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.