Rhasfx Forex Tools
What are forex tools?
Forex tool is the name given to the software [application] that helps a trader in their market analysis for a more informed decision-making process, thus coming to a more decisive conclusion.
Forex tools are specially designed software [applications] that are used to gather market data. The data is then compressed and [is usually] displayed in a graphical or tabular format for easier understanding. In other words, the information being presented is much easily grasped [understood].
PLEASE NOTE: Data contains raw figures and facts. Information unlike data provides insights analyzed through the data collected – anlaytixlabs.com
To continue, once the trader receives the data he/ she requires, the data is then converted into valuable information that will be used in his/her decision-making process. (ie: Technical Analysis.)
What are forex tools used for?
Forex tools are used to collect and break down data to compress it into useful information that aids in the process of understanding market behavior. The more information a trader has, the better he’d be able to understand what the market is doing, so he can anticipate what market price might do afterward.
As such, the trader would be able to plan and execute his trade wisely.
Examples of Forex tools:
- Forex indicators (eg: Moving average, Average true range, etc)
- Forex News (also known as, economic calendar)
- Pair correlation table
- Pip calculator
- Position size calculator
- Currency Strenght-o-meter
For your convenience, Rhasfx provides you with a list of valuable forex tools that will assist both new and expert traders in their decision-making process all in one place.
List of Rhasfx Forex Tools
Please note: if the link is not clickable, then the tool is not available yet.
1. Forex News
Be ahead of the markets with fundamental analysis. Avoid unexpected market spikes by knowing which pairs to avoid until news passes.
2. Forex Pair Correlation Table
A powerful tool that can help you avoid a double loss and/or buying and selling two financial instruments that move similarly. In this case, the loss on one asset is negating the profit of another.
3. Pip Value calculator
Understand that each currency pair have a different pip value that changes over time. Familiarize yourself with the different pip values of different currency pairs. (Use with the pair correlation table to know which among the similar moving forex pairs pay the most so you can get a bigger payout from your profitable trades)
4. Position size calculator
Exercise proper risk management by calculating the appropriate lot size and stop loss needed to avoid losing too much of your account balance.
5. Forex profit calculator
Use this awesome forex tool to estimate how much profit you can gain over a period of time.
6. Pip distance calculator
Want to know how many pips you can gain from one price to another? This useful forex tool can help you to do so with just a few inputs.
7. Currency Strenght-O-meter
Another powerful tool that is used to understand the overall performance of a forex currency versus its trading partners. Use this forex tool to know which forex currency to buy and which to sell.
Additional Forex Tools:
Use this unique forex tool to find out which broker is best for you. Know which CFD platform offers the tightest spreads with the lowest commissions. (under the Recommended broker section)
9. Broker Swap Comparison
Each broker charges swap for trades being carried over to the next day. Avoid being charged an unexpected amount that’ll eat away your profit. (under the Recommended broker section)
Bonus forex tools
10. Currency Converter
Want to travel and wish to convert your local currency to foreign currency? Estimate how much you’ll earn after converting your local currency to foreign [vise-versa] by knowing the current exchange market price between two currencies.
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