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GKFX have highly competitive spreads and excellent customer support. Most importantly they are also well regulated and were unaffected by the Swiss Franc debacle in early 2015.

Top 10 Forex Trading Tools & TipsHere are the Top 10 Forex Trading Tools all of us at Forex Useful could mostly not do without. The tips are there so you can better understand and implement the tools you feel would also suit YOU...

Meta Trader 4(MT4) Trading Account

MT4 Demo accounts provide a learning platform, whether you are new to trading or just want to try out a new strategy. With a Demo account you cannot lose any real money. The main downside is that most Demo accounts expire after a month or so. This means you will have to open another one and transfer all your settings over. This though, is not a huge overhead for most!

Only when you are comfortable and ready to risk real money should you open a Live MT4 account. If you wish to use GKFX you can open an account here.

When first starting off you may think an additional monitor is just for show offs. However, it is something most serious traders cannot do without. Even if you just want to watch the markets and check emails, book some flights, etc. It really is a must have.

A laptop and ONE additional monitor is plenty. You do not need 3 monitors, splitting hardware, splitting software, etc. 3 monitors (or more) ARE for show offs!

If you are trading intraday then you really should be aware of upcoming economic news in the next 24 hours. Many of the top news events, Non-Farm Payrolls, Interest rate announcements, for example – Can move the markets 100 PIPs in seconds. Don’t take your eye of the ball, it could be expensive, very expensive.

Economic Calendar

An AdditionalMonitor

The Forex Live News Calendar is as good as any with its many filters and options, including a handy desktop widget. It is worth spending 10 minutes at the beginning of each week putting key events into an electronic calendar. Set it up so you are alerted electronically 15 minutes before the actual key events.

You may now have your MT4 Trading account set up and an additional monitor. If you intend trading more than 1 instrument, like the vast majority of traders do then you must be aware of correlation. For example, taking a Long USDCHF position and a Long EURUSD position most often means you are taking a neutral position in the market.

Correlation Indicator

Leading indicators, Support 3 (S3) and Resistance 3 (R3) are useful reference points. They are decent barometers of a market being Oversold/Overbought.

Many traders also rely on the Daily Pivot point as an anticipator of market direction for intraday trades. Open above Pivot Point, Bullish day, below, Bearish.

Pivot Points

USDCHF EURUSDOur MT4 Correlation indicator shows you the current correlation of the instrument you are trading against 4 other instruments on any time frame.

TIP! When trading the 1 hour or less time frame, Daily Pivot points are most appropriate. On the 4 Hour time frame, Weekly Pivot points are more appropriate and for Daily charts reference to Monthly Pivot points would be more prudent. Our FREE How To Really Use Pivot Points eBook contains many useful Pivot point statistics based on over 12 years of analysis.

The foundation of the FREE 3 Little Pigs Strategy, the Moving average is probably the most popular indicator for traders across the globe. Although they are lagging indicators they are still a most useful tool for identifying trends.

The Moving Average Cross Over Strategy or a variation of it one of the most popular forms of trading.

The Moving Average

Many people observe chart patterns which are simply not reliable at all! Candlestick Reversal Patterns on higher time frames however, are!

Nigel’s FREE Price Action Swing Trading (PAST) Strategy is based on identifying potential trading opportunities on the higher time frames based on 3 Candlestick Reversal Patterns.

Candlestick Reversal Patterns

200Day MA

Long term investors favour the 200 Day MA. It shows the average price over the last year and provides a birds eye view of the annual trend.

Steve Nison is the king of Candlestick Patterns. He has many books and indicators on offer including some costing £100’s. Nigel’s PAST MT4 Price Action Indicator identifies the ones he uses for a fraction of the cost.

Many of us are on the go these days. This means we don’t always have access to our laptop or desktop. We rely more and more on our phones and our tablets which become more and more advanced by the day. For this reason it is always worth having a note of your open trades and access to Web based charts.

Web Based Charts

Price alerts are a necessity for most traders. You may for example, be interested in a particular breakout or trend-line break. Perhaps not to trade it immediately, but to observe it and then take appropriate action.

Whatever your needs, having a Price alert facility is a must for most.

Price Alerts

The Note Board App (a modern day sticky note you can use across many devices) is handy to keep a note of open positions. More importantly, Trading View is a great, FREE, web based charting package.

Price alerts are an integral part of the MT4 platform. So, assuming you have an MT4 platform running you should have no problems with Price alerts. In fact you can even set them up for email and SMS too (usually free of charge, see this article for more details).

Not a necessity for everyone as they come at a cost. A VPS is a remote, usually, Windows based computer where you can run continuous MT4 sessions. This is essential if you are running a MT4 Expert Advisor (EA) where your process must be able to trade any valid signals. It is also most useful for your alerts because it means you can turn your own computer off and still get your alerts via email/SMS.

VPS

We hope you enjoyed ourTop 10 Forex Trading Tools & Tricks!

4x Solutions are tailored to MT4 users. They provide a reliable service with little down time, occasional but brief weekend periods only. In addition to this their support via online chat or email is adequate to resolve any small problems, we never had anything other than a small problem.

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