3 tools that every new trader can’t live without
Every professional trader on this planet relies on a multitude of tools and gadgets to help optimize their opportunities and abilities, and forex traders are no exception. However, many of the professional tools used can be quite hard to understand at first, especially if you decide to use them all at once.
Because of that, it’s normally better to get started with a few tools and than add more along the way. This way, you’ll have the time to master each tool perfectly and improve your knowledge before you continue.
So what are the best trading tools for beginners? Well, let’s take a look at the top three most important trading tools for new forex traders.
A Reliable Trading Platform
Without a reliable and efficient trading platform offered by a trustworthy broker, you will not make it far as a trader. Remember that you will have to rely on the trading platform on a daily basis and this is where all your trades will be placed. Maybe it goes without saying, but a top-shelf forex trading platform is the first thing you have to find before you start trading.
Now, the easiest way for a beginner to find a good platform is to listen to what other professionals have to say and to look for recommendations online.
According to us, BullMarketz.com is one of the leading sources of online brokerage recommendations today, and they provide lists of the best brokers based on a large range of criteria.
For example, as a new forex trader we suggest you check out their list of the best forex and currency brokers for new traders, it’s one of the most comprehensive lists on the market.
Automated Trading Features and Signals
After you’ve found yourself a broker and a platform that you feel comfortable with, you should try to set up some automated trading features. As a new trader, these features can help you a lot because they allow you to spend more time analyzing the market while the automated tool will open and close positions for you. Note that automated trading features are called different things by different brokers such as Expert Advisor, Forex Robots, etc.
Besides analyzing on your own, we also encourage you to try and find a service providing signals. You see, there are professional traders out there that can provide you with potentially profitable trading strategies for a small fee. Often times, these strategies and signals can be connected directly to your platform so that you’ll be informed as soon as a new possibility opens up.
Financial News that You Can Trust
The majority of all day traders rely on technical analysis to plan and execute their trades. In most cases, reading charts and looking for patterns is the most reliable way of placing profitable trades. However, everyone also relies on news and fundamental analysis tools especially when first getting started.
Just make sure you use news sources that are up to date, detailed, and that have a financial section focused on trading.
Using the right tools to help you plan your trades is crucial to succeeding, although it is important that you use the best tools possible.
Hopefully, our list of the three most important tools for beginners will help you get started. Just remember that finding the best trading platform and a broker is the single most important step, after that your setup and gear can be adjusted.
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