Handy Online Forex Trading Tools

Forex trading can be a rather daunting task if you don't have the right tools to assist you in making crucial decisions. Here are some of the best tools that you can download or access free from the Internet. Most online Forex trading platform will also provide them as part of their package.

1. Forex Economic Calendar:Know your global economic events and lower your Forex trading risk. Economic calendars can be accessed online and are updated after the markets close.
2. Forex Pivot Point Calculator: Most online Forex trading platform will provide this highly efficient tool that helps traders gain insight about pivot points or pips calculation simply by inserting opening and closing as well as the highest and lowest points gained from the day before. This tool is helpful and helps point out a rising trend in which case pivot points calculation can indicate when a downward trend us anticipated.
3. Forex Brokers Guide:For every new Forex trader born each hour, there are as many as five Forex brokers appearing in the market. Good online Forex sites as well as online Forex trading platform will offer insightful Forex brokers comparison tools to help you make your decision. You can then select the desired Forex brokers based on:


1. Company details:
   1. headquarters
   2. amount of client accounts amassed
   3. adjusted net capital
2. Account options
   1. currency allowed
   2. commission
   3. maximum leverage
3. Trading platform
   1. platform type
   2. free demo account and expiration
   3. hedging
4. Customer service
   1. customer service availability
   2. customer service period
   3. speed of email response
4. Forex Charts Guide:With a host of excellently formulated Forex charts, choosing the right one is easier said than done. Ideally, you may choose Forex charts provided by online Forex trading platform with these features:
   1. highly customizable, allowing you to create your own alerts and indicators
   2. lets you formulate automated trading system or a "watchdog" to watch the market
   3. user-friendly and does not require programming
   4. contains comprehensive drawing and editing tools
   5. versatility as an online and offline desktop edition
   6. flexible manual back-testing capabilities
5. Currency Converter/Trading Tool: Like its name implies, a Forex currency converter tool allows you to execute foreign exchange calculations and gain valuable insight with live currency exchange rates for more than 100 currencies. Most online Forex trading platform allows you to convert in real time as well as with several minutes delay
6. Forex Trading Stimulator : A Forex trading stimulator is a great form of online Forex trading platform that lets you download and experience a live Forex stimulation program that's designed to show you lifelike results as you learn how to trade.