Forex is a large and heavy capital market with a daily turnover of around trillions. Therefore, you must work with concentration, patience, and consistency to make some of this amount drop into your pocket.

To win in this market, traders must have the best strategies and invest in the right Forex EA. Click on the following link to get your first free Forex robot: https://forexrobotnation.com/your-first-free-forex-robot/

As a newbie, it can be hard to figure out everything on your own at the beginning of your Forex trading journey. However, as you advance in this journey, you will notice the importance of Forex trading tools.

This article will discuss the 6 best Forex trading tools for beginner traders and how they can help you excel in your Forex trading journey.

So, without further ado, let’s look at these Forex trading tools.

6 Best Forex Trading Tools for Beginner Traders

Before starting the list, we needed to remind you that you can’t make a successful trading career only using Forex trading tools. So first, you must determine your strengths and weaknesses and find a trading tool according to your needs.

Once you have the perfect trading tool according to your fit, it will help you take better advantage of the market and help you make better trading decisions.

Following are some of the best Forex trading tools that can help you regardless of your trading strategy.

• Forex Essential Tools
  

Forex essential tools are a combination of Forex tools necessary for executing a profitable trade. These tools include:

• Forex Profit Calculator

Forex profit calculator provides traders with essential insights into their investments. For example, how much money was invested at the start of trading, and how much additional profit has been generated? Both the values will be displayed separately, showing you a detailed analysis of which currency pair was the most profitable for you and how much you invested in it.

• Currency Converter 

Currency converters are tools for showing currency conversions in case you want to know how much your investment portfolio costs in other currency pairs. Currency converters are also used to convert small assets into useful currency pairs.

• Drawdown 

When you lose your trades in Forex, it’s known as a drawdown. Drawdowns are essential for providing information regarding losses in your Forex account. These drawdowns are calculated by the difference between the high point and subsequent low point in a trade.

Moving on to the second tool in the list:

• Financial News 

Forex financial analysis tools are incomplete without financial news. These tools provide information regarding the latest news that could affect the Forex market. This news usually covers new financial policies regarding the Forex market.

Furthermore, it updates the traders about governmental regulation policies and any whale(prominent investor) influencing a currency that can eventually pump or dump the Forex market.

Another tool that is of similar nature to the Financial news is:

• World Economic Calendar 

Every year the world’s economic market hits the reset button, disrupting the world’s economy. As a result, the world economic calendar is a mix of different calendars, including the yearly calendar, regional calendar, and religious calendar.

The purpose of this calendar is to highlight important dates or events that can affect the world economy.

This tool provides traders exclusive insights over high and low productivity days, weeks, and months which can help traders leverage from these important dates. It is essential to know when the recession can hit the market, and these tools can precisely give you an indication of a possible market reset. Using this tool, you can future-proof your stakes.

Moving forward, we will now talk about the 4th tool for traders:

• Risk Management Tools

Risk management is vital whether you are doing physical or online business. You need to know where things can get wrong. Risk management tools allow you to drive a plan to secure investments by providing trading options. So when something unexpected happens, risk managers will automatically exit the market and secure your money.

Next, we have a tool extensively used by professional investors and traders.

• Charting Tool

Forex charting tools are the go-to tools for many investors. Without this tool, you cannot know how well your currency pair performs. Candlestick charts provide in-depth detail of currency pairs, from when it was first introduced into the market to the current date. It will enable you to analyze how the currency pair has been performing over the years.

Using these charts, you can go back in time and see the market’s history. In addition, these tools provide you with various options to explore, ranging from different time stamps to different shape indicators to predict the future move of the market.

Finally, on number 6th, we have:

• Copy Trading Service 

There is a famous saying, “success is copy-paste.” And we will tell you precisely how to climb towards success by just repeating the steps of successful traders.

Newbie traders who struggle to find a profitable trade on their own in the beginning can reap beneficial gains from copy trading services.

Copy trading tools are made especially for novice traders who can’t count on themselves at the beginning of their trading journey. They provide a step-by-step procedure for executing profitable trades executed by expert traders.

To trade using copy trading tools, you just need to select the top traders you find most successful and duplicate their Forex trading strategy into your account.

It’s essential to remember that your account or setting may differ from expert traders. Still, you can get help from their blueprints, set currency pairs, and take profit and stop-loss values according to them.

Ready To Ace Your Forex Trading?

In today’s world, life can be challenging without tools. The same can be said for Forex trading; without proper Forex trading tools, trading can become an overwhelming experience for a new trader.

There are different types of traders in the market with different trading strategies. Therefore, a trading tool that works for you doesn’t need to work for other traders and vice versa. So to know what type of Forex trading tool is best for you, you should know about your trading style and your strategy toward Forex trading.

A detailed list of the six best Forex trading tools has been provided to you; now, it all depends upon you to analyze which trading style suits you the most and which tool can help you achieve your goals fast.

Which tool in our today’s list did you find the most helpful? Also, which other tools would you like to add to this list? Let us know in the comments below.