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Monday, February 19, 2018
Article written by Dee Cohen

What's an Effective Forex Tool to Help You With Your Trading

Many Forex Traders will use a forex tool in order to help minimize the risk and maximize their profits. They will use this tool to help the collate historical data as well as current information (both relating to political and economic conditions) which could actually affect the behavior of currency prices. In this article we will look at a number of forex tools which a forex trader may use.

1. Risk Probability Calculator (RPC)

This will help them to identify trades that have more potential for gain rather than loss. It will also help them to target the exit points for when they should end the trade.

2. Pip Value Calculators

These are able to tell the Forex trader what the actual profit or loss will occur from movements in the Forex markets.

3. Pivot Points

This type of tool helps to predict the upward and downward movement of currency prices. They are normally calculated as an average of the currencies high, low and closing prices. Using pivot points can tell a Forex trader whether the prices are inside the normal trading range or in the extreme trading ranges instead.

4. Forex Simulator

This enables either yourself or a Forex trader to upload, view and review historical data for any given point in time. This tool can be used to confirm one's understanding of pattern recognition and trading signals. It also allows you to rewind and fast forward the data provided in order to test and retest a person's knowledge and understanding of the subject.

But not only this a forex simulator enable you to get months of training in just a few days as you are able to pause, rewind and fast forward the data shown. By using a forex simulator you can take snapshots of trades as well as you are able to use any indicator line that you like. But best of all you can keep a trade journal so that you can refine your strategy when you commence trading on Forex.

Take a look on the internet today and see what kind of Forex Tool you find and look at way that may suit your needs the best. Using tools saves you time and helps you plan intelligently.
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