Education
20 Best Forex Trading Tools for 2023
1- How to find trading opportunities
This is the first group of tools for Forex trading. Forex traders use some tools to find trading opportunities. Our list of the top Forex trading tools for finding trading opportunities includes tools in the following subcategories:
- Forex calendars
- Trading news feeds
- Technical analysis tools
- Idea-generation tools
2- Forex calendars: Economic calendars, news calendars, corporate calendars and more
Forex calendars are a valuable tool for learning about what
is going to happen in the market, and planning your trades
accordingly.
They largely target traders who want to keep up with the
fundamental updates on the FX market. However, these
calendars may come in handy to all types of traders.
Admirals free Forex calendar lists upcoming fundamental
events, and releases of economic news, listed along with
their previous and expected values. As soon as the news is
released (sometimes, with a slight delay), the calendar is
updated with proper values, and the market starts to
experience new moves.
3- Live FX news: Trading news, live market news, Forex news feeds and more
Along with economic calendars, live news is another useful
Forex trading tool. The problem is that there's just so much
information to sift through! While you can manually search
Bloomberg, Reuters, Forex Factory and FX street, wouldn't it
be easier if it was all delivered to you automatically?
The good news is that this is possible. In fact, the
Admirals MetaTrader Supreme Edition plugin includes a
feature called Admiral Connect, which delivers live trading
news direct to your MetaTrader terminal!
Admiral Connect tool connects all big news providers,
including a trade analysis feature and your own RSS-feeds to
display in-platform and spend less time outside the terminal
when looking for additional functionality and information
required for trading.
4- Technical analysis for Forex trading
Many traders see the appeal of technical analysis, as it
allows them to identify FX trading opportunities without
having to keep up to date with market news. The main
challenge, though, is identifying accurate patterns that
generate reliable trading signals.
The good news is that many available tools for Forex trading
do the work for you.
The first one we'll cover is in the Technical Analysis and
Trading Signals feature in Admirals' Premium Analytics
portal. Powered by Trading Central's award-winning
technology, this widget combines actionable technical
analysis on virtually every financial instrument (including
stocks and Forex) to help investors optimise their trading
strategies.