Forex charts change several times in a minute, and this is even during a steady trading day! Now charts are hard to read as they are, but the same has to be crossed reference with other economic factors as well. This article will discuss tools that increase a trader’s efficiency in chart reading.
Education and Experience
Before discussing internet tools, strategies, tips, techniques, etc. every trader must get educated on the basics. Forex courses may be expensive but it is less expensive than learning on the job and losing money because you failed to grasp basic concepts and trusted your broker or worst a software. Remember a solid foundation is key to building the tallest of structures.
Forex Charts: The DailyFX
This web based provider targets beginners to experts. Beginners are treated to free video courses on charting, educational materials and limited talk time. Premium users or paying members are allowed access to in depth and real time data as well as the most up to date charting tools in the market. A good thing about this provider is that they maintain a n active forum where free users and premium members can interact with each other to exchange ideas and share their DailyFX experience.
Forex Charts: FOREX Trading Charts
This website provides easy access and user-friendly interface. Everything of note is up front, literally because the front page has majority of what traders need. They also easy access to table links to major currency pairs; an updated exchange rate (bid/ask), Euro and Dollar ticker specifics; and a list of Forex brokers with outstanding recommendations.
Forex Charts: FXStreet
Extensively uses Java charting platforms that are directly embedded on the webpage. What this means is faster and more accurate charting for users. A good thing about this provider is that it can be accessed via different languages. Also, this is a very good site for those who lack fundamental knowledge and already have several technical analysis based providers on their bookmark. As a testament to the relevance of their particular brand of offerings this provider has been in the business for 10 years!
Forex Charts: ChartBook
Simple and minimalistic in their website design and approach, ChartBook provides direct charting, overlays, indicators without the clutter of personnel analysis. This means you get pure data (i.e. indicators and display options, currency pairs, real time rates, etc.) with no pay per use content. They concentrate on up to date and relevant information rather than professional opinions.
Forex Paid/Demo Accounts
Demo accounts provide learners as well as professionals with simulator type atmosphere with almost real time data. As a testament to the relevance of paid accounts, providers allow traders to use demo accounts. Albeit, with limited period of use, functionality, and a smaller amount of fake capital for experimentation and strategic experimentation.
News of the Day
Never underestimate the news! A single interview with a Forex mogul can tip the scales of the trade from overbought to oversold in the span of a trade day. Not to mention the fact that breaking news can provide you with entry or exit indicators.