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Tools for successful trading

Would you like to enrich your trading platform with a tool that boosts your trading, but can’t decide on the type of tool?  You’ve come to the right place! 

In this section, you shall find the tools that are neither indicators, nor trading platforms, but they have one thing in common. They will all offer conditions for a better control of your trading.

Mentor helps you apply cool-headed logic to trading

If there’s something that swing traders and position traders agree on while the scalping fans nod their heads in favour, it’s the claim that emotions don’t belong in trading.
What kind of broker would we be if we decided to ignore the words of experts? Therefore, we included a tool that helps you keep your emotions in check in the Purple Toolbox. It’s called Mentor and we offer it for free to each Demo or Real account owner.
Start Mentor on MetaTrader 4, then insert rules for trading that you want to follow and upload them to the trading platform. Mentor will not be shy to call you out anytime you break a rule in the form of a strict notification sent directly to your platform.

Unique insight 

There comes a moment in everyone’s life when we need to stop and think about the way we act. “Did I do everything right? Should I have behaved differently? What can I do better in the future?” While it may be hard to find a guide in your real life, the “Account Overview” will help you balance your trading one.

 

With this overview, you’ll recognize which instrument, at what time and during which session was your most successful and, on the contrary, where there is some space for improvement. It has never been this easy to discover your strengths and work on your weaknesses!

 

How do you achieve that? Simply log into the client section with the same name and match your Purple Trading account with it. You’ll need an investor password for this step.
 

The investor password can be obtained in two ways, as follows:

Through PurpleZone:

 
  • Click on the trading account you want to match

  • Click on the geared wheel icon (you’ll find it next to the “Select” and “Insert” buttons)

  • An “Account settings” chart will appear

  • Choose “Investor password”

  • Type in the password twice Save the changes and voilá! You are good to go.

Through MT4:

 
  • After logging into MT4, push “Ctrl + o”
  • Choose the tab “Server” and click on the “Change” button
  • Check the “Change investor password” option
  • Fill in the password for logging into MT4 in the first tow and investor password in the second one
  • Done!

After you get the investor password, there’s nothing to stop you from the identification of your strengths and weaknesses. Moreover, if you use the Mentor app, another insight level will open for you. Here, you’ll be able to compare your trading results before the use of Mentor and after. If this can’t be called heaven for analytically thinking individuals, then nothing can!

 

If you have the status of a VIP client, this is the place where you should pay close attention. Why is that? Because with the Account Overview app, you can get an individual analysis from a professional trader and analyst from ftmo.com. And if you think that it’s just another list of statistical data, let us persuade you that it’s not. This analysis offers both an evaluation of your trading style, as well as recommendations for its improvement. 

 

In Purple Trading, we are particularly focused on forming a strong community of profitable traders, whose trades are not only a result of good luck, but of sophisticated and information-based actions. For this reason, we offer the Account Overview app to all of our clients for free.

Do you trade DAX30? You should not miss this application then!

With regard to its increase in popularity among traders, we probably don’t need to introduce the DAX30 index to you. However, for those of you who have only started to study the forex industry, we want to inform you that this is a stock index from Frankfurt Stock Exchange. The number in its ticker represents the 30 most important German companies whose values are included in the total value of this index.

This statistical app assists you with speculating on the DAX30 index, modelling probable price development of this index on the basis of hard data. And as it applies the data from previous sessions to its modelling, it saves the precious time you would have to spend on these analyses yourself?

And what kind of statistics about the DAX market could you utilize to achieve better trading results?
 
  • Gap analysis
  • Analysis of previous session and extreme breakouts
  • Analysis of range and reaction activity
  • Analysis of similar days
  • Analysis of first session hours
  • Forecast of trading session range
  • ​And much more

Thus, if you belong to those who speculate with DAX30 or you would like to, don’t hesitate and give the application a shot.

Do not have an account with Purple Trading yet?


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