What Tools are Useful for Trading

What Tools are Useful for Trading-Advantages In the Use of Trading Tools-Wikipedia of Finance-WikiFinancepedia
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Trading is a new form of investment, in line with new technologies, which allows you to buy and sell listed financial objects online in order to receive short and medium-term profits.

And thanks to the great success of this new form of investment, an infinite number of tools have been created for trading, with useful features and tools, with the ability to adapt them to your needs, free or paid, but offering real-time data to make the best decision for your money.

What Tools are Useful for Trading

Below are some of the best trading tools:

ProRealTime

It is a charting, data and market analysis software for trading. It has two versions: the free version offers you the data at the end of the day and the paid version (where you only pay for the data you want to visualize) offers you the information in real time.

Specialized in the technical analysis of data, it has more than 100 indicators that generate trend lines automatically on the charts, so it allows total customization.

It is especially useful if you combine it with the platform of the broker you use, because here you see trends and make decisions, and there, you execute.

Advantages

  • Reliable and easy to use website.
  • Clear rates.
  • Constant updates.
  • Free version (works for you if you are starting in the world of trading).

Disadvantages

  • Needs the broker platform as a complement.
  • Free version does not offer real-time data.

Forex Calendar

It is the largest and most complete real-time calendar on the web. It shows all the most relevant events, data, fluctuations and financial news in the world.

This tool will allow you to compare the current state, the previous one and the projection, it also expresses the possible repercussions in the fluctuation of currencies.

Its platform is quite simple and very clear with each element. It displays the event, the date, the country flag, the volume (high, medium or low), in addition to the comparison mentioned above (current, previous and projection).

Advantages

  • Simple interface.
  • Free platform.
  • Provides real-time data.
  • Compares current, previous and consensus data.

Disadvantages

  • Needs an add-on for the operational part.
  • Only analyzes data.

Visual Chart

It is a platform for experienced traders, with a less easy to understand website, but specialized in market data analysis. However, it is well equipped in the user training part (webinars, tutorials and technical support).

It has more than 200 customizable indicators, with tools for drawing on different types of charts, a benefit offered by being multitasking and multiscreen.

Advantages

  • Ability to customize indicators.
  • It has training for the novice trader.

Disadvantages

  • When processing so much information, you need a powerful computer.
  • The website is not very intuitive.

MetaStock

It is one of the platforms most used by established traders, as it is also one of the most expensive. The payment can be monthly or yearly, but it offers a wide range of tools: technical analysis, indices, predictions… It focuses more on the operational part than on the analytical part.

It offers an exclusive tool, known as MetaStock Explorer with the ability to scan the market and thus give more complete data. Like other tools reviewed here, it has two versions: one with real-time data and one with end-of-day data.

Advantages

  • Scans the market.
  • Variety of tools.

Disadvantages

  • It is expensive.

Metatrader 5

It is the most used and highly recommended platform. It is a specialist in the trading operation of the foreign exchange markets. Although it is not free, the rates they handle are economical.

It requires that the trader who uses it has experience, and wants to level up compared to other trading platforms. Although its use is simple, it is advisable to have experience to get the most out of it.

A point to consider is that its main focus is on currencies, it has diversified into stocks, energy, raw materials, among others. This is thanks to the availability of Metrater 5, with a notorious difference from its previous version.

This update allowed the platform to support items other than currencies, giving it more scope and complexity.

It stands out for its high quality graphics and user-friendly interface. It is one of the most complete platforms in terms of trading, because you can consult the data analysis and make operational decisions, without making use of any complement.

There are many platforms on the market already making use of this powerful tool. If you are interested in this topic you can see the best brokers with mt5.

Advantages

  • Complete platform (analytical and operational).
  • Simple and intuitive interface.
  • Expansion to other areas.

Disadvantages

  • It is paid.

Advantages In the Use of Trading Tools

Investment has always been a decision for the bold, those who study the market to know where to place their money and although it is still valid, most have migrated to the online way.

And that is why trading tools have become as viral as they are useful. They allow you to make a decision based on real-time data, with the ability to compare different stocks, ETFs, CFDs, currencies, energy, commodities….

In addition, it is no longer necessary to depend on the broker, because these tools offer both parts: analytical and operational. This will allow you to make more informed decisions in less time. This consequently offers you more possibilities to find the right category to invest your money.

The recommendation would be to use several complementary tools and customize them to what you are looking for, so you will get the most out of the information you receive because you will be able to verify it.

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