Essential Tools for Every FX Trader

Forex trading is not a walk in the park. Just like any professional sport, equipment and tools are necessary to achieve better performance efficiently in trading. To name a few:

(1) A reliable broker that processes withdrawals and deposits smoothly

To determine if a broker is trustworthy, download the free WikiFX app and search through our database. It is advisable to choose a forex broker that has at least 7.0 WikiScore and operates with valid licenses, as well as regulatory status.

(2) A stable trading platform that is used for executing a trade

Although MT4 and MT5 had been removed from Apples App Store for new traders, existing users are unaffected. Moreover, there are other trading platforms that traders can utilize.

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(3) A charting system

Some traders utilize the charting function embedded in their trading platforms, but another widely used tool is Tradingview.

(4) Economic calendar

This tool displays a schedule of upcoming economic data and/or reports. For example, non-farm payroll data, consumer price index (CPI) report, industrial product, employment data, and more. Generally, there will be big market fluctuations during/prior/after these events. Thus, it is helpful to be prepared beforehand.

(5) News sources

Some popular news sources for forex trading as Bloomberg, Financial Times, CNBC, and Investing.com. Nevertheless, not everyone has the time and financial knowledge to stomach the jargon and lengthy articles. Therefore, WikiFXs news 7*24 News Express comes in handy as it summarizes those overwhelming news into 1 single sentence.

(6) A functioning mobile phone or computer with a steadfast Internet connection