Calendar of Economic Events
Shows important economic announcements, reports, and events.
Helps traders predict how the market will react in response to releases of macroeconomic data.
Accessible via websites such as Forex Factory, Investing.com, and MetaTrader.
Spread and Volatility Monitors
Keeps an eye on market volatility to assist traders in comprehending price swings.
To make sure you’re not trading in extremely volatile situations, tools such as Myfxbook or proprietary broker platforms provide current spreads.
Tool for Currency Correlation
Aids traders in determining the connections between different currency pairs.
For example, there is a positive correlation between EUR/USD and GBP/USD, whereas there may be a negative correlation between USD/JPY and EUR/USD.
Tools for Risk Management
Calculators for position size: Assists in figuring out the ideal trade size depending on stop loss and risk tolerance.
Pip Calculators: Determines a pip’s value to assist with risk management for every deal.
Risk-Reward Ratios: Determine if the possible gain from a deal outweighs the risk.
Tracker or Trade Journal
Enables traders to log and examine their transactions in order to enhance performance.
Traders can improve their methods by monitoring gains, losses, and market circumstances with the aid of tools like Edgewonk and Trademetria.
Automated Trading Platforms (Bots or Expert Advisors)
Programs that use preset rules to automatically execute trades.
Frequently utilized through Expert Advisors (EAs) on MetaTrader 4/5.
Enables trading strategies to be backtested using previous data.
Calculators for Swaps
Aids traders in figuring out the swap, or interest rate difference, for overnight holdings.
Beneficial for traders who hold positions over extended periods of time or who employ carry trade methods.
Currency Strength Indicator
evaluates the relative value of various currencies.
A useful tool for determining possible combinations of strong and weak currency pairs.
Calculator for Forex Volatility
Evaluates a currency pair’s volatility over a given time frame.
Aids in determining the possible risk of making trades in extremely erratic markets.