In the online trading arena EUR/USD is a highly popular choice. No wonder – these are two strong currencies and numerous traders worldwide are constantly following their price changes. It is very important for traders to be able to stay up to date with their assets, yet not all of us can site 12 hours a day in front of the computer and constantly monitor the ups and downs of the exchange rates. Luckily, there are several efficient tools that can help you keep track of the EUR/USD rate changes without supergluing yourself to the chair.
- Market Signals – One of the best ways to stay updated regarding prices of different currencies, commodities, shares and indices is receiving market signals. These are basically notifications that inform traders throughout the day about changes in rates and make sure that they always know where they stand. Traders can choose what kind of signals interest them and in most cases the alerts are sent to the trader’s mobile phone, although emails can also be used.
- Charts – A visual representation of a specific pair can be highly important for some traders, especially because it shows the change of rates across time, and can be useful in spotting trends. By looking at charts a trader can get in one image the full fluctuation that the currency pair has had throughout the day and make educated decisions. Make sure that the trading center that you are using gives you access to charts and make sure you learn how to read them.
- Mobile Platform – Traders that like to manage their account anywhere and anytime often prefer trading companies that offer an optimized mobile platform. This way a trader can not only check the rates of a specific asset but also open or close positions, recognize opportunities in real time and identify market trends as they appear. Mobile trading platforms are still fairly new and they’re not all equally good. Be sure that the trading company you choose has an easy, user-friendly mobile site and prefer those that also have an app.
By using these simple tools you will be able to follow the EUR/USD rate at all times and have the information you need to trade. Signals, charts and mobile sites serve as an excellent solution for anyone who is trading part-time or has other businesses to attend. You won’t even need to pay to receive access to these advantages, because the leading trading sites offer them for free.