Forex tools I use every day to trade the Forex market
MT4 – Forex Expert
Expert Advisors (EA) are indicators that can be installed on your MetaTrader4 platform so you can see them on your own charts.
The HOPS and LOPS indicator helps you determine the short term support and resistance levels. It charts the following values:
HOPS1 – High of the previous session
LOPS1 – Low of the previous session
HOPS2 – High of the session before the previous session
LOPS2 – Low of the sessions before the previous session
Pivot Point – Pivot point of the previous session (H + L + C)/3
Most of the time, my ST support and resistance levels are drawn near any of these levels. My ST S&R levels are very important, I even take most of my trades off these levels.
Journal, Analysis and Setup Sheets
To become a successful trader you need to be disciplined and patient. One of the best Forex tools to help you improve your discipline is your trading journal. When you analyze it, you get to see things that are difficult to see at simple sight (i.e. most trades from 9 – 11 pm hit your stop loss). In these PDF file you’ll find the following sheets:
Daily analysis – Determine which currency pairs to trade and the reasons behind it.
Setup – What the market needs to do to make you enter a trade.
Trading journal – to have a record of each one of your trades.
Download Journal Sheets