Tools

One of the greatest advances that have opened the forex market up to thousands of traders around the world is the tools available.

The world’s key financial markets are still those long established centres of London, Paris, New York and Singapore, but a forex trader can base himself pretty much anywhere in the world that has a fast and stable internet connection.

Many of the tools you’ll require will come as part of the package available to customers of the major brokers. Look for a robust platform such as the respected MetaTrader 4 used by many of the big banks like Citi FX Pro and MIG. This platform enables you to test your strategies and work in 30 different languages as well as carry out all your trades. You broker will offer training on their platform, and even though two might use the same platform it will have been tailored to each individual company.

You’ll find a wealth of systems that make the most complicated of areas easier, although never simple. eSignal offers charting systems that enable you to turn information into charts to help you extrapolate theories and strategies and what’s more you can use them on any of your usual office pieces of kit like yor PC, tablet or even your smart phone – though tracking vast numbers of figures on your phone may give you more than eye strain.

You’ll need a rate converter that’s designed for the huge numbers involved in forex trading. You’ll soon realise that you’re watching for movements in value to several
decimal places and the button on your school calculator might not cut the mustard.

Although there are many virtual tools available to you on the internet, that which you’re likely to find most valuable is the various forums and blogs that offer up help, advice and strategies. You’ll spend a lot of time reading early on, but if you have the aptitude for the market you’ll soon find your way, especially with a strong broker to guide you.