Trading Tools

Forex Trading Tools

Economic News Calendar Tool
One of the most useful and popular tools for the forex trader is the economic news calendar. This list provides traders with the future market consensus, as well as previously released outcomes, for key economic data and relevant geopolitical events. It also usually lists the timing of central bank policy statements, monetary policymaker speeches and elections.

This important forex trading tool is of special interest to fundamental analysts. Economic calendars are typically offered by forex brokers and financial news websites. They generally consist of a listing of all future fundamental economic releases that will affect the valuation of a nation's currency. This vital fundamental information is usually available on most online calendars one or two weeks in advance of the releases listed.

Most published economic calendars include the type of release, such as the Unemployment Rate for example, as well as what the previously released outcome was and the market's consensus expectation for the upcoming release. In addition, the type of release will generally be coded in some way depending on whether it has a significant impact, a medium impact, a light impact or no impact at all.

The Currency Correlation Tool
Because the foreign exchange market is made up of multiple pairs of currencies, known and calculable correlations exist between currencies, which can be positive or negative, with correlations typically being more prominent in some pairs than in others.

For example, the Swiss Franc generally has a positive correlation with the Euro. Therefore, USD/CHF will have a negative or inverse correlation to EUR/USD most of the time, which means that those two currency pairs will typically move in opposite directions.

Pip Calculator Tool
Working with amounts expressed in foreign currencies can be somewhat confusing if one is not familiar with the pip valuation system. A pip is the lowest trading unit for a currency pair, and it is usually worth a different amount depending on the base currency and the counter currency involved.

A currency pip calculator is a forex trading tool that allows the trader to determine the amount a pip is worth based on the size of their position in their local currency. A typical pip calculator might also show the pip value for a specified currency pair based a Standard lot of 100,000 units, a Mini lot of 10,000 units, and a Micro lot of 1,000 units.

For example, a major currency pair, such as the EUR/USD pair, is conventionally expressed in U.S. Dollars per Euro. If this currency pair is trading at 1.0000, then the value of a single pip or 0.0001 U.S. Dollars/Euro, on a Standard Lot of 100,000 Euros would be worth 10.00 USD.

Broker Spread Comparison Tool
One of the most important elements that spread sensitive traders tend to examine before selecting a forex broker is their typical dealing spreads. A tight dealing spread is always preferred by traders, since getting in and out of positions can be considerably less costly if a trader is able to execute their trades at the better exchange rates generally offered by a tighter spread.

Money Management & Risk Management
A trader should choose to reduce position sizes in currency pairs with higher volatility to reduce risk as part of their overall money and risk management strategy.

Demo account
Traders can open a Demo account and practice trading techniques and increase the accuracy before actually trading on a Real account with Real money.

Keeping a Trade Journal
It helps in keeping a record of all trades, helps a trader hone and refine their trading, learning from mistakes and examining ways to avoid them in future.

Demo Account
Many lines of text are written about demo accounts. And while the demo account is not a tool per se, it can be considered one as nothing helps traders improve their trading as it does. Demo account is the best tool for learning binary options trading.
Demo accounts are equipped with same tools, assets and options types as a real trading platform. They help inexperienced traders to learn how to use various tools but experienced traders can profit from it as well. For example, they can test their strategies and analysis, and that way, optimize their trading results and achieve better profits. All this can be done by using virtual funds provided with the account. Those funds are not real profit but act as the real money on the demo account. Traders can multiply the funds, or lose them, depending on their skills, but the real money will stay intact. Such accounts are usually limited to a certain period of time, usually seven days. It is still a great opportunity for all binary options traders to become more successful in the trading process. After the demo trading has been experienced, trading on real money platform should be more successful and pleasant experience.

Cryptocurrencies Trading Tools

Here is the list of Cryptocurrencies Trading Tools.

• Coinmarketcap
  Coinmarketcap is the most trusted index for historical snapshots of cryptocurrency market capitalizations rankings. With this platform you check how the market in behaving and also go deeper and learn in which exchanges coins are being traded and other features.
• Ledget Wallet
  Ledger Nano S is a Bitcoin, Ethereum and Altcoins hardware wallet, based on robust safety features for storing cryptographic assets and securing digital payments. It connects to any computer (USB) and embeds a secure OLED display to double-check and confirm each transaction with a single tap on its side buttons.
  Reasons to use a Hardware Wallet such as Ledger Nano S:
  
  • Hardware wallets are safer
  • Immune to virus attacks
  • They are portable
  • Reliable
• Use the best charting tools
  If you want to be an active trader, then you need to use the best charting and order execution tools. The best charting and trade analyzing tool we have found is Coinigy. Coinigy is an all-in-one trading platform that has charting and order execution for all of the important digital currencies and exchanges.
• Preev
  Preev is a simple exchange rate index. You can use this platform for a quick conversion of your assets into a specific coin. Example: Bitcoin to Euro.

Bitcoins Trading Tools

Top 3 best tools for getting started trading with Bitcoin:

Coinbase is The easiest way to buy Bitcoin
Coinbase has raised over $100M in venture funding from angels and is a highly-trusted digital wallet service that allows you to buy and sell Bitcoin. They make it really easy for the average person to get started with digital currencies. In fact, you can link your Coinbase account to your checking account and quickly transfer money to and from the exchange.

Bitfinex is a very liquid exchange with the ability to short Bitcoin
Bitfinex is one of the best places for shorting Bitcoin. Aside from a few technical glitches in the past, this exchange is a reliable place for active traders. They consistently rank as one of the top exchanges by trading volume for the U.S. dollar.

Poloniex is The best place to trade altcoins
Poloniex is a newer exchange that gained popularity because they offering margin trading and shorting on many of the most popular altcoins. This is actually the first place I started trading Ethereum, and thanks to Poloniex was able to catch Ethereum'ss first massive bull market.