The trader’s main tool is a trading platform, but it’s not enough for reaching succe...
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 for 2022.
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 favorite sets of tools and I invite you to share them in the comments section.
Best Desktop Trading Platform 2022
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 the other platforms can deliver an analog 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. A dedicated set of functions for testing and optimizing 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.
Best Web Trading Platform 2022
The most popular trading platform is LiteFinance’s platform built into the Client’s area. 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 LiteFinance’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.
One-click order control, analytical tips (market sentiment, signals of trend indicators and oscillators), user chat with professional analyses and news.
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.
LiteFinance’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!
Best Trading Analysis Website 2022
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 million 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 skeptic's 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 outperform 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 LiteFinance’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!
Best Forex Trading Apps 2022
Every professional trader at LiteFinance has a few interesting apps at hand.
Trading strategies. 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 by a short usage description.
Free trading signals. Regular updates on 12 currency pairs and 10 assets of the stock and commodity markets. Signals are traders’ auxiliary tools.
They are based on technical indicators and automated definitions of patterns. This mobile Forex app can be downloaded free of charge.
Trenary. This is an application for those who analyze trading results and statistics. There’s a trial period. Reports are sorted by type of asset, trade period, day, ranking, etc. (Source)
