Suppose you are an absolute beginner in Forex trading who has learned about the enormous benefits of this industry, and you want to know absolutely everything that has to do with it. You have heard stories about wealthy and successful Forex traders who are thanks to currency exchange, and it is no wonder why Forex trading has become very interesting to you.
The term “Forex”, for those who do not understand, is an acronym for foreign and excess in one of the largest financial decentralized markets, known as the Forex market. It’s available to traders 24 hours a day, usually 5.5 days a week. Due to the massive potential for profiting in the Forex market, we got many beginners in this industry who started reading and researching about it.
However, beginners in Forex should know the best broker tools they could start using in 2022 to establish and maintain successful and long-term trading careers. However, before we point out the best tools, let’s first understand the role of a Forex broker, shall we?
Understanding a Forex broker
A Forex broker, which is also worldwide known as a Currency trading broker or Retail broker, is a specific financial service company that allows traders safe access to platforms for purchasing and selling foreign currencies.
There are numerous brokerage companies out there that you, as a potential client, can check before hiring them. It’s crucial to double-check preferred brokers since there are a lot of fraudulent brokerage websites. One of the leading indicators that one broker is 100% relevant and of the highest quality is regulation.
Before choosing your broker, make sure it’s regulated by a regulatory body, such as the National Futures Association, or in short – NFA, in the USA, or the Commodity Futures Trading Commission (CFTC).
Get to know the top seven Forex broker tools in 2022
Over the years, we’ve witnessed rapid growth in Forex broker tools. Thus, we’d like to point out the top seven broker tools of the highest quality, in our opinion:
- Charting software – Most advanced Forex platforms include real-time charting services.
- Financial news wire – It’s crucial to be informed since news affects the direction of exchange rates.
- Trade journal – Keeping track in a trade journal of your losing and winning trades is a great insight that may improve your tradings in the future.
- Economic Calendar – The calendar lists the date and time of the crucial economic data.
- Copy-trading service – It means duplicating trades of a more experienced trader in your account.
- Forex volatility calculator – It takes a currency pair’s historical exchange rate data and determines the historical volatility in real-time for numerous different time frames.
- Time zone converter – It is essential to know better times and sessions for trading specific currency pairs. With a time zone converter, you’ll know exactly what those times are.
Knowing which are the best broker tools will help inexperienced beginners in Forex trading and everyone who deals with this type of business. Remember that training and working on yourself are crucial, especially in an industry with a highly liquid financial market! Good luck!