The old saying, “A carpenter is only as good as his tools,” is true for so many things but is particularly true for trading the Forex market. Forex tools such as Forex RSS, the Forex toolbar, and a Forex widget can become indispensable in a well equipped trading arsenal. If a Forex trader is blindly trading the market on his hunches, he should be in Las Vegas because at least then he could see a nice show before he loses all his money.
The typical trader has a few screens in front of him. At least one of those screens should be displaying his Forex tools with the appropriate RSS feeds. For those unfamiliar with Forex RSS (standing for ‘really simple syndication’) it’s a method of receiving information immediately. In the kind of atmosphere presented by Forex trading, the only problem with immediacy is that it doesn’t happen fast enough. That’s how quick the market can be.
There are a couple tools that can provide the necessary information every trader needs at his fingertips. A toolbar provides links and information and is constantly displayed so there is no searching and fumbling. A Forex widget embedded on a website is a great tool and is always updated giving current quotes and information.
Many Forex portal websites offer their articles and information through Forex RSS, which means if you have an RSS reader such as Google Reader, you will be automatically updated throughout the day (and night). A Forex toolbar on any one of your screens will also do the trick.
Charts should always be only a click away and having them available easily is crucial. Whether it’s through a Forex widget, or a Forex toolbar, you shouldn’t have to spend any time searching for the information you need. Fundamental news is coming out all the time and can blow the charts away. Unless you’re connected to Forex RSS, you’re going to lag behind thousands of traders ahead of you.
Forex trading is your business, and you want your business to be well equipped. Considering that most, if not all, Forex tools are free, there is no reason not to take advantage of the situation to the full extent.