FX Converter and Other Forex Applications
There are a many forex applications that traders can use, but the question is whether or not they should. The fact is that just because the applications are out there it does not mean that you should be using them. One of the common mistakes that new traders make is that they try and use all the applications they can thinking it will make them a better trader. You should only use the applications that are sure to help you make better trades and that fit into your trading strategy.
Using an FX Converter
One of the applications out there is the FX converter. This application gives you instant foreign exchange rates for a number of different currencies. The number of currencies that the converter can provide you data on varies from application to application. Some converters have 160 currencies while others only have 10. Before you start using this application you have to consider whether it adds anything to your trading.
When you are looking for a forex broker using a converter can help you find the best spreads. The converter can give you a base rate that you then compare the broker rates against. This helps you identify the spreads being offered. However, once you start trading you may find very little use for the converter. Luckily, most converters are free to use so you do not have to worry about getting your money’s worth.
Most charting applications are very good for traders. However, the problem comes when you try and use too many at the same time. This causes the charts to become clogged, hard to read, slow to load and not very helpful when trading. If you find that one of the charting applications is not working with your strategy then you need to remove it from your charts. Keeping you charts clean and easy to read will help you when you trade.
The types of charts you are getting with the application also need to be considered. Most traders use candlestick charts because they provide the information you need. MACD histograms should also be considered if you want to verify trend strengths. Some traders also include bar and line graphs into their strategies, but these charts do not offer the same amount of information as the candlestick. Only open charts that are going to help you trade otherwise you are likely to suffer from information overload.
A lot of traders look at mobile applications to help them trade when they are on the move. This is of particular interest to part-time traders who are not at their computer all the time. While these applications are handy to have the majority of them do not actually help much with trading. The problem is mainly the size of the screen you are working on. Reading charts can be hard on a mobile phone and the opening of trades can be difficult because of the size of the buttons. Of course, many traders do have limited success with these applications when they are used with a tablet. Tablets offer larger screens and the size of buttons are larger.