According to Alan Safahi, a leading entrepreneur and San Francisco-based start-up founder, the foreign exchange market is unique in various ways. It offers a wide range of benefits, such as low cost, high liquidity, leverage, volatility, low capital requirements, and no restriction on shorting.
Because forex trading is unique, it is crucial to know the best trading tools to improve your bottom line. In today’s article, we will briefly describe some of the best trading tools. Bear in mind that we have selected the following tools based on Alan Safahi Orinda’s personal experience. Read on!
1. E-Trade
E-trade is one of the most valuable tools for forex traders. Established in the early 80s, E-trade provides a premium experience to traders, offering a wide range of features and benefits. Alan Safahi says that investors can benefit from zero-commission trades and join the community to ensure professionals manage their accounts.
E-trade is a perfect tool for risk analysis, charting, including historical charting and advanced intraday charting. The tool has an easy-to-use web interface and mobile application, allowing you to trade at all times.
2. Mataf
Mataf is a popular currency correlation tool for forex traders. You can use this tool to list correlations precisely and analyze interval codes. For instance, you can find a perfect inverse correlation, strong inverse correlation, moderate and weak currency correlations.
The tool also allows you to create a correlation table of a specific currency with respect to other currencies. You can compute one or more historical periods and put them in the box for intersection in the table. Safahi says a currency correlation tool like Mataf is an ideal solution for forex traders.
3. Ninja Trader
Ninja Trader is an excellent platform and high-quality tool that offers rich resources to forex traders. It includes over 100 technical indicators and offers automated trading options. If you are new to forex trading, look no further than all-in-one Ninja Trader. It provides unlimited access to historical and real-time forex data.
You don’t need to set up a brokerage account, making it an ideal platform for beginners. According to Alan Safahi, Ninja Trader is a sophisticated tool for using advanced charts and analyze simulators until they are ready for the live market.
4. MetaTrader 5
According to Alan Safahi Orinda, MetaTrader 5 is an easy-to-use and multifunctional trading tool, allowing beginners and advanced traders to use a wide range of sub-tools, including copy trading, automated trading systems, and technical analysis. Meta Trader is available for Android and iOS users.
One of the best features of MetaTrader 5 is advanced Market Depth, allowing you to get a chart, time, and sales information. You can create a separate account for trades and orders. The tool provides extensive support for all types of trading orders. Safahi recommends this MetaTrader because of its state-of-the-art execution modes.
5. Forex Volatility Calculator
Forex Volatility Calculator offered by Investing.com is an easy-to-use tool that allows you to choose weeks and calculate pair’s volatility. Bear in mind that you will get lower volatility when you choose a longer timeframe compared to increased volatility with shorter timeframes.
It is a straightforward tool for traders, and after displaying the data, you can check the average hourly and daily volatility. The web-based tool also allows you to break down the pair’s volatility by any day of the week.
Final Words
Do you want to streamline your forex trading and increase higher returns on investments (ROIs)? If yes, Alan Safahi Orinda recommends the tools given above. Make sure you explore the tools and get more information to use them properly. Until Next Time!
Originally Posted: https://safahi.com/5-best-forex-trading-tools-for-2021-ee7c3abe647a
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