Free tools for traders, grouped by the job they do

A list of free tools worth using, grouped by the job they do. Nothing paid here, and nothing that promises
signals.

Charting and analysis

• TradingView — the free tier is enough for
  most people: good drawing tools, price alerts that work with the browser closed, and syncing between computer
  and phone. The limits are on indicators per chart and simultaneous alerts.
• MetaTrader 4 / MetaTrader 5 — free from the broker.
  MT5 has 21 timeframes and a faster tester;
  MT4 is lighter and has a larger EA library.

Calculating before you enter

• A position size calculator — on most brokers’ websites. Enter balance, risk percentage
  and stop distance, and out comes the lot size. The most important tool on this list.
• Your own spreadsheet — better than the broker’s calculator in one way: you can add cost
  and rebate columns and see the net figure.
• The instrument specification in the platform — right-click the symbol, choose
  Specification. Read contract size, margin requirement and swap before any trade on a new instrument.

Following news and the calendar

• An economic calendar — on most financial sites and built into MT5. Filter to the
  currencies you trade and high impact, and the list shrinks to two or three lines a day.
• A US Treasury yield chart — free on TradingView. Put it next to USD/JPY and the
  relationship is obvious.
• The dollar index (DXY) — keep it open alongside
  every pair you trade, so you know whether a move is about the dollar or about the other currency.

Recording and reviewing

• The MetaTrader report — Account History tab, right-click, choose Report, export to a
  file. It contains every trade with entry, exit, commission and swap. This is the raw material for any cost
  analysis.
• A spreadsheet — no specialist software needed. Seven columns is enough: instrument,
  lots, commission, swap, estimated spread, rebate, net profit and loss.

Checking a broker

• The regulator’s public register — free,
  and the only trustworthy source for verifying a licence. Do not check on the broker’s own site.
• The broker’s client agreement — free, downloadable by anyone, and read by almost nobody.
  The opening section tells you which legal entity is contracting with you.

Three things to skip

• Paid signal groups bundled with an account-opening link — the model has an obvious
  conflict of interest: the seller earns commission on the volume you trade.
• EAs promising a fixed return — a win rate above 90% is a sign of a strategy that never
  cuts losses, not a sign of quality.
• Exotic indicators promising high accuracy. Every indicator is computed from past price;
  none contains information the price chart does not already hold.

This article is for information only and is not investment advice. Conditions and fee levels are published by the brokers and can change at any time — check with the broker you actually use. Leveraged forex and CFD trading carries a high level of risk and can cost you your entire deposit.