The fact that forex is a volatile market, traders need to carry out their trade placements quickly and with complete precision. The market never sleeps and does present traders with a slew of profitable trades to yield profits. But terms and conditions apply; you as a trader need have a proper trade strategy prepared to abide all risk and money management rules. Plus you have to get the perfect combination of trading indicators to analyze the market, if not all then just portions which prove beneficial for your trades, effectually. Forex board is a multi-chart option which you can use.
As per reviews, traders having made use of such trading tools have stated that it makes the tough task of examining the market simply. Important aspects such as buying orders and also selling them off are done without breaking a sweat most times. More so, traders who follow the trading logic dependent on opening and closing lots for a short span of time, forex board is a resourceful tool to have in the arsenal.
Chief characteristics of forex board:
It helps display the positions of various forex currencies which are being traded in the market.
With the use of this tool, you will get a clear idea about your existing position for every currency pair.
This tool comprises of an order entry position for trade placements.
It also comprises of spread meter which is color coded and aids in the easy identification of spreads
You as a trader will be able to customize your spreads using different color combinations.
The chart which is displayed is easy to interpret even for those who have entered the market recently.
Forex board is designed such that you can include, exclude as well as rearrange orders by dragging and dropping them. This can be done using the right click option.
Also, this technical trading tool, allows you to automatically apply Limit and Stop Price for purchasing and selling prices.
Its price movement indicator:
Forex board also comprise of a price movement indicator which you can use to determine currency pairs with the most amount of volatility. With this indicator, the moment the ask and bid prices change the faded color turns into rich shades. Furthermore, the arrows which comprise of sell and buy button assists in determining up-to-the-minute price action.
Another aspect of forex broad is the watch list which is easily attachable to the main charting window. This can be saved on the desktop hence allowing you to save time shifting over to different workspaces. An in-built indicator also presents you with information on the various price movements. Trades which you have made up your mind to sell or buy can be done simply via one click.
So now you have a clear idea about what is forex board.
Before concluding, one last thing to mention is to practice with forex board through demo trades just to check how well it works and the degree of convenience it presents you. This will ease things a lot when real time trading comes. So trade with it and earn your deserved profits from the currency exchange market.
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.