Forex big data applications and dashboards can provide traders with the information necessary to make profitable trade decisions in real time. Big data forex trading applications are available right now for any traders looking to turn their forex trading experience into a successful one. The components of a forex big data dashboard should curate, process and visualize the data. Then convert the data into actionable ideas so that the average person or average trader can always know the condition of the forex market in a matter of seconds.
Using algorithms to point traders to the market momentum across multiple currencies and gold, even cryptocurrencies is the ultimate goal. Then traders can take advantage of the large amount of steaming price information available for the largest financial markets in the world and convert the information into trading success.
Sources For Forex Big Data
Currently there are forex big data vendors available that can stream real time pricing data directly to your desktop, web application, or dashboard. Real time data is available to forex traders via price feeds and real time data providers. Most forex traders are currently using some type of big data application, like streaming price charts. This data is generally converted to price chart, open/high/low/charts, or candlestick charts for the most widely traded currency pairs.
Forex Big Data Price Charts
Most forex traders then add various technical indicators to assist them with their trades. You can also build custom applications with a web developer or an API provided by the data vendor to build forex big data displays and dashboards. You would think that with access to so much information that successful forex traders would be everywhere, but this is simply not the case. So this is an opportunity for big data forex trading applications to be built.
Big Data Charting Solutions
Using applications like Metatraders you can produce the foundation of a great forex or gold trading system by customizing your charts:
Forex Big Data Signals
Forex Big Data Charts
You can right click on the charts and open the charts in a new tab for a better view.
Now you have alot of data on your screen but in an organized, intuitive way for watching the forex market. Forex big data can be overwhelming. Converting massive amounts of forex data into an easy-to-interpret user interface and charting system for traders is the goal. This setup is for the CAD (Canadian Dollar) pairs, but can be repeated for 8 different currencies plus gold.
Creating A Robust Forex Trading Dashboard
A dashboard for forex traders should have everything a forex traders needs to know for placing accurate trades at a glance. Look at the dashboard you see below:
Forex Dashboard
Right click on the image and open in a new tab if you like:
This dashboard has several components:
Link to written daily trading plans for 28 forex pairs
Link to Red Folder Forex News Calendar for the top 8 Currencies
Link to live heatmap which confirms trade entries, traders can scan 8 currencies and gold pairs in about 60 seconds for consistent momentum.
Link to backup heatmap in case of outages.
Market Summary Drop Down Menu telling traders what currencies are strong or weak in real time.
Example use of dashboard:
Just by glancing at the dashboard you can quickly see that the GBP is strong and the JPY is weak on the dropdown status menu. You know to go check the signals on the heatmap for the GBP and JPY pairs. You can see that the the strength/weakness trading formula works and the GBP/JPY moved up strong on this trading day. The dashboard works the same way for 8 currencies, 28 forex pairs total, and gold.
Forex Dashboard GBP, JPY Pairs
Forex Dashboard GBP/JPY Chart
The GBP moved up 130 pips today and trading other pairs like the GBP/CHF was also possible. Forex Traders do not get results like this and are usually stuck chasing one or two pairs. We believe 28 pairs and gold can be successfully traded using a big data dashboard like this, and that pip totals can be substantially higher.
Conclusions: The goal of having a forex dashboard that consolidates all of the data from 8 currencies and gold into a meaningful display has been accomplished, and forex traders can benefit from this type of setup.