FX Tools: Which Forex Trading Tools Are the Best?

Let's talk about facts.

It' a fact that there are tools available for increasing productivity and improving performance. For centuries, people have been evolving through the use of tools. Even in the past century you can see how tools have helped the human race develop and become more productive.

For example, 100 years ago, one would need to go to a lot of effort in order to get in touch with another person—that's also a fact. And today such a task can be accomplished from the comfort of one's room via the use of a simple tool—the smartphone.

It is of course great to have a powerful trading platform, yet there are other tools that can be used for improving your trading. Admiral Markets supplies traders with the most advanced trading platform—MetaTrader 4, but there are also extra items you can use for a more enhanced trading experience.

Before we begin, it is important to say that we will not be covering any type of custom Expert Advisor (EA) that could be openly downloaded from the internet. We feel that a lot of these EAs are unsafe for traders. Let's take a detailed look at each of these Forex tools below and find out what could be the most suitable option for you.

Forex Calendar

Forex calendar

This type of tool is mostly designed for traders that want to keep up with the fundamental updates on the FX market. However, this does not mean that this tool is only useful for fundamental traders. This tool is useful for all traders, and it is one of the free Forex trading tools.

The Forex calendar is a place where upcoming fundamental events, usually releases of economic news, are listed along with their previous and expected values. As soon as the news comes out (or sometimes with a little delay), the calendar is updated with the proper values and the market starts to experience new moves.

The most common—and perhaps one of the most influential regular events—is the release of US non-farm payrolls, which is also known as NFP. The changes in its value happen every month, and a lot of people will make use of a calendar as their main Forex trading tool during such events.

Autochartist

Autochartist

Do you find it difficult to find patterns when it comes to market analysis? Do you think that pattern recognition is useful? Autochartist is a tool trusted by thousands of traders and it helps you to identify patterns on your chart. It actually comes as part of a suite of FX trading tools which is available as a web app and as an MT4 plugin.

Autochartist assists many traders in spotting such things as raising wedges, head and shoulders and other items from graphical analysis. It is a particularly useful tool for beginners as it does the job for you and helps you to learn patterns.

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MetaTrader 4 Supreme Edition

Next up, we would like to tell you more about a set of tools that is available exclusively for Admiral Markets clients. With the application of the MetaTrader 4 Supreme Edition, you can enjoy a much more enhanced version of MT4. With this plugin, you can access a number of useful features.

Speaking of which, let's take a look at them right now.

Trading Terminal

Trading terminal

This is a perfect tool for scalpers or traders that like to keep an eye on multiple assets at the same time. With it you can trade multiple currency pairs from the same window, while it also allows quick stop-loss, take-profit and trailing stop placements. Not only this, but it also has a whole set of the best tools for Forex trading.

This terminal becomes even more useful, as it allows you to use OCO (one cancels other) orders. Such orders can be very useful for traders that are looking into breakouts or are trading major news releases. When employing such an order, a trader sets two price levels at which orders will be executed.

Once the first order is filled, the second order gets cancelled automatically. Imagine if the current EUR/USD rate is 1.10010 and NFP is about to be released. A trader, of course, does not know what the result of this release will be, yet he may believe that the price should move at least 50 pips and the direction of it depends on whether the results are above or below the expected.

A trader may set an OCO order at 1.0015 Long and at 1.0005 Short. This way, once the prices begin to move, the order will be quickly executed, no matter what direction the trend moves in. This is one of the most useful FX tools for traders that prefer to trade the news releases.

Apart from this, Trading Terminal comes with a number of other useful features such as setting your stop-losses and take-profits in US Dollars, and much more.

Mini Terminal

Mini Terminal is a part of Trading Terminal, so if you're familiar with one, there'll be no issues with learning another. Mini Terminal is actually one of the most handy currency trading tools as it simply enhances the default 1-click-trading manager that comes with MetaTrader 4. Instead of just having an ability to purchase and sell currencies with one click, this tool lets you preset stop-losses and take-profits.

This is certainly a great tool for day traders, especially scalpers.

Market Sentiment

Market sentiment

Market sentiment is quite a useful feature that is especially handy for positional traders. It lets you understand the current positions of traders aggregated into one dashboard.

This way, you can see how many traders are holding short and how many traders are holding long positions. With the help of these Forex market tools you can double-check whether you want to join the trade, plus how good your chances are if you go against the crowd thinking.

Correlation Matrix

Correlation matrix

Whenever you are looking up certain trading strategies, it is often said that you must avoid trading currencies with a similar level of correlation. What is correlation in currency trading? It is the relation of the price changes in one currency to another. With the help of the correlation matrix, you can now preview the correlations of trading instruments plotted over various time frames. This can certainly be the best Forex tool for beginners, as it helps to avoid locking your margin into currency pairs that are expected to perform in the same way.

Excel Trader

This may not be suitable for everyone, yet people with a good knowledge of MS Excel can certainly appreciate this feature. As we know, Excel is a software that is great when it comes to numbers. The world of trading has one of the best currency trading tools that allows you to connect Excel to your trading platform. In other words, you can get prices directly in Excel, use algorithms and functions to build charts, analyse them and implement formulas.

Notifications

Although these are not strictly free Forex tools, as SMS notifications would require you to purchase SMS credits, these are still a great way to improve your trading. You can set notifications to your phone and to your email for almost everything that you want. Once a stop-loss or a take-profit level has been hit, you can get notified.

In many instances, these notifications are handy as they stop you from missing important updates on your trading account. They are also useful for technical traders who cannot always keep an eye on the chart.

Final Thoughts

This wraps up our review of the best Forex trading tools, we hope hope you have enjoyed the set of tools provided here and plan to try them out.

There are, of course, more tools for trading available on the market, yet we have highlighted the most useful, stable and trusted pieces of code out there. We advise you to try all of these tools as they come free of charge. For instance, MetaTrader 4 Supreme Edition is a great—and completely free—way to expand the capabilities of your trading software and improve your market experience.

MT4 Supreme Edition free download