Essential Tools All Serious Traders Need

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Trading and crypto investing needs continuous analysis and monitoring. Stock market players need to keep track of all their trades in order to improve results and find errors. If you do not use additional tools, then trading will be unsystematic, and the results will be uncertain. Crypto exchanges provide a trading terminal and graphical tools, but their capabilities are limited. Thus, traders need extra tools that will improve the convenience when working with cryptocurrencies.

Indicators for the trading platform

Standard trading platforms have built-in indicators that a trader can immediately use in trading to build his own strategy. Their composition varies depending on the terminal. On the World Wide Web, you can download many free indicators specially designed for various areas of trading (wave analysis, Fibonacci, indicators of graphical figures). Here you can also buy paid author’s indicators. Be careful, do not trust money to the first person you meet, there are many scammers in the virtual environment. We recommend zignaly profit sharing – a platform that manages your crypto.

To increase the accuracy of entering the market, use several indicators. Open trades when the signals match – this way you will reduce the number of false signals. Not all market participants consider indicators to be a useful tool for a trader. Some, on the contrary, are of the opinion that it is necessary to investigate the situation only on a clean price chart without the use of third-party tools.

Advisors

There is no such trader who would not want to automate their activities and make money on a full machine. The solution to this problem took longer to be found. Almost any strategy can be turned into an Expert Advisor. With its help, the trader saves time that he used to spend at the monitor, waiting for the signal and accompanying the transaction. Thanks to the strategy tester, you can test the adviser on the history of a certain financial asset and see the prospects for its use in real trading.

Every day new robots appear on the Internet, in most cases – paid ones. The price of an EA depends on several criteria – profitability, stability, drawdown level and risk. The effectiveness of the automatic system does not depend on whether you buy a paid advisor or use a free one.

Analytical tools for traders

An additional opportunity for profitable selling and buying is provided by independent analytical platforms. Services are designed for beginners as well as experienced traders. How can these programs be useful?

It can take a long time to learn the technical analysis. Beginners want to trade here and now. With the help of these programs, a trader receives online analytics for a variety of financial instruments at once – from currency pairs to raw materials and goods. Platforms recognize chart patterns, build resistance and support lines, and identify candlestick patterns.

The convenience of the trader lies in the fact that through the service you can get recommendations on the direction of the price and a forecast for the future. Even if you have your own investing system, the information from the analytical platform will help you assess the situation from all sides quickly and in one place.

Mobile applications for continuous trading

If your lifestyle does not involve constant presence at the monitor screen, with mobile applications, not a single event in the financial market will pass you by. At present, it is difficult to find a broker whose assortment does not include a mobile terminal.

Of course, it will be difficult to analyze the market, build graphical figures using the online version, but you can close a deal, set or move stop loss/take profit in a matter of minutes. The purpose of the mobile application is to be able to monitor the market remotely, although some traders use it for full-fledged investing as well.

Economic calendar

A simple but very useful trader’s tool. The economic calendar is often built into the investing platform or is available in the broker’s personal account. Its advantage is that you can quickly get information about the next important events in the economy. For example, about the release of economic news from regulators, statistics on unemployment and GDP, announcements of dividends and the results of large companies. This knowledge, in turn, will help you open trades on time. Or, on the contrary, refrain from opening positions in anticipation of important news.

You can choose a convenient economic calendar for yourself. Most of them are freely available and do not forget to look there regularly. This will help you stay informed and plan your trading properly.