Best Trading Software and Tools for Beginners and Experts

Millions of traders trade daily and make the whole market grow at an incredibly rapid pace. The sheer size of the Forex industry compels people to be more efficient at trading and recognizing the best opportunities for each order. The hectic rhythm of this work makes it hard for beginners to even attempt to start making money reliably.

However, the industry naturally developed an answer to this issue. Many experienced traders well-versed in either software development or market analysis created a plethora of the best trading software and tools providing traders an edge when it comes to trading.

The variety of modern tools and software dedicated to helping traders overcome various obstacles is quite rich, offering multipurpose apps and specialized indicators for very specific assets and periods.

Types of tools and software

There are all sorts of instruments that you can use to make your own trading game a little bit more efficient. You may be interested in very specific software solutions, but knowing them is quite useful for someone who wants to improve. There are several main types of apps and tools that should interest any trader.

• Indicators. Most of them are already implemented in most terminals. However, some more sophisticated indicators should be used with specific time frames and terminals such as MT4. You can download indicators for MetaTrader platform and use them as you see fit.
• Auto-traders. Some strategies involve automatic high-precision trading which can be performed only by robots. These bots make decisions based on specific indicators and parameters established by users making trading a little bit more efficient time-wise.
• Simulators. These programs can extrapolate how the market may change given specific inputs. It is a good tool for those who want to test various indicators and new strategies. Simulators are a good alternative to history-trading.

While these tools allow you to directly analyze the markets and come up with new ideas of how to trade, there are specialized tools aimed at solving more broad tasks. For example, you may be interested in economic calendars and news aggregators as well as chart-makers. Moreover, you can read different day trading books to get the insights as for the types of tools and software which are the best for earning at the Forex market.

• Economic calendars are provided by most brokers. However, you can also implement them in your terminal and be ready for any market fluctuations induced by new developments in the global economy.
• News aggregators are great helpers to people focusing on fundamental analysis or heavily using various techniques to verify technical analysis results.
• Chart-makers are specialized programs capable of building comprehensive charts with very specific user settings making each trading session more comfortable for a trader. It is a great customization tool that many experts consider even more useful than signals and indicators.

The main takeaway

Even the best trading software and tools won’t help you improve if you do not put in the work. In the end, the only person making decisions is you. These instruments may help you gather more information and form a better strategy but they won’t make you rich. Use them smartly.