8 Best Technical Analysis Tools for Traders on eToro
Education

8 Best Technical Analysis Tools for Traders on eToro

Many people are quick to get into online trading, especially on a platform that is as easy to use as eToro. Yet, some could find the technical aspects quite daunting. Technical analysis in financial markets is something worth taking the time to learn. It is the tool most used by most professional traders. We want to make sure your entry into the realm of technical analysis is a smooth one. So, we’ve created a glossary of terms that will help you in familiarising yourself with the field:
How to Choose the Right Tool for eToro Forex Trading
Education

How to Choose the Right Tool for eToro Forex Trading

When trading the financial markets, one always faces the dilemma of whether to enter a trade or pass on it. Some forex traders use their “gut feeling” to make this important decision. This instinct or intuition that some feel they have is more-often-than-not based on two principle emotions: greed and fear. Greediness will push traders to open a trade, while fear will hold them back. In either case, traders – regardless of their experience level – should use more than their gut feeling to make these decisions. More knowledge is required to have a sound trading system to rely on in the forex market. As a trader, you have to know when to apply the right trading tools. This depends on the type of market being traded.
eToro Forex Pivot Points Trading Indicator Explained
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eToro Forex Pivot Points Trading Indicator Explained

Pivot points are extremely popular with traders, they are used to spot direction, probable reversal points and potential support and resistance levels. It’s a well-known tool that is of particular interest to novice traders, due to the simplicity of the mathematical formulas it incorporates. In the past, pivot point calculations were used on daily, weekly and monthly timeframes. These days, new technology means we can calculate pivot points on smaller timeframes too. Pivot points use the previous period’s open, close, high and low prices to calculate the current period’s direction and future support and resistance levels.