The 7 Best Forex Trading Tools – For Your Success!
Ever wondered what tools are essentials for Forex traders?
In this video, I share the 7 best Forex trading tools I've used over the years. Those simply are things I can't go without today!
Outline – The 7 Best Forex Trading Tools
1) Notebook – I use this brand
2) Backtesting software – Soft4Fx is what I prefer
– Watch my Soft4Fx Review here
– (Alternative) Forex Tester
3) Favorite chart platform – My favorite is TradingView
4) VPS (for algo trader) – I use this AccuWeb Hosting
5) Trading Journal – My trading journal video
– Edgewonk: http://bit.ly/edgewonk
6) Notebook stand – Any will do, but I like this one
7) Sim card – Depends on the country you travel to 🙂
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Video Transcript
Today I want to share with you the best Forex trading tools.
Tools that I use on a daily basis. Things that I think will make a big difference for you and I wanna share those right now.
If you're looking for things to growing things faster and get results faster, these I really believe are gonna help.
So when I first started to trade in 2013, I thought that I didn't need any tools, that I could be able to do it all, everything for free and not spending any money on tools or software to help become better.
And I started to realize that if I want to get the results I wanted to get, which meant going faster to reach my goals; I would need to invest in some things. I would need to buy some, software, some programs and things to become better.
And then I went through that phase where I was just spending on things that I wanted to get and most of them really helped, but I kind of realized that not everything will help a lot.
You gotta figure out what you spend money on because that's gonna be an investment like a business. What gives you money? What gives you better results and what doesn't? And then cut what doesn't and only spend money on things that will give you results and that will help you become better.
The tools I'll share are the ones that I've seen the best results with. They really helped me become better and don't forget that can be the same for you.
This list of best Forex trading tools is only what I've seen the best results with. Pick what you like 🙂
Notebook
So, the very first thing is I always have this with me, a notebook. Now, notebooks are huge.
If you don't have a notebook right now with you and you cannot track how you perform and what progress you've made and what lessons you've got, what you tried that worked, that didn't work, then you're missing out on a big thing. A notebook is really helpful because you can kind of track what you've done and what you've been working on. And that gives you a really good clue of how you're improving and if you happen to have a coach leader in trading showing him or her your notebook and he's gonna know, or she's gonna know exactly what you've been working on and what result you got and what didn't work. And then it's really easy to correct and to tweak what you've done when you've kept track of everything in your notebook.
I recommend you invest in a good notebook.
I have this brand here (Leuchtturm), but in any case, just get a good notebook where you can write in and track and make sure to get your lessons in.
Make sure to get the things you come across in, and the ideas you have also in for strategies. You could be hearing a podcast one thing and you have this cool strategy idea, but then you don't capture it and you forget like most people. Well, that's where you want to have a notebook to write things down and be sure that you will follow up on what you think about and what you come across.
So, that's the very first thing and that's not costing that much. That's pretty cheap for most people.
Backtesting software
The second item in my list of the best Forex trading tools is a good backtesting software.
There are a few options. I spent probably close to $1,000 in backtesting software and things. The first thing I got was ForexTester and that worked fine. I got two versions of it so the 2 and the 3. They worked okay. They were not the best in my opinion. It's just kind of too hard, too complicated to use.
Soft4Fx
Then I got a different software and I came across, not that long ago, maybe like a year and a half, two years ago, software or plugin for MT4 called Soft4Fx and this is what I've been using for now. There are some free options, of course, but you gotta be going off what you prefer. What works best for you and in my case I don't mind spending money on something that works well for me and that I can use and get results with. So, that's been what I've been using for the past, roughly, year or so.
You can see the video review of Soft4Fx, to see how it works.
So, that's perfect. And just find out which one works best for you and use that one and just go with that and don't change too often. That's the key.
Charting platform
The third item in the list of the best Forex trading tools is your favorite charting platform. Now, this can be anything.
For me it's TradingView.
I've been using them for a very long time and I had to pay for them. I had to get the pro-plus version at some point, but no matter what just pick the version you prefer as long as you like it because if you're not comfortable right now with your charts, even though they're free, you won't get the results you want. So, get something, even if you have to pay for it, get something that's gonna work for you and that's gonna be helpful, that has the feature you want to have, that allows you to keep track of things and to become better.
Get the one you want. You can try many different options first, which I did also. I've tried TradingView, MT4 of course, Fxtrade by OANDA. I've tried FreeStockCharts.com or something of the sort. That worked not that good, but can go wherever you want and you can just try and see if it works and then go with the one you want and get the features you need to be able to trade properly.
Okay, that's pretty big. You just cannot be cheap. There's no way to be cheap in trading if you want to get big results. So, that's my opinion.
Good VPS
The fourth thing I consider one of the best Forex trading tools is a good VPS and that's gonna be especially right if you are in an algo trader.
If you do it manually you don't really need it, but if you are trading with algos please get the VPS and that's gonna save you a lot of stress and worries and problems. So, when I started to trade algos, myself, and when I started to have fear of running on MT4. I used to just have everything on my computer back home or I would keep my computer running all the time to get the algo to run and I found this was the worst thing ever.
This is the worst way to trade algos for the simple reason that you never know what's gonna happen with your computer. It could be turned off because of a power outage or whatever happens.
You can never really rely on it and that's the issue. So, if you want to rely on an algo to run get it on a different computer.
Plus, it's so annoying to have your computer open all the time because you cannot close it or use it for something else. You have to leave it there open and that's a mess.
So, if you have one of backup which you run your algos on, that could work, but I would still invest in a good VPS.
I don't pay much for my VPS. It's like $15 a month.
I use AccuWeb Hosting FX VPS
But you can use whatever you want as long as you have one you can run the algos on and I found this to be especially good with, now because I use a Mac, when I travel, way easier to be able to straight on a different computer that's really fast and you can get all your stuff. You can even backtest there on MT4. You can do whatever you want. As for your computer, you can connect to it, and that just saves you a lot of time.
Plus, when you have a really bad internet connection, you can login to your computer there and just do your work there. So, connect that computer and then that's gonna be having a much faster internet connection and that's been really good. So, I could download a regular video here on my laptop, which can take probably like an hour, or thirty minutes at least. Or, I could go on my VPS and download it there, do my work there, and that's gonna take me probably five minutes which is crazy.
If you don't have good internet, connect to your VPS. They have a good connection if they're a good provider and that's gonna save you a lot of time with whatever you have to do online or whatever you have to do to backtesting that you gotta do on your Mac. That's gonna be really helpful.
I really love this. It's been awesome. And I've been pushing this idea for a long time of getting a VPS, but I definitely see the need right now and that's awesome.
Trading Journal
Fifth thing is invest or get some sort of trading journal. I have a trading journal that's pretty much free. So, I use a site called Trello and MyFxbook, as well as TradingView and that works pretty well. So, you wanna get whatever tool you prefer.
A good tool for that is Edgewonk
A good tool for that is Edgewonk which I'll put the link below if you guys want to check it out with a discount code. Edgewonk is by the guys from Tradeciety which I have interviewed in the past. They have a really good software if you want to be able to track your trades and track how you can perform better. I've seen a lot of people use that software and they get some good results with it. You can check it out and see if it works for you, but in all cases pick the one that works for you and then use it, okay. That's gonna be really essential to move forward.
Notebook stand
And now for number six, it's a very small item. So, I got this kind of stand for a cell phone a few months ago which is typically made to put a cell phone on and kind of see your cell phone which I find stupid, but I use this now for my notebook and I put my notebook on this so I can see it when I trade. I can see my stats. I can see whatever I wanna see and I can keep track of things.
That's been, for me, really helpful. You can even put your trading plan on this if you want. I think it's better than having it on a table and lying there and not looking at it properly. So, I think that's pretty helpful. I'll put the link here for that as well. Really simple thing, but if you want to be able to see your stats or journal when you trade, or whatever you want to look at, that's really helpful. Kind of clear to see, and you have it right in front of you which is really helpful as well. So, quick tool, thing, equipment here, but that's been, for me, quite helpful.
SIM Card
And number seven is something I've been trying to go without for a long time.
Now, every country I go to these days I get a SIM card because I use a robot, I use some information, I use some script, I get some alerts, and these alerts, I need to see them in real time, like, when they happen. And I see now the power of having a SIM card with me to be able to know where I'm going and get an internet connection with it. And so, that's been pretty helpful.
I would recommend this if you don't want to waste time and if you want to be able to put the maximum effort on what you have to work on in trading and be able to enjoy the place you're in anyway. Anyway, I hope that you got some value from this video and I hope that you can apply some things you heard today. Those are tools that I use on a daily basis and I would never go without them.
A Good Program
The only thing I've not talked about so far is having also a good program. Be able to learn and grow at the same time.
If you want to check it out we have an awesome Academy!
I want to hear your thoughts below. So, comment below with your takeaways on this.
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