Traders can use the Forex indicators free of charge and access them with the help of the innovative trading platform MT4. Pre-installed are already selected indicators, such as:
- Bollinger Bands
However, traders also have the option of installing further indicators from the pool of the MQL4 community and thus expanding the trading platform. Individual customisation (in terms of colour) is also possible, so that traders can individualise and optimally use their trading tools according to their own taste.
Practising the use of indicators
At best, traders can practice dealing with the indicators and the trading platform if they use a free demo account of their preferred broker. This way, not only can the price analysis with the indicators be put into practice, but traders also learn from wrong decisions; do better next time. Although the MT4 is self-explanatory and has a high level of functionality, it always makes sense for investors to first familiarise themselves with its peculiarities and not to be afraid of real losses.
That is why many brokers offer not only the training options on Forex indicators as a theoretical basis, but also the demo account for practical implementation. Often there are even trading tips for the use of best indicators from trading professionals, e.g. at regularly held webinars.
Defining a Trading Strategy Helps with Trading Success
Combining Forex indicators is certainly useful for a much more well-founded statement on price behaviour, but trading strategy is much more important. Investors should make sure that they always act with a plan on the foreign exchange market and follow their individual strategy. What exactly the strategy looks like can be quite variable, because a good trading strategy depends on various factors:
- one's own risk tolerance
- Investment horizon
- Trading experience
- Time for trading
To define a Forex strategy, investors should honestly answer their questions and work out a strategy based on this information. For all traders who only want to trade as a hobby and hardly have time for price analysis or market observation, automatic trading systems are recommended. They also act without trader intervention if certain parameters have been determined beforehand.
The trading system is then activated and also uses the Forex indicators, for example, to analyse the prices, but fully automatically. For traders who prefer to open and close their positions in Exness login app, it should be said that risk limitation is particularly important. If traders miss the right time to close the position for any reason, higher losses may result. Therefore, we recommend always opening a stop loss and take profit position.
Trading experience later investment strategy plays an important role
Since not all investors can prove extensive trading experience, the strategy should be designed accordingly. For example, if you are a new trader, you should choose a strategy that is as simple as possible and easy to understand. Trend following is recommended for this, which can be traded just as well using Forex indicators. The trend of a market is determined and used to open a position.
What use are promising strategies if traders do not know how to implement them because they simply lack the necessary basic knowledge? Correct, nothing at all. That's why we recommend first testing an easy strategy on the demo account offered by HF Markets, for example, and perfecting its implementation before traders turn to a more elaborate strategy.