The foreign exchange market is certainly a very attractive market for any budding investor. Its high volatility, however, is probably the most difficult feature of this form of trading for any beginner who is not very risk averse.
Fortunately, technology offers a myriad of resources and tools that help reduce uncertainty when it comes to dealing with international currencies, getting to grips with the fundamentals of finance, and other more advanced terms such as particular forms of trading such as swing trading.
In other words, there are many apps and platforms that can help you become a successful trader. Here is a list of some of the best:
MetaTrader 4 and MetaTrader 5
Developed by the Metaquotes brand and launched in 2005 and 2010 respectively, MetaTrader 4 (MT4) is considered to be the most popular forex trading platform in the world.
Its popularity could be explained by its ability to allow its users to customize much of their trading experience, from generating custom charts to developing automation in forex trading.
MT4 is generally synonymous with forex trading, but the MT5 application offers a much broader reach which also provides access to assets such as stocks and commodities. MT5 also offers a slightly larger suite of Forex trading indicators, separate time frames, and unlimited charts.
Brokers have recently started offering MT5 integration instead of just using MT4, but both of these applications are still very intuitive, which makes them ideal for people who are new to this forex trading adventure.
Developed by Coding Trader to provide users with an instant, real-time view of the local time and status of the world’s largest forex markets, the Forex Hours app stands as one of the best trading apps on this market.
One of the most difficult problems in forex trading is the different times of different geographic areas, as each opens and closes at different times, while there are times when these markets overlap. These periods tend to see spikes in trading volumes, volatility and liquidity.
By mastering this topic well, the Forex Hours app can be used to identify specific market opening hours and overlapping periods, allowing you to capitalize on and profit from price fluctuations in real time. This can also apply to a depreciating market, as currency pairs are traded as derivatives and allow investors to profit from speculation.
It is highly recommended to use this Forex Hours app as a complementary tool along with a leading trading platform such as MT4.
The game of Forex
If you have already started “playing” on some forex trading platforms, you know that you can use so called “demo accounts” to start developing your trading skills and evaluating your trading strategies.
However, you can also gain practical experience of the Forex market by playing the “Forex Game”, which is a simulation application that allows you to execute transactions very similar to those that occur in real life, which constitutes solid learning. risk-free experience.
Simply put, this app is very good at mimicking a forex trading platform, presenting risk-free trading in a fun and engaging environment which is very attractive and useful for any beginner in trading.