Hey hey, what's up my friend, so in today's video I am going to share with you seven seven top forex trading tools for beginners and the best part. It is free, yep! That's right! Every single one of this tool that you're about to discover it is free of charge, don't have to pay a cent. Zero zilch nada sounds good. Then, let's get started so the first tool that I want to share with you is called trading view.

It's a chatting platform and if you have seen my videos, you know that I always use trading view, and here are a few reasons right. Why I go with trading view. So one thing to note that trading view they have a free version, a premium version, a pro version right, but what I'm about to share with you right can be done on the free version. First thing: first, it offers you a wide variety of markets.

You can trade stuff. Like you know, if you look at, let say euro dollar you can trade Forex. Okay, if you want to get tricked stock, there is futures, there is CFD, there is cryptocurrency and - and there are no all the different exchanges right there - they let you check out the stocks on these different exchanges as well. So it's yeah a lot of markets.

That's being covered on trading view. Sweet second thing is that I know many of you like indicators right so again. This will, you know, fill you up as well. You can go to the building indicators.

These are indicators that are default on trading view. Let's say the popular ones, like your RSI, you search for it. Then you have relative strength index. You click on this.

Alright, it comes up. The RSI indicator default settings 14 period. If you want to change this to 29th up to you, you want to use the open price. It's up to you, you wan na change the color.

It's all up to you right! Just click, OK and you will just change accordingly and on top of it right it don't just give you the custom built-in indicators. You can also access indicators right from other members on trading view, especially those popular members. They upload their indicators to the public library. You click on this.

You can see that squeeze momentum indicator by lazy bear, I 65 thousand likes Wow. Right must be a really popular indicator right. Then you have the MACD custom indicator by Chris moody, so you can see that you don't just have access to the pre built-in indicators, but you can also use my custom-built indicators from other members on trading view right, that's also pretty sweet and on top of it You have access to the usual tools right, like you know, he can draw trend lines and draw horizontal line, horizontal ray cross arrow, whatever you're gon na use. You know things like shift pitch for pitch for inside pitch for pitch fan.

Some of this. I never heard before right, retracement, okay, gain fan, fit time zone circles, you know if you draw harmonic patterns and it waves all down here. So, there's a lot of tools, a lot of features, a lot of things that you can do with it and also time frame right. You can you know money plate, or can you come when you plate at in on a free version, but the free version gives you a number of time frames to choose from 1 minute, 3 minute, 5, minute: 15.

30, 45 minutes to our 3 hour for 8 hours time frame one day to day one week, one month again, so a lot of things you can, you can do with this and that's even more I'd as a community community can share with traders. You can have the earnings, calendar and stuff like that, but I'm gon na show it because if I go through everything right, this video be an hour long. Okay, so with that said right trading view, you can see that yep, it is the next generation charting platform. Definitely one of the newer ones in the market and I'm grabbing a lot of market share.

If you ask me the process they do, it covers most markets. You can save your data to the cloud, so you don't lose your your data. You don't lose your template. You don't lose your watchlist lots of features, tools and indicators.

Okay, I have a trading view, video actually a tutorial if you want to learn more about trading view. Just such a trading view trading arena that video will pop up. The downside to this is that for the free version right, there will be advertisement right over this. One, like you know, hey sign up with XYZ broker right.

You know click here and it keeps popping up every few minutes or so right. So, that's that's how they need to you know, cover their costs and also, as mentioned, there are limitations for the free version, like you can only put so many number of indicators right. The time frames. You cannot custom it to the way you one line.

Let's say seven minutes time frame that is probably for the paid version only and finally, you can treat directly on the platform for most brokers. Yes, certain brokers have ready, don't have the integration with trading view, but as of right now, a number of effective brokers right. They are not on the platform and you probably might not be able to treat directly on the platform, so that might be a deal-breaker for some of you, okay, so this is trading view moving on, let's move on to second one mt4, so I did a poll Recently, okay on me, 20 right, so you can see that the poorer I, which chatting platform you use - or I can see that MT 4 - is the most popular 1s off right now and followed by a close. Second is trading view and Barry mine actually did this poll about a couple of years back and trading view at a point in time.

Right was somewhere about here, okay, somewhere here so treaty. At the point in time, two years ago, mp4 was to steal the most popular one and fast-forward about two years later trading us caught up all the way right, new mt4 already and the rest are just pretty much still still there, but not as popular as trading View in mt4, so my guess is within the next one or two years trading view will overtake mt4, but nonetheless right empty, for is one of the pioneer and you know if you want to learn more about this platform right. Let me just you know briefly: introduce it to you again: you can get mt4 on me for free right. Most FX brokers offer it so just google the broker name empty, for you should be able to get this platform download it for free all right play.

The demo account and stuff like that. So first thing first about mt4 is again. A one thing to share is that there are a number of tools that you can use and it's not just limited to what you see over here right. You right click.

You click customize, there's a wide array of these tools over here on the left that you can add on, for example, I add in the cycle lines I add in right edit over here I add in the rectangle it comes in over here and in the Fibonacci Channel comes in over here, so just because you see here, there's a little bit of tools doesn't mean it's the fool who faman right. You need to quit right click and see what other tools that you want and in tool the tool bar over here. So that's the first thing, then, if you know I can draw your try, your rectangle, you can draw things like once this don't want this. Okay and you can use indicators or indicators are over here right.

There are the default ones like trend indicators like moving average. If oscillators, like you, know the force index, the MACD, the Williams percentage range volume indicator and you have custom indicators, okay, so custom indicators where you can import in from a third-party source. For example, I have a few custom indicators over here, like dungeon general K. Little channel you know and stuff like that, and on top of it you can also add in something what we call expert advisor.

So this is like well I'll, just share with you and see what and let me know how how it works right. So you look at this expert advisor right gets any something called the Forex clock in this case this custom-built one for traders who use mt4. It tells you that Australian session is now open and closing to enough hours time. London session is closed.

It opens in two enough hours time in and stuff like that. So again right, this is a Forex clock. This is something like an indicator, but it's under the expert advisor tab and by the way, if you want this little Forex clock and if you want some of my custom-built indicators like knee, make D the dungeon chain on the Cameo channel stay all the way to The end of this video I'll share with you how you can get it for free, ok, so pretty much, and this is what mp4 can do. However, you know it comes with some downsides as well.

If you go to the custom team right - and this is a problem that many traders know - you click mcdeere - I the default MACD indicator - you realize that it doesn't look like a normal man. Dear one line is missing and yeah. This is an issue. That's on mp4 for quite a while.

I'm not sure why yeah I'm a key indicator by default. It's like this, but it is ok so so empty for is not perfect, but it's definitely more than enough for beginners forex traders to get started. So if you look at this right, so the pros of empty for is that there's no investment right. You can treat directly on the platform for most forex brokers.

You can even do automated trading like, for example, if your signal set up this menu automatically by cell. You know position size all this for you and the cons is that you know mainly line is missing some time, there's even the flying trendline issue, where you know you plot your trend line and you change time frame that trend lines. And then you just flies on your challenge just go here. While you write that's little to no support on empty, for this means right, you need to figure it out on your own or you pay someone for help.

For example, you might want to have a custom me indicator, got a pay someone to do it for you or source it on Google or some other third party websites. Okay, so this is empty for, for you, moving on number three for X Factor ich lender. So again, if you trade for X right, you want to be aware of news GDP change, FOMC stuff like that, then there's a website called forex factory. Then you can go and check it out.

It is free right, so just go down to the website. Click. The calendar tab - and you can see that you know for this week. What are the upcoming news, for example right? I know that tomorrow USD 8:30 p.m.

Reuters, the Consumer Price Index coming. We just click on this over here. It gives you a lot of data. It shows you, what is the actual data that came up? What is the forecast and even the revision and even show you, the historical data of the CPI, going back, you know a number of years, so you can see that the CPI index came back since 2007.

Generally, between 0.5 and negative 0.5 there about you can see the historical data. Ok, so that's really sweet and on top of it right, you can also filter the type of news that you want to pay attention to. Maybe you only want to be concerned with Australian news right, since you only treat Y or Z and $ 1. We just wan na be concerned with these two markets.

These two countries, that's fine, you can do it, you can filter it. You can also filter your news according to the type of new cities where there's a high impact, medium impact, low impact, etc. That type of news event on the filter. It can be done as well, so you can see that a lot of ways you can filter and customize it to your needs.

Okay, so this is forex factory for you, customizable, that's one of the upside. It shows actual data for casted data and historical data. The downside is that forex factory, after all, it's it's a free service right, it's not as fast compared to the paid service. So if you're someone who wants to be getting timely news to the second right now, you probably have to use a paid service like squat box, or something like that.

Forex factory in the news right, there's usually a slight delay when it comes out right. So this is something that you have to be aware of so the next tool right. My ethics book position, size calculator, so as a trader, Forex trader stock trader, whatever you need to manage your risk right, usually were telling you to risk one. Two percent of your account on each train, but sometimes it might not be that easy, because that depends on the size of your stop-loss for Forex.

It also depends on the value of each pair that you're trading, so to make a life easier. You can use a tool called the position size calculator by myfxbook, very simple right. So what you need to do is just tell this to what is the account currency? Let's say you want is based in USD your account size. Let's say your fifty thousand dollars.

Let's say you want to risk 2 % on each tree and, let's say your stop-loss for the trade on let's say: you're trading about dollar against the Swiss franc. The stop-loss is 207, seven tips. All you need to do is click calculate, and you will speed up to you right how many Lots or how many units you should be trading. So, according to the data area, given you have a 50k account, you want to reach 2 % on the trade and you have a torrents, any seven people stop-loss and you want to treat dollar Swiss franc.

It tells you that you should buy 0.35 Lots otherwise known as 3.5. Sorry, a 3.5 mini Lots. Does it make sense? So this is how this works right, so yeah, very simple tool? Alright. So if you want to manage your risk, go down to this website and use this tool for yourself the process very easy to use downside, that's really not much downside! Maybe some effort this one here in there, but not too, not too bad right next, one right in US FX market hours.

So here's the thing right when you are trading especially day trader, you're wondering you know: when does the market open right? How many hours from now that's the London session open, so what you can do is again it's a tool called the forex market hours, bio and are all you need to do all right. I'm just click refresh. You will tell you right what time the markets open right. So, for example, you can see that I'm in Singapore on so my time zone is GMT plus 8.

Okay right now in Singapore, off 33 p.m. so London session is opening at 3 p.m. right. So I know that from now to 3 p.m.

that's about two and a half hours before London open right, so it gives me an idea of where the current session of the FX market is right. Now is currently at this Tokyo session over here. Ok, so this is how this our FX market hours work and really useful. Ok, so if you're a day trader or if you're always lost with the different timezone, this one will definitely make your life easier process is customizable to your time zone.

Easy to understand! That's a good thing right: this Windows FX market hours, next, one investing calm, FX volatility calculator, so this is really useful, especially when you wan na know what is the current market volatility right? So let me explain so if you go down to investing calm, they have this calculator here. Where you can, you know, find out what is the historical volatility of all these different currency pairs? Ok, let's say we go with the default. Can you extract it say: is that for a euro dollar over the last ten weeks right, it has moved an average of 125 pips a day. That's how I interpreted - and why is this useful so for day traders this is useful because, let's say you're day trading euro dollar, you won't have a target profit of, let's say: 300 pips, because after all, euro dollar only move.

You know an average of 25 pips. A day, okay, and likewise right for let's say a market like Canadian, Swiss, franc right, you won't have a target profit of let's say: 200 pips a day, because after all, you only move. You know 90 pips a day. So this is how this uh volatility Kaka later helps.

You set your target profit on an intraday basis on top of it right. It also helps you pinpoint no market reversals on the intraday basis, let's say euro, let's say the power Z, okay, you know that it moves an average of 337 pips a day right using the last ten weeks of data. So if, let's say policy today moves you know for our peeps 450 peeps, you know that there's a good chance, it might be exhausted already, because he has exceed right. The daily range right by quite a bit right.

So these are some information that you can use for your own drink day trading and if you go down a little bit lower, you can also see that how the volatility of this market has changed right over the last few weeks or, as you can see, spike Higher and now having a slightly treatment, you can also break down the volatility right in terms of trading hours. You can see that Canadian Swiss franc volatility is picking up around the 8 p.m. which is the London and New York session overlap where volatility spike and any slowly dies out. You can also see the volatility right in terms of day of the week seems like Thursday and Monday right.

This market is tend to be more volatile than other days of the week so yeah. This is a tool that it's free and you can use it, especially if you're into day trading. Ok, quick, recap right, customizable and easy to understand right and finally, the last thing I only share with you is the empty for indicators. Bundle - and this is from none other than trading trader, so really this indicator bundle is to really help for those of you who are using empty for, and there are some limitations to it.

So I'm going to give you something called the MACD enhance indicator. You will fix the issue that you see earlier on. Mt4 I'll, give you the Keltner channel indicator. Don't change channel indicator, I will send you a Forex clock maker and put on mt4 and see you know how long before the session open and close etc.

On top of it, I will give you a PDF trading strategy guide, bundles on how strategy bundle on how to use this few different indicators. Okay and it's all free, alright, just click, this orange button and I'll send it to your email address for free I'll. Put this link below so you can download this bundle right and with that's it right. I hope this helps.

I wish you good luck and good Freddy, and I will talk to you soon. You.