What To Look For In Forex Analysis Tools?

We’ve come across this quote once that said something along the lines of “a good analyst is made, not born”. We believe it’s true. Although there are definitely some people who have more talent than others in trading, the best traders still invest significant amounts of time and effort into studying patterns and trends before they take action.

How Do You Become A Better Trader?

The first step is to invest in the best tools that are available on the market, and we’re not just talking about Meta Trader 4. You need to learn how to use them properly.

The second step would be to join some educational communities like Warrior Forum where you can find helpful people who share their experiences every day.

Thirdly, you need to stay away from “easy money” offers or get rich overnight schemes. Instead, learn about proper risk management and trading psychology.

1) Reliability

The best analysis tools should be accurate 100% of the time. The forex market is highly liquid and prices are very competitive, which means that forex software providers need to provide their users with top-notch solutions if they want to attract new customers.

2) Functionality

There are multiple aspects to this requirement, starting from charting capabilities and indicators to the platforms’ usability. If you’re using MT4 for example, you should get familiar with all possible customisation options to make your work easier and faster.

3) Efficiency

The performance of trading terminals is one of the most important factors that separated industry leaders from laggards – short execution times equals higher profitability. This requirement is especially important for scalpers because they are constantly using their trading terminals to enter and exit every trade within seconds.

4) Variety

The more different tools you have at your disposal, the higher the chances of finding a profitable idea even when the market is unpredictable. For example, if you’re bullish on EUR/USD but there are no signs of a breakout on your MT4 chart, you can use one of the indicators that are available only within our platform to find another trading opportunity.

5) Customer Support

The best analysis tools should be designed with traders’ needs in mind first and foremost. They also need to provide their users with first-class customer service because financial markets are unpredictable and traders need to get the best solutions they can have – fast.

6) Pricing Policy

‘You get what you pay for’. It’s a very common saying, so if someone offers you an amazing tool for free, it’s probably too good to be true. You should also consider your budget and how much money you are willing to invest in order to improve your chances of making a profitable trade.

7) Trading Experience And Expertise

Sometimes the simplest solution is the best one – if you don’t know how to use third-party analysis tools that are available on the market, it’s better to stick with something that you already mastered. The most important thing is that your trading plan is profitable, so don’t get distracted by bells and whistles.

8) Transparency

You should be kept informed about what’s happening within the platform you’re working with. If something goes wrong, for example, you need to be able to fix it quickly in order not to lose your hard-earned profits.

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