The internet is awash with various trading websites that entice traders to join up, often for a subscription to learn more about trading. However, traders should be able to expect some if not all of the aspects of trading assistance when it comes to a forex broker in question. So what trading tools and educational information should be the standard offering?
It is not that common that one can see a forex broker offering all that a trader requires. Alternatively, a forex broker cannot really satisfy all their trader’s requirements and expectations. This is partly due to the fact that you have experienced traders and beginner traders.
As a result, offering one type of trading service might satisfy a particular set of traders, but another set of traders might not be that impressed.
So what kind of trading tools should traders expect at the very least from their forex brokers? Following on from detailing what traders should look for in a broker – In this article we summarize a few basic things that a forex broker should offer to their traders.
Basic educational material
Not all traders are the same and even the most experienced trader had to start somewhere. Based on this, the minimum basic requirement is that the brokerage should offer some basic educational material when it comes to trading the financial markets.
This can be useful not just for beginner traders but also for traders who are experienced but might want to brush up on their basics. Having the basics about what trading is all about, how the currency markets work and other aspects can be beneficial for traders at all levels.
Some forex brokers take it a step further and also provide detail insights into how technical indicators work. This can be a great resource for traders at all levels to fall back on these resources in order to have a good understanding of how technical indicators work.
Webinars focusing on economic events
Webinars are a great way for traders to join in and watch as the experts speak. Most often, many forex brokers tend to have webinars about the same aspects such as technical indicators and so on. However, focusing on explaining how the economic events work and what impact they have on the markets can be very trading tools and educational information sources for traders.
For example, traders are drawn to webinars which can explain in advance the impact of a particular economic event and how it can influence the markets. This will help traders to have a more detailed understanding and can eventually help them to make better trading decisions.
An economic calendar is one of the most basic trading tools and educational information source from a forex broker. Having an economic calendar with various functionalities such as alerting you to a particular release or building your own economic calendar can be very helpful.
Most forex brokers tend to use the same economic calendars offered as widgets and this doesn’t really add much value. For example, a trader from Scandinavia can focus on building their own economic calendar that can alert them to regional events in order to be able to trade better.
When was the last time you continued to watch the price of an instrument only to eventually lose interest or have missed an opportunity as a result? While not many forex brokers offer this service, having an alert service for price for an instrument can be a great way.
This will especially help traders who are waiting for the right price to buy or sell. Such kind of a service in order to get trading alerts can be seen as one of the ways to keep traders alert to the right trading conditions.
In a way, this also builds up trader confidence with the forex broker.
When it comes to choosing what kind of services a forex broker offers, the wish list can be endless. However, the above factors are just some of the most basic trading tools and educational information sources that a trader can expect from their forex broker.