Forex Tools

The Importance of The Forex Tools

Forex ToolsIf you are going to deal in Forex as an investor it is highly important that you have the right Forex tools. Below you will find some  best forex tools that you should look into in order to boost your own trading results.

Pip value calculator: This is a particular helpful online tool that requires absolutely no download of software at all.  These are located all over the Web, simply put “pip value calculator” in any search engine you desire to get instant results. These work for any Forex traded currency at all, and these work with different sized lots too, such as 1,000,000, 100,000, or 10,000. It is one of the truly invaluable  and free Forex tools to manage your risk in any trade.

Fibonacci calculator: Of the various Forex tools, Fibonacci numbers are used for investment strategies, and their applications, as well as trading algorithms.  These are also available on the Web and require no download of any software. What this does, in essence, is to allow you to gauge downward trends and upward trends in any Forex transaction you wish to make. Using this calculator enables you to see the trend swings.

Risks and rewards calculator: Using the above Fibonacci numbers actually enables you to see what the risks are of a particular transaction you may wish to make, as well as what the rewards of it may be. This will help you to locate your targets and set your stop losses as well. Also available on the Web and require no download of any software.

Pivot Points calculator: Pivot points in Forex trading will allow you to set your own formulae so that the formula remains the same no matter what pivot points you are searching for. These are also available on the Web with no software downloads. There are 4 distinct pivot points used, Woodie, DeMark, Classic and Camarilla, each having their own sets of formulae.

World Clock: Also available on the Web with no software downloads, this will instantly tell you the correct time for Chicago, New York, London, Zurich, Tokyo and Sydney, so that you can work your Forex transactions for all the markets.

Forex strategies: There are a great number of different Forex Tools to create your own strategies. For instance you will find indicator Forex strategies, price action Forex Strategies, and Fundamental Forex strategies. All of these are available on the Web with no software downloads necessary.

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