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Best Forex tools 2020

2020-11-24

2020-11-25

Best Forex tools 2020Oleg Tkachenko

The trader’s main tool is a trading platform, but it’s not enough for reaching success. There are lots of other tools that make money earning easier and faster: numerous applications, scripts, copy trading services. This review will cover them all. Read on to learn about the best Forex trading tools 2020.

What tools do you usually use while trading? A trading platform, obviously. But is it enough? What about mobile trading apps? Or trading advisers? Also, there are paid or free services for trading signals, copy trading services, trader’s diaries, and so on. Everyone has their favourite sets of tools and I invite you to share them in the comments section.

The article covers the following subjects:

Review of the best Forex trading tools

Rating of Forex tools

The rating below is subjective, but at least it will introduce you to a trader’s auxiliary tools. I use a great deal of those tools myself.

1. Best desktop trading platform 2020 - MetaTrader

MetaQuotes’ products MT4 and MT5 have been the market leaders for many years. These platforms bring together functionality, convenient visualization and user-friendliness. Though the platforms seem overloaded with tools, 3-4 hours of trial and Google tips will be enough to become a confident user.

МТ4 advantages

  • Constant assistance by MetaQuotes: updating and troubleshooting.  None of other platforms can deliver an analogue of the MQL5 site with the same toolkit.
  • Opportunity to add indicators, advisors, and scripts in MQL4 language. Though the platform offers a few dozens of embedded indicators, figures and charts, you can order code writing for MT4 to meet your trading system’s requirements.  There hardly exist any platforms offering such an opportunity.
  • Dedicated set of functions for [testing and optimizing][1] indicators and trading advisers.

The fourth version of MetaTrader is more popular than the latest fifth one. Working on the newest version, the developers added into MT5 a fully-fledged option of market depth, a few additional orders, non- standard time frames, etc. That didn’t impress traders for one reason: most indicators and advisers are tailored to MT4 and aren’t readjusted to MT5. The only thing in which MetaTrader 5 outperforms MT4 is testing and optimizing trading systems.

2. Best web trading platform 2020 - LiteForex

The most popular trading platform is LiteForex’s platform built into the [Client’s area][2]. Unlike Mt4, it’s totally understandable at the first sight. The developers managed to offer an optimal set of functions and a user-friendly interface.

Advantages of LiteForex’s platform:

  • Advanced data transmission. No slowdowns or delays in orders execution on both the server and the platform.
  • Additional indicators, which are absent in MT4.
  • Extra functions: one-click order control, analytical tips (market sentiment, signals of trend indicators and oscillators), user chat with professional analyses and news.
  • The platform is adapted to any versions of mobile devices.
  • It features an embedded service for copy trading and a set of functions for creating various affiliate programs, with or without a cashback. More details are provided [here][3].

LiteForex’s Forex platform is a perfect option for active beginner traders and passive investments. Just have a go and open a few trades on this popular platform. You gonna like it!

3. Best trading analysis website 2020

There are two sites that claim victory in this category and either of them is convenient and useful based on what your goals are.

  • Investing (investing.com). It’s a free analytical portal with 15 millions of unique users per month. It provides information on currency, stock and commodity markets worldwide and it is focused on professional traders. The charts of various assets, including exotic ones, are updated every second. Here a trader will find whatever he or she needs: stock screeners, volatility and profitability calculators, pivot points and other auxiliary tools. Private analytical opinions are published here too. Though they should be read with a sceptic eye, they can often suggest interesting thoughts.

  • Tradingview (tradingview.com). This is a technical analysis platform and a social network for traders which provides anything, starting with scripts and ending with analysis. Its user-friendliness and toolkit outperforms those of MT4. As to analytical publications, requirements are less strict here, so you need to filter information more carefully. On the other hand, the site users are regular traders and economic amateurs that are ready to discuss any financial ideas.

Thus, Investing suits better professional traders and global market observers. Tradingview is a platform for discussing various ideas, points of view and forecasts. That’s why I recommend checking LiteForex’s blog too. Professional traders share their long experience and ideas here. Some of them are authors at Investing too. Have a look and you will like it!

4. Best Forex trading apps 2020

Every professional trader at LiteForex has a few interesting apps at hand.

  • [Trading strategies.][4] This free mobile Forex app for Android accumulates dozens of various strategies for any asset: with or without indicators, scalping or long-term investment strategies, with or without martingale. There are simple strategies for training and complicated strategies for logical puzzles. There are even strategies for binary options. Each strategy is accompanied with a short useful description.
  • [Free trading signals.][5] Regular updates on 12 currency pairs and 10 assets of the stock and commodity markets. Signals are traders’ auxiliary tool.  They are based on technical indicators and automated definition of patterns. This mobile Forex app can be downloaded free of charge.
  • [Tradary][6]. This is an application for those who analyse trading results and statistics. There’s a trial period. Reports are sorted by type of asset, trade period, day, ranking, etc.

It’s time to examine the best Forex trading strategies 2020. Here’s a very interesting one based on human emotionality: it teaches you how to profit from the crowd’s panic which pushes the price in the opposite direction once a psychologically important level is achieved. The strategy’s main idea is determining some of the basic notions of technical analysis: price levels at which either party’s emotional reaction takes place; a moment of retracement from those levels; a strong impulsive move. A trader’s task is:

  • Finding a base level in the chart and assessing if a retracement is possible;
  • Evaluating similar retracements from similar levels in the past;
  • Finding out why sharp price movements occurred after retracements.
  • Comparing relative strength of movements after each retracement;
  • Opening a trade after a retracement and setting appropriate values of pending orders.

You can check the details of the strategy [here][7].

6. Best forex advisor 2020 - Ilan Dynamic

Best Forex adviser – Ilan, or one of its versions. This program is often criticized for blowing up accounts, but it remains one of the most discussed programs on trading forums. There exist over 5 versions of Ilan Forex advisor and plenty of examples of earning money with its help. The thing is it should be used wisely, optimized in advance and constantly observed.

Ilan Dynamic is a grid indicator with martingale elements. It doesn’t search for signals. What it does is place orders to the both sides of the price so that pending orders should close with profits. The trader needs to set the grid step and martingale coefficient correctly. I wouldn’t call this program “most reliable and profitable Forex advisor”, but ideal robots don’t exist. So, much depends on a trader’s expertise. This advisor is examined at length in this [review][8].

7. Best forex copy trading service 2020 - Social Trading by

LiteForex

Not only regular financial tools can be used for earning. Non-standard options can bring money for both beginner and professional Forex traders too.  This is a unique service for copying Forex trades where everyone can act both as a trader and an investor. A professional trader allows copying his/her signals and gets featured in LiteForex’s ranking of traders. Every investor may choose one or several traders. After a profitable trade is closed, an investor gets his/her profits and pays a fee to his/her trader. No need to draw graphic patterns and trend lines, observe support and resistance levels or use Japanese candlesticks: professionals will do that for you.

Advantages of Social Trading by LiteForex:

  • Honest ranking of real traders; real statistics of the broker’s traders;
  • Extended set of functions; an investor may form as many investment portfolios including various groups of traders as he/she wishes.  Also, an investor may act as an intermediary: he or she may form a well-balanced portfolio of aggressive and conservative traders and offer signals to other investors for a fee.
  • Risk optimization. Every trader is associated with a certain risk degree calculated by LiteForex’s internal risk management system. These degrees can serve as an additional guidance.

More details on Forex social trading service are provided [here][9].

8. Best forex indicator 2020 - TD Sequential

Classic trading indicators based on various types of averaging are being replaced with new-generation Forex analytical tools. TD Sequential belongs to the latter category. It detects the ending of local trends and helps define a trend fading and reversal. Author Tom DeMark dedicated a whole book to the trading system based on that indicator, which you can [download here][10]. To put it shortly, the essence of every step and signal can be described as follows:

The market is cyclic. The length of cycles is different, but they have some particular phases:

  • Start phase:   Price Flip. Reversal pattern which consists of 6 candlesticks. The penultimate and ultimate candlesticks’ closing prices are compared with closing prices registered 4 candlesticks earlier.
  • Setup phase. Sequence of 9 candlesticks where closing prices are compared in a certain order according to a certain formula. The indicator draws support and resistance levels (TDST according to DeMark). One of the strategies implies opening a trade after a reversal pattern has occurred in this phase.
  • Countdown phase. Consists of 13 candlesticks whose order isn’t necessarily consecutive. This phase ends with the start of Price Flip pattern. According to DeMark, a trade may be opened at the beginning of this phase too.

The MQL5 site has already provided a draft version of using TD Sequential in a neural network, new-generation trading advisers that can self-train and deliver necessary results (pre-written in the code). Two versions of Forex indicator for МТ4 TD Sequential can be [downloaded here][11]. Detailed manual is provided [here][12].

TD Sequential can be used as an independent trading strategy or combined with other tools, such as an indicator of trading sessions. It helps detect a correlation between a particular phase and a sessional activity.

9. Advanced trading tools 2020

The most promising trading tools are those that you can profit from when they grow or fall in price, because Forex allows opening both long and short positions.

9.1. Cryptocurrency. Cryptocurrencies are so volatile that they have remained the most promising financial instrument for a few years. Daily average fluctuations are 0.5-1.5%, but they can go up to 3-5%. In a month, ВТСUSD may grow or fall 15-25%, which is impossible in any other markets. Just have a look at the chart below:

Advantages of crypto-trading:

  • Perfect for intraday strategies. Even the simplest ones sometimes turn out to be really efficient: cryptocurrency is a highly liquid tool with a tight spread.
  • Fluctuations are relatively easy to forecast. Two factors affect the rate the most: news, which is easily interpreted and can back up the trend; psychological speculative factor which allows implementing strategies by use of support and resistance levels.

9.2. Oil. The epidemic of coronavirus and the OPEC+ deal collapse have made oil quotes fall more than 40% this year. But every collapse is followed by a recovery because a new deal will be made sooner or later. So, the prices are very likely to have returned to their equilibrium state by the end of the year, with profitability of at least 30% relative to the bottom value.

9.3. NASDAQ.

NASDAQ was the most profitable stock index in 2019. The US stock market grew in general, but the key factor in NASDAQ’s high profitability was the basket of high-tech companies that constantly develop and will be demanded even in crisis times.

The beginning of the year wasn’t favourable to stock markets. But if we check the statistics on the past years, we will see that such drawdowns are regular. After every drawdown, indexes recovered within a few months. So, wait till the bottom is reached and invest in long positions. Twenty percent per annum is quite a real value.

Conclusion

The best trading tools should always be at hand. When everything you need is at your command, you feel confident and can reach your goals faster. I hope you’ve found something useful on that list. If you have some other interesting suggestions, feel free to join the discussion and share your favourite tools with us!

Let’s form the list of the best Forex tools together!

P.S. Did you like my article? Share it in social networks: it will be the best “thank you” :)

Ask me questions and comment below. I’ll be glad to answer your questions and give necessary explanations.

Useful links:

  • I recommend trying to trade with a reliable broker [here][13]. The system allows you to trade by yourself or copy successful traders from all across the globe.
  • Use my promo-code BLOG for getting deposit bonus 50% on LiteForex platform. Just enter this code in the appropriate field while [depositing][14] your trading account.
  • Telegram chat for traders: . We are sharing the signals and trading experience
  • Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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  1. www.liteforex.com/blog/for-professionals/metatrader-4-strategy-tester/
  2. www.liteforex.com/blog/for-beginners/lets-look-into-liteforexs-new-client-space/
  3. www.liteforex.com/blog/for-partners/types-of-affiliate-programs-and-income-generating-algorithm/
  4. liteforex.com/mobile-apps/android/forex-strategies/
  5. liteforex.com/mobile-apps/android/forex-signals/
  6. tradary.com/
  7. www.liteforex.com/blog/for-professionals/quickfinger-luc-trading-strategy-part-1-introduction/
  8. www.liteforex.com/blog/for-professionals/ilan-trading-system-description-advantages-and-drawbacks/
  9. www.liteforex.com/blog/for-professionals/combined-strategies-to-make-money-on-forex/
  10. drive.google.com/file/d/1jim5HL_loHttOmOjocv2FJ5eK8FYOnGa/view
  11. drive.google.com/file/d/11nOQU54TPHzug5PqIFPjqcNUKu49tBEh/view
  12. www.liteforex.com/blog/for-professionals/technical-analysis-tool-by-tom-demark-td-sequential/
  13. my.liteforex.com/?category=for-beginners&slug=best-forex-tools-2020&openPopup=%2Fregistration%2Fpopup&utm_source=blog&utm_medium=article&utm_campaign=bonus
  14. my.liteforex.com/deposit/?category=for-beginners&slug=best-forex-tools-2020&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus