Eikon is a powerful financial analysis tool that provides real-time market data and news to traders. It is a platform that is widely used by forex traders to access market data, news, and analysis. It is crucial for a forex trader to have access to reliable, up-to-date information, and Eikon provides just that. In this article, we will discuss how to set up Eikon for forex trading.
Step 1: Choose a Brokerage Firm
Eikon is a subscription-based platform, and it requires a brokerage firm to provide access to the platform. Therefore, the first step in setting up Eikon is to choose a brokerage firm that offers access to the platform. Most major forex brokers offer access to Eikon, including FXCM, IG, and OANDA.
Step 2: Subscribe to Eikon
Once you have chosen a brokerage firm, you will need to subscribe to Eikon. The cost of the subscription varies depending on the level of access you require. There are three levels of access: Eikon, Eikon for Commodities, and Eikon for Fixed Income. Each level provides access to a different set of data and tools.
Step 3: Download and Install Eikon
After subscribing to Eikon, you will need to download and install the platform. The installation process is straightforward, and the platform is available for Windows and Mac OS. Once you have installed Eikon, you will need to log in using the credentials provided by your brokerage firm.
Step 4: Customize Your Workspace
Eikon provides a customizable workspace that allows traders to create their own trading environment. You can add and remove windows, charts, and news feeds to suit your trading style. You can also create custom layouts and save them for future use.
Step 5: Set Up News Feeds
Eikon provides access to real-time news feeds from major financial news providers such as Reuters and Bloomberg. You can set up news feeds to display the latest news relevant to your trading strategy. You can also set up alerts to notify you of important news events.
Step 6: Set Up Charts
Eikon provides access to a wide range of charting tools and indicators. You can set up charts to display the price action of the currency pairs you are trading. You can also add technical indicators to your charts to help you make trading decisions.
Step 7: Analyze Market Data
Eikon provides access to real-time market data such as prices, volumes, and order book data. You can use this data to analyze the market and make trading decisions. Eikon also provides access to historical data, which you can use to backtest your trading strategies.
Conclusion
Setting up Eikon for forex trading is a straightforward process. You need to choose a brokerage firm that offers access to the platform, subscribe to Eikon, download and install the platform, customize your workspace, set up news feeds, set up charts, and analyze market data. With Eikon, you can access real-time market data, news, and analysis, which can help you make informed trading decisions. Eikon is a powerful tool that can help you become a more successful forex trader.
