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-   -   What's the tool that helped you most in trading? (https://www.forexfactory.com/showthread.php?t=979239)

ethan-80 Feb 10, 2020 11:07pm | Post# 21

Proper implementation of strategy, knowledge about forex trading, risk management and understanding of the market are the major tools that help you in trading. These are the basic requirements for doing forex trading. Knowledge and the proper implementation of strategy make a trade profitable and successful.

penuelophir Feb 11, 2020 2:32am | Post# 22

I follow the price wherever it goes and that is the key for me.

viptrading Feb 11, 2020 2:58am | Post# 23

Eyes aka TA or understanding market structure.
Brains aka experience and knowledge of market behaviour and economics, knowing when to cut losses etc etc (this one's the most important.)
Guts aka actually pulling the trigger on trades and having confidence in your decisions not getting out of a winner to early.

And finally LOGIC aka common sense.

JetTrader Feb 11, 2020 8:42pm | Post# 24

Hello! What's the tool that helped you most in trading?

Microsoft Excel. Without question. Hands down. I've never seen a better tool for market data exploration. You can design anything in Excel. The problem with Excel is that it was not built for streaming data. I wish Microsoft would go back and change that.

In fact, I wish Microsoft would develop Excel for Traders and include built-in agnostic connectivity to the Broker of your selection along with FIX Protocol support. That would change the game for me.

moneymaker2 Feb 14, 2020 4:44pm | Post# 25

When I first started, I used the Snagit Capture program to take screenshots and make notes on my charts. I took a screenshot when I got into a trade of the 5min, 15min, 30min, 1hr, and Daily charts and did the same when I exited.

It really helped to actually see if a trade was actually worth getting into, and I would often see that it would have been better to wait on another timeframe or something. Nothing like having to actually justify WHY you got into a trade (and WHY you exited a trade) when you did.....

Loftboy Feb 15, 2020 1:22am | Post# 26

Hello! What's the tool that helped you most in trading?
FerruFx's eyes.

moodybot Feb 15, 2020 1:36am | Post# 27

Skype...

Connected me with Dave from Florida, Kevin, Zoltan,George, Pete...best advice I could ever. give ....link up with people and chat!!

goodways100 Feb 15, 2020 1:44am | Post# 28

Hello! What's the tool that helped you most in trading?
Help from Gurus and Gurus comments. Thanks and
Regards

Mozak Feb 15, 2020 2:16am | Post# 29

only horizontal line High n Low + CCI default.

Erebus Feb 15, 2020 4:21am | Post# 30

Without a doubt, the only tool I'm using is,

FIBONACCI TOOL

As shown in this fine thread

https://www.forexfactory.com/showthread.php?t=976730


cuchuflito Feb 15, 2020 4:24am | Post# 31

A fat chain saw and splitting some wood, to clean my head from so many trading tools.

FerruFx Feb 15, 2020 5:24am | Post# 32

{quote} FerruFx's eyes.

j12 Feb 15, 2020 5:44am | Post# 33

{quote} Help from Gurus and Gurus comments. Thanks and Regards
Lol we all love a guru....

j12 Feb 15, 2020 5:47am | Post# 34

Some great tips & advice on tips. So has anyone put these tips into practice?? Some long time members here, if you can show us the tips & tools in action will be great...

Asw Feb 15, 2020 7:03am | Post# 35

{quote} Microsoft Excel. Without question. Hands down. I've never seen a better tool for market data exploration. You can design anything in Excel. The problem with Excel is that it was not built for streaming data. I wish Microsoft would go back and change that. In fact, I wish Microsoft would develop Excel for Traders and include built-in agnostic connectivity to the Broker of your selection along with FIX Protocol support. That would change the game for me.

Checkout the DDE server in options/server.

From Help: Attention: For data to be shown properly in MS Excel, one has to enable "Tools Options... Translation Translation formula entry" menu option of MS Excel.

Erebus Feb 15, 2020 8:30am | Post# 36

Some great tips & advice on tips. So has anyone put these tips into practice?? Some long time members here, if you can show us the tips & tools in action will be great...
You have a great pip count yourself

https://www.forexfactory.com/showthread.php?t=979239

j12 Feb 15, 2020 10:01am | Post# 37

{quote} You have a great pip count yourself https://www.forexfactory.com/showthread.php?t=979239
Thank you I try, it'll be good to see if anyone giving ideas on tools that's helped them, show these tools on a live account over several years. To see if the tools have readily helped them...

j12 Feb 15, 2020 10:04am | Post# 38

Without a doubt, the only tool I'm using is, FIBONACCI TOOL As shown in this fine thread https://www.forexfactory.com/showthread.php?t=976730
Fibonacci is one of the first things you come across then you start to learn about forex.

I must say it is probably the only thing in my head, after doing this for about 13+ years that actually makes some sense...

I agree with you. I don't use the tool but the principle carries a lot of weight....

Regards

J

Erebus Feb 15, 2020 2:38pm | Post# 39

{quote} Fibonacci is one of the first things you come across then you start to learn about forex. I must say it is probably the only thing in my head, after doing this for about 13+ years that actually makes some sense... I agree with you. I don't use the tool but the principle carries a lot of weight.... Regards J
The funny thing is, I don't use Fibonacci per se, only the Tool to draw levels of High and Low.

The Tool is great as it goes on to plot other specified lines at 25% of the high to low range. Every pair will have a different range but the Fibonacci Tool automatically compensate for volatility.

It's all in the thread

JetTrader Feb 15, 2020 2:41pm | Post# 40

{quote} Checkout the DDE server in options/server. From Help: Attention: For data to be shown properly in MS Excel, one has to enable "Tools Options... Translation Translation formula entry" menu option of MS Excel.

Thanks for the tip. I've used DDE before in all my previous Excel based trading systems. Live Streaming RTD is (of course) a different technology and when using either a large number of indicators or indicators that have complex formulas and calculations, Excel tends to choke.

Successful Trades!


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