to cover to get back to the break-even point on your forex trade. It is important to note that most forex trading platforms offer a variable spread.

This means that the spread can change throughout the day depending on market conditions. Crucially, the more volatile the forex pair in question is, the wider the spread will be. Unless you have a significant amount of capital in your forex trading platform account, you will likely need to use leverage. When you trade leveraged products, this attracts overnight financing fees.

In simple terms, this is a fee that you pay to your chosen platform for keeping the position open overnight. This fee will be deducted from your account balance and subsequently charged on a daily basis.

With this in mind, you need to check how much your chosen platform charges. This is usually expressed as a percentage and multiplied against your stake. The more you stake and the higher the leverage you apply, the more you will pay.

Being able to trade forex online and make consistent profits is a difficult task. This is especially the case if you are a complete novice in the space. As such, you'll want to see if your chosen forex platform offers a selection of tools and features that can take your currency trading efforts to the next level. As we covered earlier, being able to make a living by trading forex without a sizable amount of capital can be challenging. This is because you will be targeting very small profit margins - especially if you're looking to day trade.

As such, if leverage is something that you require, be sure to check whether your chosen forex trading platform offers this. Once again, your limits will be determined by your country of residence - with the UK, Europe, and several other regions capped to The best forex trading platforms give you access to many order types.

This will allow you to trade forex online in a risk-averse manner. The best forex brokers offer automated tools. In the case of eToro, this comes in the form of a Copy Trading tool that allows you to mirror the buy and sell orders of an experienced currency investor. In other words, every time your chosen investor places a forex trade, the exact position will be mirrored in your own account.

The key point is that the size of your stake will be proportionate to how much you decide to invest into the eToro trader. As per the above, the Copy Trading tool at eToro allows you to actively buy and sell currencies without you needing to lift a finger.

The world of trading has changed dramatically over the past few decades, with individual traders doing business predominantly online, and most enlisting a variety of FX tools to help them achieve success.

In the past, a trader or an investor would speculate on the markets via a broker. They would call their broker with a request to buy or sell a certain asset, or their broker might call them with a market tip. In these times, the tools available to traders and investors were few and far between.

Today, trading and investing have changed dramatically. While most active traders still trade via a broker , who will give them access to a range of markets and trading software , they are making their trades independently, and using forex tools can both boost their productivity and improve their trading performance. In this article, we'll give you an in-depth overview of some of the best Forex trading tools available, for both beginners and professional traders.

Most of these Forex trading tools are available for both Windows and Mac. This list of trading tools doesn't include any Excel tools. A wealth of both paid and free Forex trading tools are based on Forex trading tool software developed for a specific purpose, separate from Excel, to provide you with the most reliable information possible.

This is the first group of tools for Forex trading. Forex traders use some tools to find trading opportunities. Our list of the top Forex trading tools for finding trading opportunities includes tools in the following subcategories:. All of these can tell you about what is shaking the market and which direction current price trends may follow.

With this information, you'll be able to find more trading opportunities. Forex calendars are a valuable tool for learning about what is going to happen in the market, and planning your trades accordingly. They largely target traders who want to keep up with the fundamental updates on the FX market. However, these calendars may come in handy to all types of traders. Admirals free Forex calendar lists upcoming fundamental events, and releases of economic news, listed along with their previous and expected values.

As soon as the news is released sometimes, with a slight delay , the calendar is updated with proper values, and the market starts to experience new moves.

An even more in-depth calendar tool is the free Admirals Premium Analytics economic and corporate calendars. The economic calendar shares detailed, real-time information about upcoming economic event, while the corporate calendar covers corporate dividends, earnings, annual meetings and more.

With these investing calendars, traders can follow their favourite companies and always have access to the latest insights about changes that might influence their stock trading. Along with economic calendars, live news is another useful Forex trading tool. The problem is that there's just so much information to sift through!

While you can manually search Bloomberg, Reuters, Forex Factory and FX street, wouldn't it be easier if it was all delivered to you automatically? The good news is that this is possible. In fact, the Admirals MetaTrader Supreme Edition plugin includes a feature called Admiral Connect , which delivers live trading news direct to your MetaTrader terminal! Admiral Connect tool connects all big news providers, including a trade analysis feature and your own RSS-feeds to display in-platform and spend less time outside the terminal when looking for additional functionality and information required for trading.

Source: Admiral Connect, MetaTrader 4. Learn more and install the Connect tool here. Or, if you'd like even more data, our exclusive Premium Analytics portal offers traders access to real-time Forex and trading news feeds, with the option to filter based on trading instruments or the latest live news.

While the portal is available absolutely free, there is a perk if you have a live trading account with Admirals - over news stories a day.

Meanwhile, traders with demo accounts will get access to up to free news stories. Many traders see the appeal of technical analysis , as it allows them to identify FX trading opportunities without having to keep up to date with market news. The main challenge, though, is identifying accurate patterns that generate reliable trading signals.

The first one we'll cover is in the Technical Analysis and Trading Signals feature in Admirals' Premium Analytics portal. Powered by Trading Central's award-winning technology, this widget combines actionable technical analysis on virtually every financial instrument including stocks and Forex to help investors optimise their trading strategies. These technical analysis tools incorporate independent opinions of Trading Central's global research team, provide automated and personalised trade ideas and combine technical and fundamental analysis to help generate trading signals for active traders.

The second feature, also powered by Trading Central, is available in the MetaTrader Supreme Edition plugin. Traders can also continue to learn about any instrument through the "Learn more" and "View Historical Events" buttons. This progressive disclosure of information informs new traders on how to approach the jumping-off point and begin trading, and supports their ability to continue learning at their own pace.

The Technical Summary Score removes the need to wade through extraneous details to form a decision. It enables traders to see a concise technical outlook across three timeframes in an instant! Using a proprietary weight-of-evidence approach, the Score displays the directional outlook of either bullish, bearish or neutral, across short- to long-term timeframes, to provide simple and concise support at the moment it's needed.

With thousands of financial markets , news events and technical signals to keep track of, it's impossible for any trader to monitor all market movements for the best trading opportunities. Featured Ideas delivers unbiased, intraday trading ideas tailored to each individual trader's preferences such as holding timeframes, favourite patterns, or preferred currencies.

Featured Ideas' transparent and informational feature set helps teach new traders about technical analysis, and assists traders of all skill-levels in crafting confident, timely decisions and strategies.

Each idea offers clear and concise commentary on the reasons why this idea was displayed, and what the technical events mean for price movement.

Hovering over the pattern will teach you about that technical pattern, and "watching" an idea will allow you to keep track of how it performs so you can make a confident, educated decision next time you see that pattern.

Are you interested in finding more information on trading tools and trading, in general? Admirals offers free trading webinars and seminars for all experience levels. In these seminars, you will advance your knowledge and abilities with Forex trading tools and other general trading topics. You can register by clicking the banner below:. The next category of Forex trading tools is those that tell you what's happening in the market right now - who is trading what, how they feel about it, and the relationships between different instruments and markets.

While news and calendars are essential tools for identifying trading opportunities, sometimes they can be difficult to interpret. You might expect there to be movement after the European Central Bank's next announcement, but will your preferred trading instruments go up or down? The problem is that while every trading platform and finance site includes charts, but not every site or platform leads with its ability to provide a true picture of the market.

This is where a market heat map can be useful. Market heat maps empower traders to discover moments of extreme undervaluations and overvaluations by giving them a visual breakdown of the market's biggest movers and shakers, as well as the directions in which they're moving.

This means you have an at-a-glance view of exactly what's happening in the market, and you can trade accordingly. Source: Admirals Market Heat Map. See today's heat map here. The market heat map tells you how much an instrument has moved, but it doesn't tell you how traders feel about those movements.

This is where market sentiment tools are helpful. Market sentiment tools tell you how the market feels about certain instruments - they might tally up the volume of long trades or short trades, or they might scan the current headlines to see how the media feels about an instrument. The first market sentiment tool is the free market sentiment widget on the Admirals website. It helps you to understand the current positions of traders, aggregated into one dashboard.

This way, you can see how many traders are holding short positions, and how many are holding long positions. With the help of Market Sentiment, you can double-check whether you want to join the trade, plus what your chances are if you decide to go against the crowd.

The next FX tool is available in the free MetaTrader Supreme Edition plugin - the Sentiment Trader tool. Like the widget on the Admirals website, this gives you the net short and long positions in an instrument, with the convenience of it being accessible from within the MetaTrader platform.

Source: Sentiment Trader - EURUSD. Charts for financial instruments in this article are for illustrative purposes and does not constitute trading advice or a solicitation to buy or sell any financial instrument provided by Admirals CFDs, ETFs, Shares.

Past performance is not necessarily an indication of future performance. The third market sentiment tool is the Forex sentiment widget in our Premium Analytics portal, powered by Acuity. This widget uses unique machine learning technology to reveal hidden insights from the text of millions of news articles, presenting it in a visually compelling and intuitive display.

Classic technical charting - oversold, overbought, resistance, or breakout level for an instrument - is no longer enough for the modern trader. Online traders also need to consider more unique approaches to identifying seasonal price patterns.

So what is correlation in currency trading? It is the relationship of price changes in one currency to another. For example, the Swiss Franc is usually positively correlated with the Euro, meaning their values move in similar directions.

Tool 9: CorrelationA correlation matrix is an FX tool that provides invaluable and in-depth market information across all asset classes in different time frames.

This enables traders to mitigate the risk involved when planning trades, or to spot trading opportunities when strong historical correlations are broken.

With the free correlation matrix available in MetaTrader Supreme Edition, you can preview the correlations of trading instruments plotted over various time frames.

The process for downloading and using this tool is the same as the process for the MTSE market sentiment widget. Source: MetaTrader Supreme Edition Correlation Matrix. Learn more and install Correlation Matrix here. We now move onto another category. A good trading strategy includes planning for profits and losses. This allows traders to make calculated risks - by calculating the maximum potential loss they are willing to accept in a trade, they can decide whether the potential profit is worth the risk.

The challenge is that calculating Forex profits and losses isn't simply subtracting the opening price of your trade from the closing price of your trade. You also need to consider trade volume lots , applicable leverage, your account currency, and spreads, swaps and commissions charged by the broker.

The good news is that there is a range of free trading calculators available online, which include all these variables and more. You can see how it works today with our free Forex calculator. Source: Admirals Forex calculator. Use the calculator here. Now you've identified your trading opportunities, you've gauged market sentiment and you've calculated your potential profits and losses. The next step is trading.

IC Markets Is The Best MetaTrader 4 Forex Broker As an IC Markets customer, traders can choose from a Raw Spread account, Standard Account and cTrader Account. This is where a market heat map can be useful. You have the option to either accept or refuse these cookies, and know when a cookie is being sent to your computer. Sepa Transfer. This Forex platform activates in over markets offering tons of features for any type of trader, with over k users worldwide. Privacy Policy ×. Alts Alternative Investment Platforms.

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