Recently, all eyes have been focused on the Eurozone in the financial market. This is due primarily to the continuing issues with Greece, which has once again come close to defaulting on its debts and been forced to negotiate a financial bailout package with the IMF and selected European creditors.
This has created significant volatility within the market, in an entity that is far from stable at the best of times. With the Euro fluctuating spectacularly against the dollar and paring the initial gains that were made when an agreement in principle was first reached, traders are facing considerable challenges in the pursuit of long-term profitability.
3 Key Resources for Modern Forex Traders
With this in mind, forex traders need to make the most of the technology at their disposal if they are to survive considerable market volatility. Here are three of the best and most valuable resources available in the current market: –
The Online Trading Calculator
Trading is basically driven by numeracy, and your ability to make sound financial calculations in real-time. These can relate to everything, from your fixed stop loss amount to take profit levels, while it is also possible for forex traders to perform live currency conversions. This resource is particularly useful for forex traders in the modern age, primarily because it can be used to calculate margin-based returns and the level of value that exists among real-time derivative transactions. This may prove pivotal in derivative markets such as the foreign exchange, where both profit and loss can supersede an initial investment. To find out more about how these tools work, check out such sites as http://www.fxpro.co.uk/ for an example.
A reputable, Online Brokerage Firm
The role of the broker has changed over time, from crucial lynchpin and middleman to an online technical support service. Almost all forex brokerage firms are established online now, enabling them to offer 24 hour support and technical expertise that can help players to optimise profitability and minimise risk in a volatile market. These firms also offer demo account options for traders, so that those who are new to the market can hone their skills and test their strategies in a simulated, real-time environment. Along with live news rooms and key data release information, online brokerage firms remain a pivotal trading resource in challenging and volatile markets.
The Stochastic Oscillator
The ability to analyse trends is crucial to successful forex trading, even accounting for the fact that investors can profit in a depreciating market. There is a wealth of tools available in the modern age, with the Stochastic Oscillator renowned as one of the most purposeful. This is a revered momentum indicator that is used in technical analysis, highlighting both upward and downward trends across various derivatives. Plotted within a range of zero-100, it is a relatively easy to understand tool that can empower quick and informed decision making in any market conditions. In markets such as the foreign exchange, tools of this ilk can enable you to make sound investments based on real-time and historical trends.