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FX Risk Management Tools and Advice for the Upcoming Trader

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In business in general and forex in particular, risk management can mean the difference between pulling off the trade of your career and ending up in the gutter. One way to avoid falling victim to sudden currency fluctuations (apart from not making risky trades in a whim) is getting the right protection through reliable tools. With the tools presented in this article, you can not only protect your business from volatile exchange rates but also gain an edge over competitors. Here are a few useful risk management tools that will help you break into the market and succeed.

Meta Trader 4

Meta Trader 4 is one of the most famous and appreciated forex tools in the world, not only for its risk management features but also for its overall sleek, straightforward and intuitive design. While the Meta Trader 4 is technically catered towards technical analysts, people who prefer fundamental analysis – or market sentiment, as it is also called – can also make use of it. Here is what you can expect from this tool:

  • Algorithmic trading, expert advisors in the form of tooltips, and more.
  • Trading signals that will allow you to synchronize your deals with other traders.
  • Unlimited number of charts and over 50 analytical tools, most of which are related to risk management.
  • Indicators that alert traders in case the trade goes south and when to pull out with a profit.
  • It also serves the role of an economic calendar – you get all the news about the market and world events that have a direct impact on the forex market, a functionality which is especially useful for fundamental analysis.

Overall, the Meta Trader 4 is a well-designed system that gracefully combines the functions of multiple forex trading tools into a single one. Moreover, it is compatible with multiple operating systems, as you can find Metatrader for Mac and Windows as well. If you like the idea of a ‘’forex terminal’’ that supports multitasking and offers great risk management tools, Meta Trader 4 might be up your alley.


Another tool suited to cautious traders who prefer analyzing their strategies from all angles before making a trade is the Currenex. This tool functions more like a ledger than a trading aid, providing users with security and the ability to draw a historical perspective of their trading activity. Here is what you can expect from this tool:

  • Tight security with lots of privacy and connectivity options
  • Allows traders to monitor the market and launch trades
  • Has separate windows dedicated to all types of info, which provide easy access to various specific functions
  • Analyses trading patterns and spots market trends
  • Shows your complete trading history and audit trail
  • Allows the implementation of selective permissions and approvals across both business units and various locations.

To conclude, Currenex is a good tool for traders who like basing their trading strategies on past decisions because it offers a detailed history of their activity.


Going further, ActTrader is another useful tool catered towards traders who want to maximize their trading efficiency. It also allows for the easy management of multiple accounts, as well as other features that support multitasking. Here is what you can expect from this useful tool:

  • Offers detailed info on the instruments by accessing the Dealing Rates Table
  • If you are unsure of the outcome of a particular trade, you can execute a simulation via the ActFX* and decide your next step according to it. This is a valuable risk management function that will protect you from sudden market shifts.
  • Several price alerts that let users know when the rate of an instrument has reached a preset level.
  • Comes with a wide array of controls thanks to the FXVoyager Toolbar
  • View streaming rates via the Dealing Rates window
  • Place market orders straight from the Dealing Rates window.

*ActFX is a feature that analyzes multiple charts in great detail. It automatically opens and closes orders and positions after a preset period of time.


Finally, a reliable platform that will help you in your risk management efforts is eSginal. Considered one of the best forex platforms on the market, it is suited both for beginner and veteran traders. It provides real-time streaming stock, analysis as well as various other useful indicators. Here are some of the features that make it so great:

  • A user-friendly interface that allows for a fast market analysis
  • Customizable charts
  • Because eSignal records everything you do, you can spot future patterns and trends with high accuracy.
  • Very well optimized runs well even on older systems.
  • Shows market data from over 100 global markets


Forex risk management can represent the difference between your survival and the untimely demise of your trading career. Without proper risk management, you can execute the best trading strategy and still end up losing money. Fortunately, these tools, thanks to their intuitive interfaces and features catered especially towards risk management, will aid your decision-making process and help you develop better strategies.

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