Forex trading has become increasingly popular in recent years, with more and more individuals venturing into the world of currency trading. While the forex market can be highly profitable, it can also be challenging to navigate without the right tools and resources. Fortunately, there are many free forex trading tools available that can help traders make informed decisions and improve their trading strategies. In this article, we will discuss the top seven free forex trading tools for 2021.
1. Economic Calendar
An economic calendar is an essential tool for forex traders as it provides information about upcoming economic events, such as central bank meetings, economic indicators, and political developments. By staying informed about these events, traders can anticipate market volatility and plan their trades accordingly. Investing.com and FXStreet offer comprehensive economic calendars that are free to use.
2. TradingView
TradingView is a popular platform that provides real-time data, advanced charting tools, and a thriving community of traders. It offers an extensive range of technical analysis indicators and drawing tools, making it easy for traders to analyze price movements and identify trading opportunities. While TradingView offers a premium version, the free version provides more than enough features for most traders.
3. Forex Factory
Forex Factory is an online forum and calendar platform that provides traders with real-time market data, news, and economic indicators. Traders can also discuss trading strategies and share insights with a large community of experienced traders. The platform offers a rich set of tools and resources, including a calendar of economic and political events, which can be a valuable asset for both beginner and advanced traders.
4. Myfxbook
Myfxbook is a social trading platform that allows traders to analyze their trading performance, share their results, and copy trades from successful traders. The platform offers a wide range of features, including an automated trading journal, advanced analytics, and a community forum. By utilizing Myfxbook, traders can track their progress, identify areas of improvement, and learn from others.
5. Forex Tester
Forex Tester is a software that allows traders to backtest their trading strategies using historical market data. Traders can apply their strategies to past market conditions and analyze the performance to determine their effectiveness. While the software is not free, it offers a 14-day free trial, which allows traders to test the software and see if it suits their needs.
6. Metatrader 4
Metatrader 4 is a widely-used trading platform that offers advanced charting capabilities, a wide range of technical indicators, and the ability to use automated trading systems. The platform is free to download and use, and it is compatible with most forex brokers. Metatrader 4 is a popular choice among both beginner and experienced traders due to its user-friendly interface and extensive features.
7. Forex Calculators
Forex calculators are online tools that help traders calculate various aspects of their trades, such as position sizing, pip value, and profit and loss. These calculators can be invaluable for risk management and trade planning. Oanda and Forex.com offer free calculators that are easy to use and provide accurate results.
In conclusion, these free forex trading tools can be valuable resources for traders of all levels. By staying informed with an economic calendar, utilizing advanced charting tools, and analyzing trading performance, traders can make more informed decisions and improve their overall trading strategies.
