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One of the features to determine the efficiency of the forex trading software is the availability of different forex trading tools. These are instruments that are necessary to make advanced analyses and profitable deals. The effective usage of tools for traders helps participants to avoid potentially unprofitable deals and build better strategies.
Of course, it’s a good idea to test the available trading tools before making real deals. With DotBig, for example, you can sample their efficiency in real-market conditions. It’s a free possibility to explore their functional features and understand how the instruments work. Before applying, also check the affordability of solutions and their efficiency in your trading strategy.
Here we offer the listings of DotBig forex trading tools that suit different categories of clients. Learn more about them.
These are special triggers that alert when it’s the best time to agree on a deal. These alerts might be based on analysis previously generated by a participant with the help of technical indicators, or by automated algorithms.
The major objective of trading signals is to exclude the emotions of traders making the decisions. Trading signals provide the mechanical method that determines efficiency. To generate this trigger, can apply different types of analyses, including technical, fundamental, quantitative, etc.
Social trading, or copy trading systems, are special forex trading software solutions that have the main aim to exchange knowledge and data. Simply speaking, the DotBig social trading platform lists successful traders and provides the possibility to copy their strategies and deals to succeed.
It is very useful for beginning participants who are not keen on developing their own strategies. They pay a small commission and can benefit from others’ achievements. To determine who to follow, traders can study statistics. DotBig provides relevant trading data about everyone who joins its social trading platform.
Such forex trading tools are helpful for participants who prefer keeping up with one’s strict schedule. The economic calendar might keep the notifications about some important events from the markets at your disposal. As we know, in forex trading, following the news and events is vital.
Define which events have the top-priority importance and follow them with the specially adjusted calendar. Receive notifications in advance and pay more attention to specific price rate movements. With the help of a calendar and some other forex tools, it’s easier to determine how the trading market responds to different events. Therefore, further on, you will be able to react to them more efficiently.
Various kinds of calculating forex tools serve different purposes. Explore the list of calculators available with the DotBig forex broker and find out which are the most helpful for your trading strategy.
If you are willing to trade currencies and gain profits, you should be able to determine how their price rates might change soon. The solution is designed to assist you. This tool studies how the price rates were modified during previous periods. With this data, it's possible to forecast further movements, because currencies repeat them if the situation in the economic markets isn’t impacted by some serious global issues or some unexpected changes. The history of price movements repeats. So, if you know what the volatility was before, you can forecast it for the future.
Why does one need to calculate pips? Because pip is the most insignificant unit of movement in the exchange rate of the currency pair. With this instrument, it's easier to define the pip's value. The solution applies information about the position size of the local currency.
How to find the volume necessary for a position opening? Apply the margin calculator. When making calculations, this tool processes various categories of data, including the contract size, your accounting currency, and others. After the calculations are finished, it provides to the trader the required digits of the margin and its percentage. With this, traders determine the sizes of their orders.
It is one of the simplest forex trading tools. By relying on current exchange rates, it estimates the price of one currency if it would be exchanged for another. The trader needs to select one asset and enter the value that should be converted to another currency. This solution is a good instrument for calculating equivalent currency values.
This solution works with data of traders' positions. By relying on the available info and current exchange rates, it can calculate how much profit or loss a certain trading position might potentially bring. It shows whether your current trading strategy is successful enough.
One more helpful instrument you should explore when trading with the DotBig forex broker. Why do time zones have such a big meaning in foreign exchange? Different centers are located in different destinations of the globe. You probably know that there are centers in New York, London, and other big cities. The time zones of these cities are not the same. The overlap during their sessions might provide the biggest liquidity. It's necessary for every participant to know when these moments come. With better liquidity, it will be simpler to generate bigger profits.
Finally, consider using the correlation matrix. With this instrument, a trader can easily determine how the exchange rate of currency pairs correlates with each other. It’s very useful when you need to follow the behavior of your forex assets and predict their future movements.
The correlation between different pairs differs due to various factors. For example, they might have some common characteristics that determine exchange rates. Thanks to these common features, you can determine when the movement of one pair will start, by relying on the previous movement of another pair.
When describing the features and objectives of the economic calendar, we mentioned that different things have different influences on forex prices. Prices might be determined by events in the financial sectors, increasing interest rates, and so on. That’s why any forex trader must follow the freshest financial news with the help of the financial newswire.
The most important thing forex traders usually pay attention to is the news about interest rates set by a central financial institution of every country. Every month, they release benchmark interest rates. This has a very strong impact on forex prices.
$250 is considered by many traders to be the most optimal amount to start trading. This is because this sum is big enough to generate big gains. With DotBig, $250 is enough to start trading. Sign up, make the deposit, and choose the set of financial products to start trading.
The efficiency of a certain trading tool depends on your needs and skills in using it. For example, if you don’t want or don’t have time to be deeply involved in trading activities, you will find the social trading platform of DotBig the best option for you. This tool requires minimum knowledge and skills in online trading. Clients don’t need to develop their own strategies. They just follow successful participants.
With DotBig, you can keep your trade open for as long as you wish. There are no limitations on how long you hold your positions on the forex market.
