Today, trading and investing have changed dramatically. While most active traders still trade via a broker , who will give them access to a range of markets and trading software , they are making their trades independently, and using forex tools can both boost their productivity and improve their trading performance. In this article, we'll give you an in-depth overview of some of the best Forex trading tools available, for both beginners and professional traders.

Most of these Forex trading tools are available for both Windows and Mac. This list of trading tools doesn't include any Excel tools.

A wealth of both paid and free Forex trading tools are based on Forex trading tool software developed for a specific purpose, separate from Excel, to provide you with the most reliable information possible.

This is the first group of tools for Forex trading. Forex traders use some tools to find trading opportunities. Our list of the top Forex trading tools for finding trading opportunities includes tools in the following subcategories:. All of these can tell you about what is shaking the market and which direction current price trends may follow. With this information, you'll be able to find more trading opportunities.

Forex calendars are a valuable tool for learning about what is going to happen in the market, and planning your trades accordingly. They largely target traders who want to keep up with the fundamental updates on the FX market. However, these calendars may come in handy to all types of traders. Admirals free Forex calendar lists upcoming fundamental events, and releases of economic news, listed along with their previous and expected values.

As soon as the news is released sometimes, with a slight delay , the calendar is updated with proper values, and the market starts to experience new moves. An even more in-depth calendar tool is the free Admirals Premium Analytics economic and corporate calendars. The economic calendar shares detailed, real-time information about upcoming economic event, while the corporate calendar covers corporate dividends, earnings, annual meetings and more. With these investing calendars, traders can follow their favourite companies and always have access to the latest insights about changes that might influence their stock trading.

Along with economic calendars, live news is another useful Forex trading tool. The problem is that there's just so much information to sift through! While you can manually search Bloomberg, Reuters, Forex Factory and FX street, wouldn't it be easier if it was all delivered to you automatically? The good news is that this is possible. In fact, the Admirals MetaTrader Supreme Edition plugin includes a feature called Admiral Connect , which delivers live trading news direct to your MetaTrader terminal!

Admiral Connect tool connects all big news providers, including a trade analysis feature and your own RSS-feeds to display in-platform and spend less time outside the terminal when looking for additional functionality and information required for trading. Source: Admiral Connect, MetaTrader 4. Learn more and install the Connect tool here.

Or, if you'd like even more data, our exclusive Premium Analytics portal offers traders access to real-time Forex and trading news feeds, with the option to filter based on trading instruments or the latest live news. While the portal is available absolutely free, there is a perk if you have a live trading account with Admirals - over news stories a day.

Meanwhile, traders with demo accounts will get access to up to free news stories. Many traders see the appeal of technical analysis , as it allows them to identify FX trading opportunities without having to keep up to date with market news. The main challenge, though, is identifying accurate patterns that generate reliable trading signals. The first one we'll cover is in the Technical Analysis and Trading Signals feature in Admirals' Premium Analytics portal.

Powered by Trading Central's award-winning technology, this widget combines actionable technical analysis on virtually every financial instrument including stocks and Forex to help investors optimise their trading strategies.

These technical analysis tools incorporate independent opinions of Trading Central's global research team, provide automated and personalised trade ideas and combine technical and fundamental analysis to help generate trading signals for active traders.

The second feature, also powered by Trading Central, is available in the MetaTrader Supreme Edition plugin. Traders can also continue to learn about any instrument through the "Learn more" and "View Historical Events" buttons. This progressive disclosure of information informs new traders on how to approach the jumping-off point and begin trading, and supports their ability to continue learning at their own pace. The Technical Summary Score removes the need to wade through extraneous details to form a decision.

It enables traders to see a concise technical outlook across three timeframes in an instant! Using a proprietary weight-of-evidence approach, the Score displays the directional outlook of either bullish, bearish or neutral, across short- to long-term timeframes, to provide simple and concise support at the moment it's needed. With thousands of financial markets , news events and technical signals to keep track of, it's impossible for any trader to monitor all market movements for the best trading opportunities.

Featured Ideas delivers unbiased, intraday trading ideas tailored to each individual trader's preferences such as holding timeframes, favourite patterns, or preferred currencies. Featured Ideas' transparent and informational feature set helps teach new traders about technical analysis, and assists traders of all skill-levels in crafting confident, timely decisions and strategies.

Each idea offers clear and concise commentary on the reasons why this idea was displayed, and what the technical events mean for price movement.

Hovering over the pattern will teach you about that technical pattern, and "watching" an idea will allow you to keep track of how it performs so you can make a confident, educated decision next time you see that pattern.

Are you interested in finding more information on trading tools and trading, in general? Admirals offers free trading webinars and seminars for all experience levels. In these seminars, you will advance your knowledge and abilities with Forex trading tools and other general trading topics.

You can register by clicking the banner below:. The next category of Forex trading tools is those that tell you what's happening in the market right now - who is trading what, how they feel about it, and the relationships between different instruments and markets. While news and calendars are essential tools for identifying trading opportunities, sometimes they can be difficult to interpret. You might expect there to be movement after the European Central Bank's next announcement, but will your preferred trading instruments go up or down?

The problem is that while every trading platform and finance site includes charts, but not every site or platform leads with its ability to provide a true picture of the market.

This is where a market heat map can be useful. Market heat maps empower traders to discover moments of extreme undervaluations and overvaluations by giving them a visual breakdown of the market's biggest movers and shakers, as well as the directions in which they're moving. This means you have an at-a-glance view of exactly what's happening in the market, and you can trade accordingly. Source: Admirals Market Heat Map. See today's heat map here.

The market heat map tells you how much an instrument has moved, but it doesn't tell you how traders feel about those movements. This is where market sentiment tools are helpful. Market sentiment tools tell you how the market feels about certain instruments - they might tally up the volume of long trades or short trades, or they might scan the current headlines to see how the media feels about an instrument. The first market sentiment tool is the free market sentiment widget on the Admirals website.

It helps you to understand the current positions of traders, aggregated into one dashboard. This way, you can see how many traders are holding short positions, and how many are holding long positions. With the help of Market Sentiment, you can double-check whether you want to join the trade, plus what your chances are if you decide to go against the crowd.

The next FX tool is available in the free MetaTrader Supreme Edition plugin - the Sentiment Trader tool. Like the widget on the Admirals website, this gives you the net short and long positions in an instrument, with the convenience of it being accessible from within the MetaTrader platform. Source: Sentiment Trader - EURUSD. Charts for financial instruments in this article are for illustrative purposes and does not constitute trading advice or a solicitation to buy or sell any financial instrument provided by Admirals CFDs, ETFs, Shares.

Past performance is not necessarily an indication of future performance. However, some situations do arise when the server goes down and hence puts a halt on your trading operations.

If such a situation does appear, then your company should be able to rectify or fix the issue of your software ASAP. Server issues always will happen, but those companies who can fix quickly, their software are usually the ones which you should download and make use of. Another crucial aspect while opting for download forex trading software free is its security aspect. The security, privacy and integrity of your chosen software should be top notch. The encryption feature where all your information, trading history, personal details and also your account balance should be of the highest level!

These are some of the top 5 things which you as a trader should check for when selecting forex download free software. With so many options available, you should make sure that you choose a quality-assuring one. So use these tips for your software selection and improve your chances to make it big in the foreign exchange venture. Your country is identified as United States LiteFinance Global LLC does not provide brokerage services in your country. Stay on LiteFinance Global LLC site. Home Download forex trading software free.

Noteworthy tips to select reliable forex download free software. Feature Without a doubt, this is one of the main characteristics of choosing the right forex trading software. Technical assistance Next aspect before selecting a download trading forex free is checking how good the technical support is. Round the clock assistance Though most, if not all companies, who provide forex trading free software downloads promise round the clock assistance, very few of them actually live up to their words.

Computing their volatility is not an easy task for the manual trader. This is why you need the Forex Volatility Calculator at Investing. This essential forex trading tool calculates the volatility of 30 currency pairs using historical data up to 54 weeks.

It shows the daily change in pips and percentage of each forex pair in a nice table. What makes this forex trading tool so useful are the complementary graphs shown below. Currency pairs are permutations of different currencies. Hence, we expect them to correlate in their price changes. Understanding the correlations among currency pairs is critical if you intend to trade more than one pair. Kathy Lien has an informative article on currency correlation at Investopedia.

While you can calculate the correlation between currency pairs yourself using Excel, the forex broker Oanda offers a slick Currency Correlation tool that measures historical correlation up to 1 year. This forex trading tool includes an impressive array of major currency pairs, exotics, and even metals.

The Bubble and Heatmap offer friendly visuals. For the numerical values, choose to display in Table format. The major forex trading centers are New York, London, Tokyo, and Sydney. Many traders do not stay in any of these cities and need to keep tabs on different time zones. And even if you do, you will still need to keep track of the time in other major currency markets. This is because the opening range of each market sets the tone for each session, and the overlapping hours tend to have more trading setups.

There are forex trading tools that converts time zones. However, for managing time zones, I find that a graphical interface is the best. You only need a glance to know which markets are open. The rest is self-explanatory.

There is also a Chrome Extension for this time zone forex trading tool. Some forex traders speculate on news and reports.

The Tradable's authors come to spill important insights about markets and businesses onto the readers' feed and keep them at the top of the trading game. One look at the forex market will show you just how competitive it can be with traders trying to make the most out of it. Luckily, there are tons of forex tools at your disposal, and even better, there are several free forex tools that traders, whether new or old, can add to their arsenal.

While several free trading tools have proven unreliable, here is a list of tools that are easy to use and a cut above the rest.

Forex trading shares similarities with the buying and selling of securities like stocks and bonds, but in forex trading, you deal with currencies instead. Currencies are paired together and you can sell one currency to buy the other. Once the currency bought rises, the trader makes a profit. Although the concept of forex trading is easy to explain, the process itself can be a bit overwhelming without adequate knowledge of the forex market or the tools to help you out.

Choosing a reliable free forex tool as a forex trader comes with a host of benefits. Using a free forex tool:. A Forex compound calculator is a tool used by traders to analyze the growth of a trading account over a period of time by compounding the gains. It is a quick way to calculate the profits you have made from trading and get an idea of potential future gains.

While you can calculate your potential profits manually, using a forex compound calculator does make the process easier and the results more accurate. MetaTrader4 is a popular platform among forex traders for many reasons.

It provides you with a community of traders that can give you advice, you have access to technical indicators, and can write some of your own. For day traders looking to make a living with forex trading , the information and community provided by the platform can help in modifying their strategies and reducing the possibility of losses.

MetaTrader4 allows you to trade on your phone and you have access to most forex brokers for trading purposes. As a free tool, this platform has several features that can come in handy especially for new traders. A forex economic calendar provides important news, events, and reports that can shake the forex market.

Having an economic calendar keeps you from being blindsided when important news is circulating in the market and can be useful in determining when or when not to trade. An economic calendar provides you with valuable insight such as previous report figures, the impact such events would have on the market, and the currency being affected.

A currency converter is a calculator that allows you to check the value of one currency against the other based on the current exchange rate. A currency converter can show you how much you stand to gain or lose when you buy or sell a particular currency. To use a currency converter, all you need to do is choose the currency you wish to convert, the one you are converting to, and the amount being converted.

The results will show you the equivalent value of the sum you wish to convert. Time zones can have a huge impact on your ability to trade and make profits. The main forex trading centers are Tokyo, Sydney, London, and New York but most traders do not live in any of these places. To keep track of the time in these markets, every forex trader needs a time zone converter. This converter helps to manage different time zones and enables you to trade currencies at the best trading sessions by taking advantage of the liquidity, trading volume, and volatility of the currencies during those sessions.

A forex trading journal is a log used to keep account of all your winning and losing trades- it is similar to a business owner keeping track of inventory.

With a trading journal, you become more aware of your past experiences and can use the information to make adjustments to your strategies or trading techniques. Having a trading journal is a good way to remain accountable, keep track of your gains and losses, and note the indicators that you have frequently used in trading.

This way, you get to remain consistent and spot areas where you need to improve. The volatility of the market creates an opportunity for forex traders to make a profit and it is the goal of every forex trader to capitalize on this.

Since a stagnant market should be avoided by traders, a volatility calculator enables a trader to know which currency pairs are volatile at different time frames. This free forex tool uses the past exchange rate data of the currency pair to determine its current volatility and which time frames or volatility points present the most opportunities to traders.

In the forex market, having the right information at the right time is important if you want to stay at the top of your game at all times. Information circulating in the market at a particular period can affect the exchange rate of currency pairs and your ability to make a profit on it.

A financial news wire is a forex tool that gives you early access to information that can affect the direction of the market, and you can use the information obtained to your advantage.

As a forex trader, having the right set of tools is an important part of your arsenal for anyone wishing to make the most out of the market. While free tools have their fair share of downsides, these free forex tools have been proven to be easy to use and give you accurate results when you need them. The best part is, you can use these tools at no cost, and a great way to reduce costs and increase your profits.

Which of these tools will you be using? Disclaimer: TheTradable content is for informational purposes only. The website does not provide any financial advisory. We do not encourage trading any assets. We encourage all users to rely solely on their own due diligence when making any financial decisions. TheTradable is a Financial News Website, focusing on the global Tradables Market. TheTradable is based in London and is part of Rich Media Network Ltd, Registered in England and Wales.

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Charts Banking Business Commodities Crypto Exchanges FX Global economy Investing Legal Markets Opinions Stocks Press Releases Trading guides. FX 11 months ago. Editorial staff The Tradable's authors come to spill important insights about markets and businesses onto the readers' feed and keep them at the top of the trading game.

Share Tweet Discuss 0. Discuss 0. Image source: unsplash. How Does Forex Trading Work? Benefits of Using Free Forex Trading Tools. Saves Cost:It is important to cut costs wherever you can if you want to maximize your profits and using these tools helps to do just that.

You get the help you need, at no additional cost you which is especially useful for new traders who are finding their way around the forex market. Provides Free Education:Forex trading is an activity that requires process and trading before you can reap any benefits or profits which is why every trader should utilize any opportunity to grow their knowledge on the market. Some of these tools provide you with a community of traders who have experiences you can learn from.

You can also get advice and instruction that can make your journey into forex trading easier. Helps you know what works:Since using these tools comes at no additional cost to you, you have enough space to try out your strategies and use the information provided, to discover what works and which areas you should improve on.

Before you take on forex trading, you can use these tools to practice risk-free and get some hands-on experience of what to expect. This way, you go in with realistic expectations and a solid idea of how to take advantage of the market. Gives you accurate feedback and information:There are free forex tools that provide you with current news about the forex market, predictions, and accurate results on currency pairs that you are trading with.

Using this information can show you the best time to trade to make the most profits and when you should avoid trading. Top 8 Free Forex Trading Tools. Here are the top free forex trading tools that we have tried and tested. Forex Compound Calculator. Editorial staff E-mail. Opinions 22 Nov , AM. The Forex market is becoming increasingly popular day by day and those who want to earn large sums on it are growing the same way.

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Explore our Free Forex Trading Tools. This way, you get to remain consistent and spot areas where you need to improve. Nevertheless, you will need a forex chart app that is designed especially for your device - because accessibility should be one of the key priorities when choosing the best forex chart app for you. Best Free Forex Backtesting Software User Guide. As for the exit, top traders predefine their own set of rules for partial, total or multiple closing an open position based on profitability or price.

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