Forex Charts are essential for forex trading
Forex Charts have their own importance. If you are newbie or seasoned trader, you will not ignore the importance of market charts. These are available in three patterns. One is line, second is bars and third one is candle stick pattern. Most of the market analysts use candle stick patterns to analyze the market. As a trader, I also use candle stick pattern to analyze the market.
Looking beyond the forex charts, there are several other things available in meta trader or web trader. These are some kind of indicators that help you to analyze the market. I will not go fast. I will tell my readers in simple and comprehensive words, so that they would be able to understand it quickly. Whether you are analyzing the market of forex or any commodity? The analysis of market is very much important. We can not deny the importance of demo accounts that I have discussed in earlier article.
Forex Charts and its components
In forex charts, you can see some other things, most probably you will see market indicators. These are the tools that help trader to understand the trend of market, volatility of market and average movement of market. These can be categorize by these qualities. There are some famous indicators that are free of cost and available within meta traders to install and use. I prefer MACD to understand the situation of market. Its convergence and divergence help me to understand the recent situation of market.
Time Frames in Forex Charts
Time frames are very much important and helps a lot in forex trading. You can see the market movement and candle stick formation from M1 means one minute to (MN) one month. These are categories to analyze market on short term and longer term basis. These time frames also help for scalping technique. Some traders adopt these strategies with the help of time frames.
I personally use 15 minutes time frame to analyze the market. This is the most suitable time frame as far as I know. People use M15 and M30 to analyze the market. May probably they are fine enough. Here I am telling you regarding my own experience. Sometimes market seems to go up but its time to go down and if you don’t understand this, then you may lose a big amount of money. That’s why we insist all the newbies to learn trading at first and then think about earning. This includes the practices. Most of the traders get bored and they think that they are smart enough. They are making money in demo account, so they can make money in real market. They are wrong.
Practices in market means at least 6 months of continuous learning and practices of demo account is required. Almost all the brokers offer free demo accounts for their traders to understand their platforms. In the beginning of my career as forex trader, I also traded a lot of time in demo accounts. Most of the traders do practices for longer than enough to gather courage for trading. I hope that my readers will also think about that.
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