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Favorite FX Tools

  • #1
  • First Post: Mar 5, 2007 10:33am Mar 5, 2007 10:33am
I'd like to get an idea of what some of your favorite tools are for trading FX. This isn't meant for advertisers to hop on and tell us about their products. This is a question for traders to find out what things are helping you trade. I'll kick it off.

1. ForexTester: I found this nifty tool a while back and use it all the time. You load up historical data and can simulate trading as the historical data gets fed in. Bars get generated as the data comes in, and you can place orders and see how the trade develops in historical "real time". I've been able to test my strategies on a year's worth of data in just a few hours.

2. PsychoCybernetics: It's not a software product, but rather, a book that has significantly impacted my trading psychology. It's a great read.

3. MetaTrader 4: Platforms are a user preference. But, I've found that the ability to create strategies in MetaTrader is crucial to my personal trading. I use this more for creating alerts for my trade setups than auto trading.

4. Sprint PPC 6700: This is an awesome phone. I've been able to put MT4 Mobile on it and love the access to the markets wherever I'm at.

What other tools are out there that are improving your trading?

stockwet
  • #2
  • Mar 5, 2007 11:04am Mar 5, 2007 11:04am
45 cent notebook that you find al Walmart: This helps me write down my potential trades prior to opening them.
  • #3
  • Mar 6, 2007 1:54pm Mar 6, 2007 1:54pm
forexfactory.com of course. It helps me with everything
"Abandon all hope, you who enter here" La Divina Commedia, Dante Alighieri
  • #4
  • Mar 6, 2007 2:22pm Mar 6, 2007 2:22pm
http://news.efxnow.com/en/commentary/index.html
T
  • #5
  • Edited 3:46pm Mar 6, 2007 2:55pm | Edited 3:46pm
Quoting stockwet
I've been able to test my strategies on a year's worth of data in just a few hours.
That's good but 1 year of data is definitively not enough for backtesting purposes, you need at least 5 years or more.

I can show you hundreds of FX systems that made 1500 pips in 2004 and -2000 pips (that's minus 2000 pips) in 2005, so don't open the Champagne yet if your 1-year backtested system looks promising http://www.forexfactory.com/images/icons/icon6.gif

Now back to your question I use the free CMS Forex’s VT Trader™ software, tons and tons of free indicators and the ability to design your own indicators as well, complete with buy/sell red/green arrows/signals if you like.
  • #6
  • Mar 7, 2007 12:31am Mar 7, 2007 12:31am
These are the stuffs that has greatly helped me with my trading

1) The Disciplined Trader: Developing Winning Attitudes by Mark Douglas

2) A Complete Guide to Technical Trading Tactics: How to Profit Using Pivot Points, Candlesticks & Other Indicators (Wiley Trading) by John L. Person

Currently I'm still looking for

Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude by Mark Douglas

3) many articles from Linda Raschke about reading price action and being a ticker tape reader.
  • #7
  • Mar 7, 2007 12:54am Mar 7, 2007 12:54am
- The Visual Tester in MT4 has proved to be very useful.

- Lines

- My mantra (which I use after I put on every trade ): "what is my plan of action if price goes against my position"

- The hunch (or gut feel as some call it)


MM

P.S. disregard the last 2 items if they're too philosophical for this thread.http://www.forexfactory.com/images/icons/icon10.gif
  • #8
  • Mar 8, 2007 1:06pm Mar 8, 2007 1:06pm
Dude,

I wasn't commenting on whether or not 1 year is a good number to use for backtesting. The comment was that I could get through 1 year in a few hours.

stockwet

Quoting FXTerminator
That's good but 1 year of data is definitively not enough for backtesting purposes, you need at least 5 years or more.

I can show you hundreds of FX systems that made 1500 pips in 2004 and -2000 pips (that's minus 2000 pips) in 2005, so don't open the Champagne yet if your 1-year backtested system looks promising http://www.forexfactory.com/images/icons/icon6.gif

Now back to your question I use the free CMS Forex’s VT Trader software, tons and tons of free indicators and the ability to design your own indicators as well, complete with buy/sell red/green arrows/signals if you like.
  • #9
  • Mar 8, 2007 1:08pm Mar 8, 2007 1:08pm
I've never really used the visual tester. Maybe I'll have to play with it and see what it does.

Quoting mr.marketz
- The Visual Tester in MT4 has proved to be very useful.

- Lines

- My mantra (which I use after I put on every trade ): "what is my plan of action if price goes against my position"

- The hunch (or gut feel as some call it)


MM

P.S. disregard the last 2 items if they're too philosophical for this thread.http://www.forexfactory.com/images/icons/icon10.gif
  • #10
  • Mar 8, 2007 1:35pm Mar 8, 2007 1:35pm
Quoting stockwet
Dude,

I wasn't commenting on whether or not 1 year is a good number to use for backtesting. The comment was that I could get through 1 year in a few hours.

stockwet
Please stay polite and don't call people dude, I am NOT your dude, get it ?
  • #11
  • Mar 8, 2007 3:01pm Mar 8, 2007 3:01pm
Quoting FXTerminator
Please stay polite and don't call people dude, I am NOT your dude, get it ?
The common definition and use of the word 'dude' must vary based on where you live in the world. People often call me dude and I consider it an informal friendly greeting. It was a popular greeting among the surfing generation during the 70s and 80s where I live. I now have younger skateboarding and snowboarding friends that use the term often. They do not consider it impolite.
The number one definition from MSN's Encarta dictionary:
Quote
1. man: a man or boy
http://encarta.msn.com/xImages/dictionary/bullet.gifhttp://encarta.msn.com/xImages/trans.gifHe's one cool dude.
http://encarta.msn.com/xImages/dictionary/bullet.gifhttp://encarta.msn.com/xImages/trans.gifHey, dude, what's up?
  • #12
  • Mar 8, 2007 3:13pm Mar 8, 2007 3:13pm
I like reading all the commentaries, from this site to others. Sometimes they help, sometimes I just like reading what's going on in the big picture. I'm always looking for more.

cheers mate
  • #13
  • Oct 2, 2007 2:40pm Oct 2, 2007 2:40pm
I very attractive woman, so I can celebrate my winnings with !!
  • #14
  • Oct 2, 2007 3:02pm Oct 2, 2007 3:02pm
Quoting hilmy83
45 cent notebook that you find al Walmart: This helps me write down my potential trades prior to opening them.
.
  • #15
  • Oct 2, 2007 5:06pm Oct 2, 2007 5:06pm
Quoting JokersWild
http://news.efxnow.com/en/commentary/index.html
I used to love this site.. but it doesn't update anymore
Seems like it may be gone forever.

As for helpful tools... I have to say forexfactory.com and various other fx forums..

MT4 is nice for backtesting if thats what you want to do
  • #16
  • Last Post: Oct 6, 2013 1:27pm Oct 6, 2013 1:27pm
Zulutrade and FXStat are interesting tools if you're all about "social trading".

Also www.MQL4.com for developers.

http://www.forexfactory.com/showthread.php?t=257683

And all the work done by the brilliant mind, Hanover.
Please check out my blog at https://from-zero-to-hero . net
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