Trading tools are like weapons for the warrior who can’t go to battle without his sword and shield. The same goes for the trader who can’t start trading without preparing his trading tools before opening a Trade because if you go into the market without preparing the right trading tools that you will need, you will join the 90% of losers in the forex market.
5 Trading Tools that will help You in trading
Economic Calander
Without this Trading tool, you will be lost because Many Events affect the forex market, and you should be aware of them. Knowing the times of News Released is very important; you don’t have to trade with News if you are not good at fundamental analysis; you can know their times to avoid trading in this time or close opening position, you can find out the news calendar through many websites that offer this tool, and one of the most popular websites that I’m personally using it is Forexfactory.com
Strong News
There are 3 types of News that have an impact on the forex market (High, Medium, and Low), and we will focus on High impact News because it affects the market significantly
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Non-farm payrolls (NFP)
This News Released every Friday (at the beginning of the month)
forexfactory NFP
as you can see, the Result was positive for USD, and the price fall more than 30 Pips
NFP impact
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Consumer Price Index (CPI)
CPI is released in the half of the month on the 11th To the 15th, But sometimes they postpone issuing the News, so you may not see CPI every month
forexfactory CPI
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Interest Rate
The interest rate of the Central Bank is Released approximately every 45 Days; 30 minutes after the news is released, a press meeting is held and the impact will be after the Released of the News and During Press meeting.
interest rate
Trading platforms
Which platform will you use to analyze the market? Because many Brokers offer many platforms, not just MT4 and MT5. They have their own platforms to make it easy for you. Some traders use MT4 as their standard platform for analyzing. They used to analyze on MT4, but that doesn’t mean you have to analyze on MT4 too, because there is so much better platform to use for your analysis.
Tradingview
Tradingview is much better than mt4 or mt5 because there are a lot of trading tools and indicators and many things that will help you in your trading journey. And I’m personally using Tradingview to analyze
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Analyzing trading tools
If you analyze the market through technical analysis or SMC, you will need trading tools that will help you to analyze the market, such as (lines, patterns, Fibonacci,, etc.)
News Feed Tools
Besides the Economic calendar, you need to be informed about what is happening worldwide because strong Events are happening without any prior appointment, like (Natural Events such as earthquakes, Tsunamis, and hurricanes).
Anthropogenic Events
Such as (Geopolitical Tensions and Conflicts, Trade Wars and Tariffs, Elections)
Trading sessions
Knowing the right time to trade is quite important because there is a specific time that the market moves widely; for example, in the London & New York Sessions, the momentum comes to the market, and you will notice very strong movement in the chart.
Position lot calculator
One of the most important trading tools you must use because after you analyze, that is the time you will place your order, but before that, do you know the exact Lot to open the order? If you plan to risk a 1% in this Trade, you will need a specific Lot size not to lose more than 1%.
Yes, I’m talking about losing, not winning trades, because before you enter any trade, you plan how much money you want to lose in this trade, or you can make it a Percentage because sometimes you can be wrong, Right? The price may reverse, and you will lose your money, but in this case, you can cut your losses by calculating the right Lot size for your Risk management and put your stop loss according to that,
Here is a tool that will help you calculate the Right Lot size for your Trade
