Forex trading is one of the most lucrative and quick ways to get rich, that is also legal. There was a spurt in the trading of foreign currencies internationally way back in 2002, owing to a sharp drop in the value of the dollar. And the craze has remained the same to this day. Many compare it with gambling, since you can lose in one moment and win at the next, and vice-versa. And almost all forex traders choose to carry on their trade via the numerous online forex platforms that are available on the major brokerage sites. Some of these are MetaTrader 4, cTrader, MetaTrader 5, ActTrader etc. download metatrader 4 can be done on any computer or computer-like object, such as tablets or Smartphones.

There are certain ways and means to carry out trading on these places. Traders use demo accounts, price movement charts, graphs and various tools, in order to determine the best move and place orders accordingly. Now, what are these tools and how do these work? See below:

Currency Converter: This tool allows the trader to view the prevalent conversion rates in the market. With the help of it, a trader is able to decide which currency pair to trade, and also sets a target regarding trade.

Pivot Point Calculator: This tool helps in calculating the ‘support’ and ‘resistance’ levels of the currency pairs; one can simultaneously calculate the rates for about four pairs of currencies. The calculation is done when the user types in the high, low and close values of the currency pairs, and the tools comes up with results that display the pivot, support, middle and resistance points of the currencies.

Fibonacci Calculator:
This is essentially a retracement tool. With the help of this, a trader can know the retracement and projection levels at the start and end points. The Fibonacci retracement tool is very important as it helps the trader set his targets for stop-losses.

The Rate History Tool: This tool enables you to view the exchange rate history of a particular type of pair. Using this, a trader can go back as far as he likes, up to a total of a year or 365 days. This helps the traders to identify trends and universal tendencies during specific times of the year.

Carry Trade Calculator: This tool is used to calculate the interest rates that are to be paid or received by the trader. The factors taken into consideration by this tool are the duration of the trade and the size of the trader’s position. This tool is vital since it allows a trader to calculate and compare the rates of appreciation and depreciation in two different currency pairs.