Being a trader is all about executing at speed and getting ahead of the markets. In order to be a step ahead of the markets, you need to make sure you have every possible advantage. The best way of doing this is to have every possible resource available at your disposal. Here, we look at what resources you need and why they’re so essential.
A margins calculator can help you quickly and easily calculate how much margin you require to guarantee a position you wish to open. By using a margin calculator, you’ll be able to work out whether it is in your best interest to: reduce your lot size or adjust your leverage. They’re often quick and simple to use, too. All you need to do is select the trading instrument you’re using, input the size of your trade, your leverage and your account currency, and then press calculate.
You can get vital information in seconds, and it could help prevent you from over-extending your account balance.
It’s vitally important that you know exactly what is happening in the world. After all, everything from a US Farming announcement to a Bank of England policy decision can affect your trades, passing you from the black to the red.
As such, it’s vitally important you know not only what’s happening, but also when you’re likely to get a definitive decision and how much it’s likely to affect your trades. That’s why economic calendars like this one from Bloomberg are great.
They can give you all the information you need to inform your trades in one place. By just having one central location for your information, you’ll be able to stay ahead of the markets and your fellow traders, getting the best prices. All the information you’ll ever need will be available at the touch of a button.
Mobile Trading Apps
Tired of being chained to your desk all day in case an opportunity arises? Why not take your trades with you?
Many an opportunity is missed because people are unable to trade as and when they need to. However, if you get mobile trading apps, you’ll always have your trades with you, no matter where you are in the world, so you’ll be able to enter the markets before anyone else if an opportunity occurs.
By using these three resources, you’ll be able to execute trades faster than anyone else, allowing you to get the best prices. So give them a try today.