5 Forex Tools that every African trader must know
Trading in the foreign exchange market can be intimidating for any African retail trader, regardless of whether they are beginners or experienced traders.
Therefore, all African traders must use a solid trading strategy and a range of trading tools to assist them in their trading decisions. Forex trading tools can be accessed through a forex trading platform and a forex broker, who often offer this for free or as a paid service.
There are hundreds of helpful forex tools that African traders can use, and these are some of the best ones.
An economic calendar is one of the most useful and powerful forex trading tools for African forex traders. The calendar features a list of economic releases and geopolitical events, amongst other things according to their date, location, and level of importance.
African traders can gain insight into future market consensus, historical released outcomes, central bank policy statements, monetary policies and policymaker speeches, upcoming elections, and so on.
Trading signals are another popular tool that traders can use to help them make accurate and dependable predictions on price movements in the forex market. Trading signals are popular tools for forex traders because they can trigger buy or sell actions according to predetermined criteria.
Trading signals can consist of criteria such as volume surges, earnings reports, or using certain existing signals. Technical analysis is an important component in using trading signals as it can help traders recognise the types of trading indicators that they can use to complement their trading style.
However, quantitative analysis, market sentiment measures, and fundamental analysis tools are also important considerations for making informed trading decisions. Trading signals can help successful traders remain focused in volatile markets, helping them identify perfect trading opportunities, market trends, resistance levels, and market movements in a range of markets.
Trading platforms refer to the software applications that African traders use to carry out trades. This is not the only function of a forex trading platform, and it can be used for in-depth analysis and other functions.
Trading platforms feature a wide range of tools for traders including an economic calendar, technical indicators, educational resources, and more. Trading platforms have comprehensive charting capabilities, with price charts that can be viewed in different time frames across different financial markets.
All market participants are urged to keep a comprehensive trading journal, providing them with a detailed record of their past trades.
By keeping a trading journal, African traders can take note of their successful trades, the trading strategies they use, and they can note their mistakes to allow them to improve on their strategies.
Some information the trading journal must include is:
- The date on which trades are executed
- The currency pair or financial instrument is traded along with the entries and exits.
- Whether the trader entered a buy or sell position
- The price at which the trade was entered and the closing price when it was closed
- The amounts of pips gained or lost along with their value in base currency
- The technical indicators or trading strategies used
African traders have a wide range of calculators that will save them a significant amount of time in preparing for different market conditions. These calculators include some of the following:
- Margin calculators
- Profit calculators
- Currency converters
- Volatility calculators
- Pip calculators, and several others.
Church distances itself from Pastor who livestreamed his suicide
Head Pastor at Metsimotlhabe Holiness Union Church France Koosimile has distanced his church from Phenyo Godfrey who committed suicide live on social media a week ago. Speaking to this publication this week, Koosimile said Godfrey was never a Pastor at Holiness church as assumed by many.
Godfrey, who goes by the name Bishop P Godfrey on social media, allegedly shot a video of himself committing suicide on Sunday evening. According to a few friends and those close to Godfrey, the deceased was from Molepolole and has been identified as a pastor at Holiness Union Church in Metsimotlhabe.
On the evening of Sunday last week, he went live on Facebook and proceeded to put a rope around his neck. He was seen in the short video hanging by the neck until he took his last breath. TO READ THE FULL STORY, BUY THIS WEEK’S (11 August 2021) PRINT EDITION OF THE MIDWEEK SUN AT A STORE NEAR YOU.