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Forex trading tools – a must for every trader

forex tools

My philosophy is that to trade successfully you need to manually develop and periodically adjust your trading strategies. There is no magic forex trading tool that can do this for you!

I use the simple but effective traditional indicators for this purpose – moving averages, RSI and MACD and combinations thereof (this is where you need to spend your time and effort)

But forex tools are important when it comes to the time-consuming mechanics of trading such as entries and exits, partial take profits and trailing stops. For this you need tools that will manage your trades according to the strategies you have set. Their use will take the emotion out of your trading and will allow you to get on with the rest of your life. At DIY ForexSkills, I develop such tools.

I will also be sharing information on freely available Trading Tools. They are listed below with a brief explanation of how they can help your trading. I have tried these and will only include those I believe are worthwhile.

And finally, for those new to forex trading, I have listed the sites that I found helpful when I started.

DIY Trading Tools

FX Autotrader Elite

My first Forex tool is FX Autotrader Elite. There will be others.

This is an Autotrader that operates on the MT4 platform to automate your strategies. You can use it for one or a portfolio if strategies, as I do. It uses the main technical indicators of Moving Averages, RSI and zerolagMACD and their various combinations.

To learn why I developed this trading tool and how it works go to FX Autotrader Elite

Also check out the Blog page on that site for commentary on trading and updates on the performance of a portfolio of strategies being run with the Autotrader.

For more information on developing trading strategies, please go to the Strategy section.

Free Trading Tools

The free Tools are listed below with a brief explanation of how they can help your trading. I have tried these and will only include those I believe are worthwhile.

Equity Sentry
This is a useful EA when you are running a portfolio of trades. FX Autotrader Elite will control each individual strategy of the portfolio whereas the Equity Sentry will control the overall profit or loss of that portfolio of trades.

So for instance if there is a sudden surge in the markets and your five open positions all rally in unison to a great profit target, as set by you, the Equity Sentry will close all trades at that overall profit level. This can be really useful since those types of surges usually retrace very quickly, and you could otherwise miss out on some exceptional profit.

Note however that some brokers intentionally “freeze transactions and their server platforms” during Red News events (eg NFP). This means that the Equity Sentry EA will not have access to these broker’s servers and hence will be unable to execute closures for anything up to 30 minutes following these events. So ask your broker if they do that and take appropriate action.

get-copy-here

Trading Applications

FXBlue.com formerly known as mt4i.com has a number of free apps for the MT4 and other trading platforms. These are professionally built products with excellent User Guides and support. In particular I like:

  • Publisher EA which enables you to analyse your trading results in all sorts of ways and enables you to monitor your account from any web browser
  • Personal Trade Copiers/Receivers so you can copy your trades to other personal accounts on your computer or over the internet. You can buy these types of copiers for over $500 but why would you when you can get them here for free.
  • Account Monitor which collects headline information such as current balance and equity from FX Blue Live, showing the figures in a window on your desktop without you needing to visit the website. It can also watch for problems such as low free-margin or a loss of connection by your copy of MT4.
  • Price Action News which is a feed of market events such as new highs and lows, sentiment changes, and possible support and resistance. The indicator displays the feed for a symbol such as EURUSD on a chart in MetaTrader 4, and lets you set up alerts when new events occur.

To check these out and for your free downloads go to

click-here

Useful sites for new FX traders

These sites provide useful and helpful information about trading forex. In my view, the four listed below are more than enough to keep you well-informed. But do also check out the training products that are provided by your broker of choice. For example, YouTrade FX, Think Forex and Axitrader all provide excellent material to help you get started in forex trading.

www.babypips.com
The beginners guide to forex trading. Check out and do the School course. It is a fun way to learn what forex is all about.

www.forexfactory.com
Probably the best calendar of economic announcements and news stories that can affect your trading.

www.donnaforex.com
An online forum offering great advice, help and tips about forex trading, software and expert advice from some of the UK’s leading brokers. Be part of the community – but be wary of getting pulled into too many directions by all the myriad of Threads on offer. Be selective and focus your time and energies.

www.pipmavens.com
As the author says “If you’re looking for the latest tactics and shortcuts to make money trading, then this is NOT for you.” But if you want an occasional blog with sound and thoughtful articles and a calming influence in what can sometimes be a hectic trading life, then this is a good blog for you.