If you want to find out the best Forex (Foreign Exchange) trading tools, then you will want to read this article. Did you know that there are so many trading tools, also known as expert advisors, created to help traders to anticipate or predict the market? Nevertheless, not all are reliable. Even if you have the best Forex trading tool, it will not be 100% profitable.
As you know, the market is very volatile and fluctuations are unpredictable. It is the job of a trading tool to help you analyze the market and give you predictions in the form of indications. For your information, there is no one trading tool that is suitable for every currency pair. It is your duty to find out the pros and cons of each and every trading tool. In order to ease your job, you should read the reviews of the trading tools that are considered reliable and also research on the background of the company. Examples of some of the best tools for trading in the market are moving average expert advisor and stochastic expert advisor.
Moving average (MA) is one of the basic trading tools a trader should have. It is not only easy to learn but also effective in identifying the trend of the market. There are many types of moving average indicators. For instance, the more advanced type of moving average is the moving average convergence divergence (MACD) indicator. It differs from the normal moving average indicator by incorporating the convergence and divergence feature.
Stochastic expert advisor is basically a momentum based indicator. It will analyze the market trend and generate buy or sell signals in advance when there is a crossover. For your information, stochastic is developed by a gentleman named George Lane.
The basic function is to measure the relationship between price and time. More accurately put, it can measure the closing price or price range over a period of time.