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Today, in the market there are many automated tools available which makes the trading easier, faster and more importantly the deals are carried out by keeping into account the strategies formulated by the experts from the all over the world. While some forex tools are really good and stand up to the expectations, some are not as good as they claim to be.
So, you should be careful in purchasing these forex tools, as the sales people who make huge claims would rather be making money using the tool than trying to sell it. An underperforming tool can not only incur you loses but also diminishes the possibility of future earnings through the Forex market. [ad code = 3]
Below are some of the useful tools available in the market:
• MT4/MT5 Expert Advisors – It is the most popular forex platform, which enables you, writes your strategies and other inputs. Operates in multi currency and multi language.
• Metatrader Indicators —It helps you to improve making forex strategies.
• Pivot Points Calculator – Tom DeMark’s, Floor, Camarilla and Woodie’s are online web based pivot point calculators which are used to form pivot points. Pivot points are use to identify the trends in the forex market. These trends are actually the decision makers of your forex deals.
• Pip Value Calculator – With this fast and accurate tool you can calculate the value of one pip in USD for any amount, size, and major currencies along with cross currency pairs.
• Fibonacci Calculator – Fibonacci retracement levels are used to create the best possible portfolio for the client and by means of the Fibonacci Calculator you can trace the Fibonacci retracement values for any trend. These points are considered to be the natural support or resistance shown by any currency pair.
• Position Size Calculator – One of the most important aspects of the forex trading is that o managing risks in the trading deals. This cannot be efficiently done without calculating the position size. The position size calculator calculates the correct position size for any currency pair, any account currency and various other parameters.
• Risk and Reward Forex Calculator – This calculator calculates the risks and rewards associated with your current position. It calculates the risk and rewards by means of the Fibonacci retracement levels in the current position of the market wave. It is very useful as it helps you to keep away heavy losses.
• Forex Strategies – This tool is based on various technical analyses, fundamental analyses & bare price action. Each strategy comes with explanation and examples.
• Metatrader VPS hosting – Helps you to keep your strategies active all the time.
The above mentioned forex tools can be found free of cost over the internet, making them available for all.
But remember that these forex tools are only an extension of the common sense of a man and they should not be considered as a replacement of the same. The software should not be operated in a way that there is no human interference or confirmation. This might prove to be risky because you really cannot rely on a tool completely and this could also lead to losses in the future.
Alex Johnson is an expert author who writes informative articles on Forex tools, Metatrader tools, and MT4 trade copier for forex traders interested in automated trading. For more information on Forex software and Forex trading tools, you can also visit www.ea-coder.com.
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