You will often hear us mention a ‘Trading Edge’ – the primary reason that separates a profitable trader from one that experiences losses. We all use software – the trading platform that you choose to place your trades via is probably the number 1 most used program in your trading arsenal. Many retail traders use MetaTrader (MT4 or MT5 as it is commonly referred to), and whilst this is a great free option to manually place trades and conduct technical analysis, it is sorely lacking in many areas, especially those that pertain to trade management, risk calculation & multiple account management. Not only this, but the facets of monitoring connection management, price slippage & re-quotes amongst others.
Listed below are some of the trading tools (software) that I use each & every day to gain a 'Trading Edge'.
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FX Synergy is designed by professional traders who were looking for a better way to manage their trades using the MetaTrader platform. FX Synergy can do pretty much everything you need to successfully manage your trades, without all the usual hassles, and is designed from the ground up to be quick and easy to use.
FX Synergy is a stand-alone windows application and works with any broker using MetaTrader. It connects to MetaTrader directly!
FX Synergy works completely transparently with MetaTrader. You can still use all the features in MetaTrader, i.e. open or close trades either in FX Synergy or MetaTrader. All trade operations done in MetaTrader will be visible in FX Synergy and vice versa.
- Records every trade from all of your brokers
- Reduces losses by identifying weak points in your strategy
- Increases profit by analysing entries & exits
- Sorts trades to see what's working & what isn't
- Stores screenshots & video of each unique trade
- View equity curves for any parameter you set up, such as strategy, currency or timeframe
A well-maintained Trade Log becomes your own personal accountability coach. It is your best tool to help you record your trades and fine tune your trading habits.
- Regardless of your strategy or style of trading, before entering a trade it’s critical that you know your correct position sizing and risk-control. This is the heart of money management that leads to success and long-term profitability.
- The Calculator has several tabs that fine-tune this information for different styles of trading, including cost-averaging, stop-and-reverse, multi-leg positions based on feathering-in, and straddle or pending orders.
- The Calculator is a free-standing PC application that lets you quickly and easily see this critical information for each currency pair you trade.
The Forex Tester is a free-standing PC application that gives you an exact simulation of your trading setup using actual historical forex price action. It is not a broker and it does not show current prices, but you can press the play button and see candles or bars forming with price changes as though you were watching real-time action on your own broker. Pause the play button and place a trade to see how your strategy works.