Top 10 forex trading tools and tips from Forex Useful - Includes, MT4 Account, Economic calendar, Correlation indicator, Pivot points, Candlestick patterns, Price alerts and a VPS

1. The undisputed king of charts and best of all...
• It’s FREE and
• It’s supported by almost all brokers of reputation
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 & Tips
Here 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.

2. 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 Additional
Monitor
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.

3. 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
Our 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.

4. 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
200
Day 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.

5. 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).

6. 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 our
Top 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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