If you’re a forex trader looking for the best tools and resources to help you succeed in the market, you’ll definitely want to consider setting up Eikon. This powerful platform is known for its advanced features, insightful research, and robust analysis tools that can give you a significant edge over your competitors. But if you’re new to Eikon, you might be wondering where to start. In this article, we’ll provide a step-by-step guide to help you get started with setting up Eikon for forex trading.
First, you’ll need to sign up for an Eikon account if you haven’t already. Once you’ve logged in, you’ll be able to access the platform’s vast range of features and tools that can help you analyze market data, track trends, and execute trades with ease. One of the best features of Eikon is its advanced charting capabilities, which can help you identify patterns and make informed trading decisions.
Next, you’ll need to configure your settings to ensure that Eikon is working optimally for your needs. This might involve customizing your workspace to suit your preferences, setting up alerts to notify you of market changes, or creating watchlists to monitor specific instruments or currencies. With a bit of tweaking and experimentation, you’ll soon be able to make the most of Eikon’s powerful trading capabilities and achieve your forex trading goals.
Overview of Eikon for Forex Trading
If you’re looking to trade Forex, you need to ensure you have access to accurate and up-to-date information to make informed decisions. That’s where Eikon comes in, it is a powerful platform that offers real-time financial news, data and analytics.
Eikon is designed to be easy to use, even for those with no previous experience of online trading. It offers a variety of tools and features that cater to the needs of both novice and professional traders.
Features of Eikon for Forex Trading
- Live news and analysis: Eikon provides live news and analysis from reliable sources, including Reuters, to help traders stay informed about events affecting Forex markets.
- Real-time market data: Eikon offers real-time data on currency prices, as well as historical data that traders can use to identify trends and patterns in the market.
- Customizable alerts: Traders can create custom alerts for various market events, including rate changes and news releases, to help them stay up-to-date with the latest developments.
Benefits of Using Eikon for Forex Trading
By using Eikon for Forex trading, traders can gain access to a wide range of tools and features that can help them make informed decisions. With accurate and up-to-date information at their fingertips, traders can react quickly to market changes and take advantage of opportunities as they arise.
Eikon is also easy to use, which means that traders can spend more time focusing on their strategies rather than trying to navigate a complicated platform. With customizable alerts and real-time news and analysis, Eikon can help traders stay ahead of the game and make the most of their investments.
Eikon for Forex Trading: Summary
Eikon is an excellent choice for those looking to trade Forex. With a variety of tools and features designed to help traders make informed decisions, along with customizable alerts and real-time data, Eikon offers everything traders need to succeed in the competitive world of Forex trading.
| Pros | Cons |
|---|---|
| Real-time news and analysis from reliable sources | Requires a subscription |
| Customizable alerts | Can be overwhelming for beginners |
| Easy to use | |
| Real-time market data |
Overall, Eikon is an excellent choice for traders who want to stay informed, react quickly to market changes, and make informed decisions that can help them succeed in Forex trading.
Registering for an Eikon Account
Before you can start using Eikon for Forex trading, you need to register for an account. Eikon offers different types of accounts depending on your needs, such as the Eikon Refinitiv and Eikon Refinitiv Premium.
- Go to the Eikon website and click on the “Register” button.
- Fill out the registration form with your personal details.
- Select the type of Eikon account you want to use and provide the necessary information.
After you’ve completed the registration, you will receive an email confirmation with your Eikon account credentials. Use these credentials to log in to your Eikon account and start using the platform for Forex trading.
Getting Started with Eikon for Forex Trading
Now that you have your Eikon account set up, it’s time to start exploring the platform’s features for Forex trading. Eikon offers a comprehensive suite of tools and features designed specifically for Forex traders, including real-time market data, news and analysis, and charting tools.
Start by familiarizing yourself with the basics of the Eikon platform, such as navigating the tabs and menus, and accessing the different tools and features. You can also customize your Eikon workspace to suit your trading needs, by adding or removing windows and widgets.
Eikon for Forex Trading: Key Features
One of the key features of Eikon for Forex trading is the real-time market data and news. Eikon provides traders with access to up-to-the-minute market data from global exchanges, as well as news and analysis from top sources such as Reuters.
| Feature | Description |
|---|---|
| Market Data | Eikon provides real-time market data from global exchanges for Forex traders, including prices, volumes, and more. |
| News and Analysis | Eikon offers traders access to top-quality Forex news and analysis from sources such as Reuters. |
| Charting Tools | Eikon’s charting tools allow traders to analyze market trends and patterns with ease, using a variety of customizable indicators and technical analysis tools. |
By leveraging Eikon for Forex trading, traders can gain a competitive edge in the markets, thanks to the platform’s advanced tools and features.
Installing the Eikon Desktop App
If you’re interested in forex trading and have signed up for Eikon, the next step is to download and install the Eikon Desktop App. The app provides access to a wide range of data, analysis and trading tools to help you stay ahead of the game.
- Begin by navigating to the Eikon download page on your web browser. You’ll need your login credentials in order to download the app.
- Once you’ve downloaded the installer, click on the file to begin the installation process.
- Follow the prompts on the screen to complete the installation. You’ll need to agree to the terms and conditions and choose the installation location on your computer.
Once the app has been installed, it’s important to make sure you’re logged in with your Eikon account. If you’re having trouble connecting, ensure that you’re connected to the internet and try again. If the problem persists, contact customer support for assistance.
Here’s a table detailing the basic system requirements for Eikon Desktop App:
| Operating System | Minimum Requirements |
|---|---|
| Windows 7 SP1 | 2 GB RAM, 4 GB free hard disk space |
| Windows 10 | 4 GB RAM, 8 GB free hard disk space |
| MacOS El Capitan 10.11 or later | 4 GB RAM, 8 GB free hard disk space |
It’s recommended that you update your operating system and ensure that you have the latest version of Java installed for optimal Eikon performance. Once you’ve successfully installed and logged in, you can begin exploring the many features of the Eikon Desktop App to benefit your forex trading experience.
Setting Up Watchlists in Eikon
Watchlists in Eikon are customizable lists of market instruments such as currencies, stocks, and commodities that allow traders to monitor their performance in real-time. Setting up watchlists in Eikon is easy and can be done in a few simple steps.
- First, navigate to the Watchlist Manager in Eikon. This can be found in the top-left corner of the application.
- Next, click on the “New” button to create a new watchlist.
- Give the watchlist a name and select the market instruments you would like to add to the list.
- Once you have selected the instruments, you can customize the columns that appear in the watchlist by clicking on the “Columns” button.
- Finally, save the watchlist by clicking on the “Save” button.
It is important to note that watchlists can be customized and edited at any time by clicking on the “Edit” button in the Watchlist Manager. Additionally, Eikon allows traders to create multiple watchlists and switch between them easily.
To view a watchlist, simply click on the name of the watchlist in the Watchlist Manager. This will bring up a real-time view of the instruments in the list and their performance.
| Watchlist Column Options: | Description: |
|---|---|
| Name | Displays the name of the market instrument. |
| Symbol | Displays the ticker symbol for the market instrument. |
| Last Price | Displays the last traded price for the market instrument. |
| Net Change | Displays the change in price from the previous day’s closing price. |
| % Change | Displays the percentage change in price from the previous day’s closing price. |
| Bid Price | Displays the highest price that a buyer is willing to pay for the market instrument. |
| Ask Price | Displays the lowest price that a seller is willing to accept for the market instrument. |
| Volume | Displays the total number of shares or contracts that have been traded for the market instrument. |
Setting up watchlists in Eikon is a useful tool for forex traders to stay on top of their preferred market instruments in real-time and make informed trading decisions.
Customizing Eikon Chart Views
As a forex trader, having a customized chart view is crucial for making informed trading decisions. Eikon offers various customization options to help you set up your chart view to meet your specific trading needs. Here are five ways to customize your Eikon chart views:
- 1. Customize Price Display: Eikon allows you to customize the way prices are displayed on your chart. You can choose between bid, ask, or mid-price for each symbol. This can give you a more accurate representation of the movement of the markets and help you make better trading decisions.
- 2. Color Schemes: Eikon offers different color schemes that you can choose from to fit your personal preference or trading style. You can either choose from Eikon’s default color settings or create and save your custom color scheme.
- 3. Overlay Indicators: Overlay indicators can be used to help analyze the market trends and patterns. Eikon offers various overlay indicators such as moving averages, Bollinger bands, and Ichimoku clouds, to help you better understand the market movement.
- 4. Technical Studies: Eikon provides 100+ technical studies that you can add to your chart view to help you analyze the markets. These studies range from simple moving averages to more complex indicators such as MACD and RSI.
- 5. Multiple Chart Windows: With Eikon, you can open multiple chart windows and customize each one to your liking. This means you can compare different symbols and timeframes side by side on your monitor and increase your productivity.
Example: Customizing Chart View
Here is an example of how you can customize your Eikon chart view:
| Customization Option | Setting |
|---|---|
| Price Display | Bid |
| Color Scheme | Custom |
| Overlay Indicator | Moving Average 50 |
| Technical Study | RSI |
In this example, the trader has chosen to display the Bid price, a custom color scheme, a 50-period moving average overlay indicator, and RSI as the technical study. This chart view can help the trader better understand the short-term trend for a particular symbol and make informed trading decisions.
Using Eikon’s News and Analysis Features for Forex Trading
Eikon is a powerful tool for forex trading, providing online real-time market data and analysis. Here are some tips on how to use Eikon’s news and analysis features to improve your trading.
- Watchlist – Create a watchlist of the currency pairs you are interested in. Eikon allows you to easily customize your watchlist, so you can keep track of the most relevant information. You can set alerts for changes in price, news articles, and more.
- News and Analysis Center – Eikon has a comprehensive news and analysis center that aggregates news from all across the market, from sources such as Reuters and Dow Jones. You can filter the news by currency or region to stay on top of the latest developments.
- Charts and Technical Analysis – Eikon provides a wide range of charting and technical analysis tools. From basic line charts to more complex indicators like moving averages, you can customize your charts to suit your trading style. You can also set up alerts for key indicators, such as when a currency pair hits a certain resistance level.
One of the most valuable features of Eikon is its news and analysis center. Here, you can find news articles from trusted sources around the world, as well as insights and opinions from analysts and experts. The news and analysis center is customizable, so you can filter news by currency, region, or even specific companies and industries.
In addition to news, Eikon’s analysis center provides detailed charts and technical analysis. You can use these tools to examine the long-term trends of a currency pair, as well as shorter-term movements. Eikon also offers a range of chart types, including line charts, bar charts, and candlestick charts.
| Feature | Description |
|---|---|
| News Aggregator | Eikon aggregates news from all across the market, from sources such as Reuters and Dow Jones. |
| Watchlist | Create a customizable watchlist of the currency pairs you are interested in and set alerts for changes in price, news articles, and more. |
| Charts and Technical Analysis | Eikon provides a wide range of charting and technical analysis tools, from basic line charts to complex indicators like moving averages. |
Overall, Eikon is a powerful tool for forex traders, offering up-to-date market data, news, and analysis. By using Eikon’s news and analysis features, you can stay informed and make better trading decisions.
Trading FX on Eikon’s Messenger Platform
As a forex trader, you’re likely always looking for tools that can help you stay on top of the market and make informed decisions. Trading FX on Eikon’s Messenger Platform offers a variety of features that can be helpful for traders, including real-time market data and the ability to connect with other traders. Here are some tips for setting up and using Eikon’s Messenger Platform for forex trading:
- Create a Messenger account: To get started, you’ll need to create a Messenger account. This will allow you to connect with other traders, share market insights, and track your portfolio.
- Customize your dashboard: Eikon’s Messenger Platform allows you to customize your dashboard with the tools and information that are most important to you. For example, you can add widgets for news headlines, price quotes, and technical analysis tools.
- Use chat rooms: Eikon’s Messenger Platform offers a variety of chat rooms where you can connect with other traders and discuss market trends. You can join public chat rooms or create your own private chat room for you and your trading team.
Eikon’s Messenger Platform also offers some advanced features that can be especially useful for forex traders, such as:
- Real-time market data: Eikon’s Messenger Platform provides real-time market data for forex, equities, commodities, and other asset classes. You can use this data to track market trends and identify potential trading opportunities.
- Collaboration tools: Eikon’s Messenger Platform makes it easy to collaborate with other traders. You can share charts, news articles, and other relevant information with your trading team.
- Integration with other tools: Eikon’s Messenger Platform can be integrated with other trading tools and platforms, making it easy to track your portfolio and execute trades.
If you’re new to forex trading or Eikon’s Messenger Platform, it can be helpful to start with some basic features and gradually explore more advanced tools and features. By taking the time to customize your dashboard, join chat rooms, and explore the platform’s advanced features, you can gain a deeper understanding of the forex market and improve your trading strategy.
| Pros | Cons |
|---|---|
| Real-time market data | Requires a subscription |
| Collaboration tools | Can be overwhelming for new traders |
| Integration with other tools | May require some technical knowledge to set up |
Overall, Eikon’s Messenger Platform can be a valuable tool for forex traders who are looking to stay informed and connected in a fast-paced market. By taking advantage of the platform’s features and customizing your dashboard to your needs, you can improve your trading strategy and stay ahead of the curve.
Accessing Eikon’s Economic Calendar for Forex Trading
Eikon’s Economic Calendar is a powerful tool that forex traders can use to stay up-to-date with the latest market news and economic events. With this tool, traders can track past, present, and future economic events, including data releases, central bank meetings, and other important events that can impact currency prices. Here is how to access Eikon’s Economic Calendar for forex trading.
- First, log in to your Eikon account and navigate to the ‘Market Analysis’ section.
- Click on the ‘Economic Events’ tab to open the Economic Calendar.
- To customize the events you want to see, use the filters to select your preferred currency, country, and event type.
The calendar displays important economic events and their expected impact on currencies, including the time and date of the events, the currency involved, the event type, and the expected impact on the market. This information is useful for forex traders who want to stay informed of economic events that could affect their trading strategy.
In addition to the Economic Calendar, Eikon also provides other tools to help forex traders make informed decisions based on market trends, chart analysis, and news and data insights. Eikon’s trading tools are designed to help traders navigate the complex forex market with confidence and efficiency.
By accessing Eikon’s Economic Calendar, forex traders can stay informed of important economic events, track market trends, and make informed decisions based on the latest news and data insights. With this powerful tool, forex traders can get the edge they need to succeed in the competitive forex market.
Integrating External Forex Trading Software with Eikon
Trading in the forex market can be challenging, but having the right tools can help make the process smoother. One tool that traders can use is Eikon, a financial analysis platform that provides real-time market data and news. However, Eikon often needs to be integrated with external forex trading software to allow traders to execute trades. Here’s how to set up Eikon for forex trading:
- Choose the compatible forex trading software: Not all trading software is made to integrate with Eikon. Research which platforms are compatible and select one that suits your trading style.
- Install the forex trading software: Once a compatible platform is chosen, download the software onto your computer and follow the installation instructions.
- Connect Eikon and the forex trading software: In order to integrate the two platforms, you’ll need to establish a connection. Most forex trading software will have a section where you can input an API key or Eikon credentials.
Now that your forex trading software is integrated with Eikon, you can use the platform’s capabilities to enhance your trading. Some benefits include:
- Real-time market data: Eikon provides fast and accurate market data that can help traders make informed decisions in real-time.
- Customizable watchlists: With Eikon, you can create custom watchlists to monitor your favorite currencies and trading pairs.
- Advanced charting: Eikon has advanced charting capabilities that allow traders to analyze trends and patterns in the market.
To make the most of your integration, consider using Eikon’s news section to stay up-to-date on the latest market events and economic indicators. This can provide valuable insights into how the market may move and help traders make better decisions.
| Pros | Cons |
|---|---|
| Real-time market data | May require an additional subscription to access all features |
| Customizable watchlists | Requires integration with external trading software |
| Advanced charting | Can be overwhelming for beginners |
Overall, integrating external forex trading software with Eikon can give traders an edge in the market. By combining the real-time market data and advanced charting capabilities of Eikon with the execution capabilities of a trading platform, traders can make more informed and timely decisions.
Eikon’s Mobile App for Forex Trading on-the-go
The world of forex trading is constantly evolving, and traders who want to stay ahead of the curve need to be able to monitor the markets no matter where they are. Eikon’s mobile app is the perfect solution for traders who want to stay connected to the markets at all times. Here’s how to get started:
- Download the app from your app store – Eikon’s mobile app is available on both iOS and Android devices, making it accessible to most traders.
- Log in with your Eikon credentials – If you’re an Eikon subscriber, you’ll be able to log in to the app with your existing Eikon credentials. If you’re not a subscriber yet, you can sign up for a free trial to access the app.
- Customize your watchlist – The app allows you to set up customized watchlists, so you can track the currencies and instruments you’re interested in. This makes it easier to stay on top of the markets without feeling overwhelmed.
Once you’ve got the app set up, you’ll be ready to start trading on-the-go. Here are some of the key features that make the mobile app so powerful for forex traders:
- Real-time market data – The app provides real-time pricing data for forex and other instruments, so you can make informed trading decisions based on the latest market movements.
- Advanced charting tools – Eikon’s mobile app is equipped with advanced charting tools that allow traders to analyze the markets in real-time. You’ll be able to use indicators and drawing tools to get a clear picture of market trends.
- News and insights – The mobile app provides access to up-to-date news and research from Eikon’s team of experts. This can help traders stay informed about market developments that could impact their trades.
If you’re looking for a mobile app that can help you stay on top of the forex markets, Eikon’s app is definitely worth considering. With real-time market data, advanced charting tools, and expert insights, it’s a powerful tool for traders who want to stay connected to the markets at all times.
| Pros | Cons |
|---|---|
| Real-time market data | Requires an Eikon subscription |
| Advanced charting tools | Some users may find the app overwhelming |
| Access to news and insights | Can be difficult to navigate for beginners |
Overall, Eikon’s mobile app is a must-have for forex traders who want to stay ahead of the game. It provides powerful tools for real-time market analysis and insights, making it easier than ever to trade on-the-go.
FAQs about Setting Up Eikon for Forex Trading
1. What are the system requirements for running Eikon?
You will need a Windows-based computer with a minimum of 8GB of RAM and a broadband internet connection. Eikon also requires Microsoft Excel and Internet Explorer 11 or higher.
2. What are the steps to install Eikon?
You can download the Eikon installer from the official website. Run the installer and follow the prompts to complete the installation process. You will need to enter your Thomson Reuters Eikon credentials to activate the software.
3. How do I access the forex market data in Eikon?
Once you have logged in to Eikon, you can access the forex market data by navigating to the appropriate page or search for specific forex pairs in the search bar at the top of the screen.
4. How do I customize my Eikon interface to show only the forex data I need?
You can use the Eikon desktop’s layout customization feature to create a personalized workspace. Configure windows, choose data points and establish sets of pages to be tiled and named with a reproducible setup.
5. How do I generate forex trading ideas using Eikon?
Eikon offers a wide range of tools for analyzing forex market data, including charts, indicators, and news feeds. Explore the data to search for trading ideas by looking for patterns, applying technical analysis or using news and event analysis as a less technical approach.
6. Can I place trades directly from Eikon?
Eikon does not allow you to place trades directly. You will need to use an external trading platform integrated with the Eikon Terminal or connect through a broker to send orders to the market.
7. Are there any free resources available to learn how to use Eikon for forex trading?
Thomson Reuters offers a wealth of online resources, including video tutorials, articles, and webinars, on using Eikon for forex trading. You can also subscribe to their Eikon Trading product support service for further assistance.
Setting up Eikon for Forex Trading – Conclusion
Setting up Eikon for forex trading is easy, and it can quickly become your go-to platform for making smart trading decisions. Utilize the wide array of features and market data available to find trading opportunities, and customize your workspace to your liking to make more efficient decisions. Be sure to explore the resources provided by Thomson Reuters to enhance your trading experience. Thanks for reading, and we invite you to visit us again for more helpful trading articles!