Just like in every other profession, traders use specific tools to help them perform in their job. Without the right tools no trader could ever manage to get consistent profits, unless he traded on insider knowledge. Of course the tools used by Goldman and Sachs’ professional traders will most likely be much more advanced than those available to the Average Joe, the technology today is so advanced and freely accessible that there are some amazing free online tools that can be used for professional trading. This page looks at some of the most vital tools for any type of market trader, let alone a binary options trader.
Live trading charts
If you are trading binary options using the little tick window that your broker provides by default, know that you can do much better by looking at real-time candlestick charts. All traders look at these live charts to analyze or at least follow the progress of their investments. Using professional charts will help you understand the price action much better and predict its fluctuations with greater accuracy. In addition you’ll be able to add indicators and other analytical tools that will help in the analysis of the price action in greater depth.
Another very helpful tool for trading is an economic calendar which shows data releases that influence the markets. This is an essential tool for traders who trade the markets solely based on fundamental analysis or to financial data releases and take advantage of price fluctuations that follow certain type of data releases. There are also those binary option traders who prefer to stay away from major news events as they trade using pure technical and algorithmic trading techniques and any (outside) interference may throw off their calculations and predictions. For those traders, this economic calendar will indicate when not to trade.
TrendViper – Trend trading indicator for MT4
One of the best MT4 indicators for trend trading is finally here! If you want to trade MA trends like a professional trader ViperTrend is the right solution. Fully customisable indicator and MA visualizer that generates BUY/SELL signals based on crossovers. This trend trading indicator features amazing display with additional information essential to any type of trader. It is fully customizable with many features yet it remains very lightweight and runs smoothly on multiple charts.
Other trading tools
We want to help all Forex and binary options trading enthusiasts succeed in their market investments. We will soon be adding more free tools that we feel are useful for any binary options trader. Stay tuned, more tools coming soon…