Tools
Some useful tools for the novice and experienced Forex trader:
- Pivot Point Calculator: calculate multiple pivot points with a single click. You can then use the resulting values as the support and resistance levels in the intraday and long-term trading.
- MetaTrader 4: the most common platform used by forex traders. Freely downloadable, many online brokers use their API and therefore make it possible to trade from this program instead of their own platform.
- Forex Tester: especially useful for the novice trader, but also a valuable tool for the more experienced ones. Lets you simulate a live account and trade on historical data, enabling you to test your strategies in a realistic environment. See our review.
- eToro: if you are just starting out in the world of Forex, eToro platform is just what you need. Download the program and learn basic concepts of forex by using their “demo account”. If you decide to trade real money with them, PayPal deposits are available too.
- Forex Strategy Builder: another useful, free tool enabling you to test your strategy automatically. Intuitive interface, it also features a statistical analysis of your strategy including worst and best case, etc.
