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Here is a good explanation about Pivot point if some of you is unaware about it :-
Pivot Point Trading are used today by Forex Traders and are calculated on the previous days move and trades are entered when the market hits a support or resistance line of the pivot point providing your OB/OS indicator is in agreement. All the support and resist lines are put in place 1st thing in the morning. then you wait for the market to hit those entry Points.
Contrary to what some might believe, trading Forex with Pivot Points are probably the most popular method used in trading the financial markets today. Long before the invention of computers this was the method used by the traders in the pits to determine hidden support and resistance levels.
The Pivot Point is still used by experienced floor traders and technical analysts alike. The major advantage now is that we now have computers and can calculate our points well in advance. Many charting packages can calculate them for you automatically, thus enhancing the use of Pivot Points.
Whilst there is a lot more to Pivot Point Trading in Forex Trading than we will be mentioned in this article, the purpose of this exercise is to introduce you to the concept of trading Forex with Pivot Points.
Hi Emery, MetaTrader does not use for automated trading.
I disagree, MetaTrader 4 gives you access to building custom based robots and to automate the trading process. That's why the majority of the EAs on the market are specially built for MT4. It is quite obvious you do not know much about MT4.
Using MT4 I found that Trade manager was essential for trading the one I use is
Visual Trading Console & Trade Manager for MT4
Will post a link as soon as I get back on this...
Hello everyone.
The platform that I have been working with is the Metatrader 4 from Forex Tradeview, I love it because they have an excellent performance. There it will find more options. Metatrader 4 (MT4) Downloads at tradeviewforex.com
There are so many tools use by forex traders . We have the currency converter that allows you to set a target conversion and gets date alerts in your email to enable you not to miss a trade. We have the fibbonacci calculator which enable you to calculate the retracement and projection levels. We also have the profit calculator which allows you to test different trading scenerios and estimate the amount of profit or loss. There are many others like market time line,conversion list,rate history tools,forex heat map etc.
I would like to tell something about trading tools. We know that, trading tools can help us to reduce our work and also help us to make more profits within a short time. But, there are many fake tools are out there in the market. So, please try to use some legit tools.
If you are in Binary Options platform, i can suggest you some tools. Because, i am experienced in this field and its tools also. There are many tools are out there, but only a few of them is working good.