Free Trading ToolsDownload these free tools and apps to help you stay on top of your trading
Free Tools To Help Your Trading
The best artists, craftsmen, tradesmen, and professionals don’t expect to make a living with inferior tools, and neither should Forex traders. Technical indicators, position size calculators, risk:reward simulators, profit objective calculators, etc., all aid you. as a trader, to develop strategies, managing risk, and achieving your goals…
In order to maintain account liquidity and avoid the risk of your broker closing out losing positions because of over-leveraging, it’s an absolute necessity to understand the concept of position sizing. Fractional lot sizes offered by Forex brokers allow traders to select an appropriate level of market exposure, relative to their margin account. The Forexistentialist browser-based Position Size Calculator (PSC) app makes this job a breeze. Just enter your account size, entry and stop loss levels, and the percentage of your account you’re willing to risk, and the Position Size Calculator will tell you exactly how many standard, mini or micro lots you’re permitted to trade.
To install the app on your iOS mobile device…
1) Open forexistentialist.com in Safari on your iPhone/iPad, and navigate to this Free Trading Tools page
2) Click on this link to open the app (it will adapt to fullscreen resolution on all devices)
3) Click on the Share button at the bottom of the screen
4) Click on “Add to Home Screen”
5) Click on the icon. You’re ready to calculate your position size!
To open the app on your Android mobile device…
1) Launch Chrome for Android and open forexistentialist.com.
2) Navigate to this Free Trading Tools page
3) Click on this link to open the app in the browser window
4) Tap the menu button and tap “Add to home screen”. You’ll be able to enter a name for the shortcut and then Chrome will add it to your home screen.
5) Click on the icon. You’re ready to calculate your position size!
Market correlation is the statistical measurement of the relationship between two securities. Because currencies are priced in pairs, no single pair trades completely independent of the others. Some will move in unison, while others may move in opposing directions. To further complicate things, other pairs will seemingly move randomly, without any apparent relationship or correlation whatsoever. To be an effective Forex trader, understanding this correlating relationship is very important. The VT_Corr filtration indicator provides real-time correlation data across all major currencies, on all time frames, directly on your charts. Indispensable!
The PressureGauge calculates the relative strength and weakness of each of the major currencies, and is an extremely useful when selecting the best currency pairs to trade. Green squares indicate strength, and red indicates weakness. The indicator comes in two versions; full view, which displays a macro view of the relative strength and weakness of all of the major currencies, and compact view, which compares each of the major pairs individually.
The TrendLights indicator displays a simple moving average crossover dashboard in a secondary panel below the main chart window. This indicator is a feature of the FXO PayMaster strategy, which already displays the MasterSwing envelope overlaying the trigger candles. By printing the moving averages in the form of a histogram at the bottom, the main chart remains free and uncluttered.
The MegaTrend is a valuable trend-confirmation tool – green bars indicate up-trends over the multiple periods, and red bars indicate downtrends. The top axis compares 15, 30, 60 and 240 minute periods, along with daily and weekly timeframes, to trend-indicating exponential moving averages of 20, 50, 100 and 200 periods respectively. In full view, the MegaTrend also compares the MTF with the MACD, Stochastics and 5×13 SMA crossovers. The FXO MegaTrend does not provide trading signals, but rather confirms or filters signals from other sources, which allows traders to identify strong underlying trends over multiple time frames.
Position Size Compounding Projection Spreadsheet
It’s a proven and well-documented fact that you only require an average of 10 to 20 pips per day, per contract, in order to build your stake into a substantial investment account, risking a maximum of only 1% to 2% per trade! Sound too good to be true? Then download these interactive spreadsheets especially developed for micro and mini lot traders. They show how your initial opening balance, no matter what size, can be grown exponentially, simply by adding contracts as the account balance builds, rather than increasing the frequency, profit targets, or overall risk of your trades.
Weekly Profit Projection Spreadsheet
The ability to understand and managing risk is generally accepted as being the most important skill a trader can acquire, however learning how to minimise loss is only one half of the equation. Developing and following a clear trading plan that incorporates profit targeting over time, is very important to a trader’s confidence and overall profitability. This simple spreadsheet allows you to set a weekly percentage profit target, which will then convert to monetary profit objectives and an annual ROI percentage. Easy to use, but essential if you want to keep track of your progress.
Risk:Reward Projection Spreadsheets
Risk:Reward defines the expected reward or return based on the amount of money risked on any individual trade position. Even if you’re using strategies that result in winning strike rates above 50%, i.e. having a strategic winning edge, Murphy’s Law dictates that sooner or later you’ll incur a losing streak. It’s therefore imperative to maintain risk at minimum levels by using an optimized risk to reward ratio. Strict adherence to this principle will prevent you from over-leveraging, and subsequent emotion-based trading. Download these spreadsheets to understand importance of risk:reward ratios and how you can incorporate the concept into your trading plan.
The FlexiTrade Position Manager is our proprietary trade management Expert Advisor. It allows traders to close portions of their positions at four separate levels. These levels may be adjusted to take profit in an almost infinite number of ways. The FlexiTrade Reward:Risk Calculator spreadsheet instantly displays the expected return on investment at each of these levels, along with an accumulating ROI as each profit target is reached.
Want To Give Your Trading a Kick-Start? Try These Options Below…
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