No one can claim to have a monopoly of knowledge and neither can I. In order to keep up with the trends in the world of forex trading I do follow a number of seasoned traders in the industry. We get to discuss and exchange ideas on what each other is doing and how we can improve.
This week I want to let you in on some of the forex tools I have been using and what I think about them so far.
1. Forex Trendy
What is Forex trendy
This is an online tool that scans multiple currency pairs on the different time frames and analyses the charts to then give you the best trending pairs and the time frame.
I have used this tool to find some interesting currency pairs that made me quite a bit of money. I would never have found them especially since they are not as popular or common.
I also like the alerts feature that will allow you to set up an alert for any given pair and get an audible alert when changes happen.
How do I use it?
No system is 100 percent perfect and as such I would not recommend that you only depend on this service as your only guide. What I do is use the service to set-up a watch on certain pairs, check it a few times a day and searching for those obscure currency pairs no one is looking at.
What I don’t like about it
While it is great to be able to watch many pairs and even set up alerts, sometimes it can be a bit too much especially since you can have up to 300 charts. You can end up spending all your time waiting for the signal and reading charts.
This is also a forex trading signals service but is quite different from forex trendy. What it does is analyse fluctuations in the main currency pairs so as to tell you the best times to buy and sell a certain currency pair.
It generates signals across three trading strategies weekly, daily, and intra-day trades.
How I use it
I use it mainly to get daily and weekly trade signals for particular currency pairs that I am watching.
The only thing I noticed is that it provides signals for only 18 currency pairs
How much is it
You can try it out for $4.99 to sort of check it out and then decide if it is worth it to continue on. Then after that it is about $99.90 in monthly membership.
3. Million dollar pips
I have never been a big fan of forex robots not really because they don’t work but because I feel they do not impart real trading skills to their users. The users end up being more dependent on the robot and are unable to make trades on their own, this can be especially frustrating if the software stops working or breaks down.
With that being said I have been trying out million dollar pips, which is a forex robot that will make the trades for you. I have been only using it for a couple of months on one of my accounts and so far it has made me money, though not as much as I had hoped but thus far it works.
The only thing I noticed about it is that it is a bit hypey in the claims of the profit it will make you. It will make you money but not as much as they claim unless you use it for a long period of time.
Check out my other post on my pick of the top 4 forex forums online
There you have it those are the tools that I use. In case you are wondering which to pick I recommend you go with one signals service and the forums.