This is a list of Forex trading tools – specifically the 6 best forex trading tools for beginners, and professional forex traders.

These awesome forex trading tools enhance most professional trading results over the years.

They are tools professional traders use, and they are best fit for beginners also – and believe me, they are free.

So, whether you’re a total beginner or not, with these forex trading tools, you have an edge to be a profitable forex trader.

And in this post, you will learn about them and how they can enhance your trading results.

6 Best Forex Trading Tools For Beginners And Professional Traders

Below is the list of the 6 best forex trading tools to scale up your trading journey, let’s check them out.

Forex Economic Calendar

The economic calendar is a forex trading tool that covers reports on past financials, projections of the future, and economic events that may affect the financial markets and currency exchange rates.

What Is The Use Of An Economic Calendar Tool?

As a forex trader, reading the economic calendar before executing a trade could be beneficial.

Fundamentally, Forex traders use economic calendar tools as a source of information to plan their trade against upcoming events that could affect the price movement of a particular currency pair.

Currency Heat Map

A Currency Heat Map or Forex heat map is a forex trading tool that displays the relative strengths of major currency pairs in comparison to other currency pairs.

Professional traders use this awesome tool when looking for trading opportunities – and it’s an easy tool beginners could also use.

How To Read A Forex Heat Map

As a beginner forex trader, it’s advisable to get information about the situation of a particular currency pair before staking your money on it.

A currency heat map is a forex trading tool you can use to determine the strongest and weaknesses of a currency pair.

Most professional traders use this great tool, and as a beginner, you can use it at a glance.

Staking your money on a strong currency pair will result in profitable trading.

Forex Market Time Zone Converter

Forex market time zone converter is a forex trading tool that helps forex traders view the open and close times of forex trading sessions in their own local time.

Before you can use this tool effectively, you should know about forex trading sessions, and how they impact the currency exchange.

What Are The Four Trading Sessions?

Understanding forex trading sessions is essential and could enhance your trading plan.

The forex market is open 24HRs but it doesn’t mean trading all trading time is healthy, most professional traders consider trading sessions before executing a trade, and this practice is one you need to learn if you want trading results close to ideal.

Majorly, there are 4 trading sessions named  Sydney session, Tokyo session, London session, and New York session.

So here’s what most professional traders do here, they prefer to trade a particular trading session and not all sessions – In fact, they made us believe that the London session and the New York session are the most healthy sessions to make money.

Read also: Best Forex Brokers in Nigeria 2021 – The Complete List

Believe me, most forex traders make the most of their money during the London session, and New York opens.

If you are a beginner in the forex industry, then the forex market time zone converter is a great tool to view each trading session.

Pip Value Calculator

Pip value calculator is a forex trading tool that helps traders understand the value per pip to be aware of their risk per trade.

How Is Pip Value Calculated in Forex?

Pip value can be calculated by dividing 1/10,000 or by 0.001 by the exchange rates.

Professional trader mostly refers to pip as the spread between the ask and bid price of currency pairs and this helps them understand how much loss and profits could be realized in a trade.

So, if you are a beginner, using a Pip value calculator will help you manage your risk and also help you understand if a trade is worth taking.

Position Size Calculator

Position size calculator is a forex trading tool that could help you as a beginner to determine the amount worth staking on a particular trade without losing your equity regardless.

If you are a beginner, this is a definite forex trading tool that you should have in your arsenal.

Remember, the first thing you would want to do is to guide your capital no matter how juicy the setup is – if you are a professional trader, you would understand how the market operates.

So, forex trading is the kind of business where you have zero control over the market – and if you want to be a profitable trader, you have to be prepared.

Believe me, “Position Size Calculator” will help you manage your risk, and control your capital like a pro.

How Do You Determine Your Position Size?

To determine your position size, fill in your equity, and the ideal percentage of the account you are willing to risk on each trade.

After that, select the currency pair you would like to trade – then click on “calculate”.

After the calculation, the tool will present you with the right position size for the particular trade.

Risk Reward Ratio Calculator

A risk-reward ratio calculator is a forex trading tool that determines potential profits and loss of a trade – if you are a beginner, this is another must-have tool.

One of the most important components of money management is the risk to reward ratio.

Knowing the potential profits and loss of the trade you want to execute is crucial most importantly if you are a beginner.

And it’s another way to tell if the trade is worth taking.

Related: How to use Relative Strength Index in Forex

Closing Thought

Most beginner traders think that having a powerful trading strategy is all that they need to become profitable traders.

While looking for the Holy Grail strategy that doesn’t exist, they ignore a crucial skill they must have.

Forex trading is mostly psychological, and your personality matters more – and for you to be a successful forex trader, you must be able to manage your emotions for consistency.

We are all humans, and you can’t run away from your emotions.

The best you can do is to understand them and try as much as possible to control them.

If you fail to understand and control them, being a successful trader will be extremely difficult.

And here is the best way successful traders manage their emotions, which has resulted in their trading results being ideal.