The foreign exchange market is certainly a very attractive market for any budding investor. Its strong precaution, however, is arguably the most difficult feature of this form of trading for any beginner who isn’t very risk averse.
Fortunately, technology offers a plethora of resources and tools that help reduce uncertainty when it comes to dealing with international quotes, helping with finance basics and other more advanced terms like 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, the MetaTrader 4 (MT4) is considered the most popular forex trading platform in the world.
Its likelihood could be explained by its ability to allow its users to customize much of their trading experience, from generating custom charts to developing automations in forex trading.
MT4 is generally synonymous with forex trading, but the MT5 application offers a much wider scope that also provides access to assets such as stocks and commodities. The MT5 also offers a slightly wider suite ofForex trading indicatorsseparate timelines and unlimited charts.
Courtiers have recently started offering MT5 integration instead of just using MT4, but both of these applications are still very user-friendly, making them ideal for people who are new to this forex trading adventure.
Forex Hours
Developed by Coding Trader to provide users with an immediate, 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 apps for trading on this market.
One of the most difficult problems in forex trading is represented by the different times of different geographical regions, since each opens and closes at different times, while there are periods when these markets overlap. These periods tend to see peaks in terms of trading volumes, disposing and liquidity.
By mastering this subject well, the Forex Hours app can be used to identify Business hours market specific and overlapping periods, allowing you to capitalize and profit from real-time price movement. This can even apply to a depreciating market, as currency pairs are traded as derivatives and allow investors to profit from speculation.
It is strongly recommended that this Forex Hours app be used as a complementary tool alongside a main trading platform such as MT4.
The Forex Game
If you have already started “playing” on certain forex trading platforms, you know that you can use what are called “demo accounts” to start developing your trading skills and evaluating your trading strategies.
Nevertheless, 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, the app is very good at mimicking a forex trading platform, presenting risk-free trades in a fun setting and this app is very attractive and useful for any beginner in trading.
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