Forex Big Data Can Ensure More Traders Success

Forex big data applications and dashboards can provide traders with the information necessary to make profitable trade decisions in real time. Big data 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 so that the average person or average trader can always know the condition of the forex market. Then traders can take advantage of the large amount of steaming price information available for the largest financial market, the foreign exchange.

Sources For Forex Big Data

Currently there are forex big data vendors available that can stream 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 big data applications, 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. 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.  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 forex big data in trade analytics.

Big Data Can Be Over Whelming

Converting massive amounts of forex data into a simple user interface for traders is the goal, as opposed to getting bogged down in complex algorithms, trading systems, and dashboard displays. The foreign exchange has massive worldwide volume and liquidity every day, so this data must be curated and simplified. You must have a simple user interface to convert the large amounts of data into something useful and practical, even for beginner traders. If this can be accomplished, forex big data can be powerful. You need the right amount and right kind of data to avoid data overload and creating a bloated, complicated user interface with a lot of unnecessary features. Taking the streaming real time data from 28 currency pairs, which represents trillions of dollars of money flow, and converting thousands of calculations per minute into a simple dashboard interface for use by forex traders is currently taking place, and available to all forex traders.

Creating A Simple Forex Big Data Dashboard

Forex big data applications can provide traders access to profitable, real time trading signals. Combining forex big data streaming price information with simple algorithms, will result in a trading system and dashboard display that can lead forex traders to profits. Here is an example of a relatively simple server based forex trading system that uses large quantities of streaming price data, but the user interface is actually quite simple and easy for any trader to understand, even beginner traders.

The streaming big data can then converted into a simple but effective too that tells forex traders what pair to trade in real time. This application is called The Forex Heatmap®. The heatmap converts large quantities of live forex data data into a simple interface and dashboard display to create profitable forex trade entry signals for traders. This tool is highly intuitive, it crunches the numbers from the large amounts of streaming price data down to a simple visual map that even beginner traders can understand and enter forex trades with.

Forex Big Data - USD Pairs

Forex Big Data – USD Pairs

Look at the example above, all of the currency price data from the US Dollar pairs is plotted against 7 other currencies is displayed in real time as a simple visual map for forex traders. This system is accurate and produces profitable trades. This is one example of how forex big data can assist forex traders with the simple user interface. The data is converted into a live sell signal for the USD/JPY and a buy signal for the EUR/USD based on USD (US Dollar) weakness. This is a forex big data live signal system that creates successful traders.

Forex Big Data - GBP/JPY

Forex Big Data – GBP/JPY

In the second image and example you can see a snapshot of how the heatmap crunches the data for two major currencies into a sell signal for the GBP/JPY based on Japanese Yen (JPY) strength and British Pound (GBP) weakness, once again streaming live forex big data. This visual map of the forex market works incredibly well for 8 currencies and 28 pairs and runs continuously though out the trading day, crunching the large amounts of data into simple forex trading signals. This excellent big data application has a simple interface but there are a large number of calculations and data behind the simplicity.

Other Important Dashboard Components

To complete the dashboard interface, traders might require other systems. One important component is to create a live alert system based on forex big data. This live alert system would be a real time saver by telling traders when to look at the forex market for potential trades. These alerts could also be supplemented with automated audible price alerts to notify forex traders of price breakouts. This would reduce the amount of time traders would need to spend in front of the computer, while keeping them notified of market movements. Also a world economic news calendar would notify traders of when to look for market movements. All of these forex tools and forex big data systems can be placed in a single dashboard display for traders to have a huge advantage for profitable currency trading.

More and more data is not always the answer. A moderate amount of forex data combined with the correct dashboard interface is a better approach. If you combine this with some some human intervention, like knowing the direction of the trend on the pair traded, the times of volatile news drivers, and the best times of day to trade the forex market, you will create more reliable trading system with big data playing the right role in the trade decisions.

Forex Big Data Dashboard Web Architecture

A big data user interface fore currency traders needs to be in a stable environment with high quality web architecture and redundancy for reliability. Server based technology and coding would be a superior system, combined with with fully redundant backup systems.Too many forex traders try to “get by” with old technology like metatrader to build a low quality, heavy weight code, creating a strained, unreliable user interface. These types of systems are inadequate from several standpoints, i.e., programming ability of the trader, latency, need for downloading, instability, software updates, etc. The end result is endless testing, botched trades and trading losses.

The promise of using big data for business intelligence and data analytics can be applied to streaming forex price data to ensure traders success. Innovative tools like The Forex Heatmap® can be part of a “smart dashboard”, with big data insights, to supplement other tools and pave the way by providing end users with the right kind of data interface to succeed at forex trading.

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