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Since almost all trading strategies in forex trading on the technical market analysis based is a high quality course provision mandatory. Broker provide Forex charts with their own courses free of charge. Traders can however call upon sources. The price data from brokers is the most convenient solution, because prices already integrated in the charting tool and are identical to the actual dealing prices. Broker put their Forex charts not only active buyer: In the best case, access is also indefinite demo accounts possible.
Important facts about the Forex chart analysis:
- Anyone who wants to successfully trade Forex, requires a solid basis of knowledge and experience
- A comprehensive chart analysis is indispensable
- It may be worth, Forex charts online compare
- The scope of the charts can vary greatly from broker to broker
1.) Chart analysis is essential in Forex Trading
Who wants to be successful in Forex trading, its trading decisions should not detect by feel or gut feeling. Although critics day trading like to call gambling times, all trading decisions professional trader based on careful market surveys and extensive course analysis. Technical analysis is not an integral part in Forex trading and before getting into the real money trade all traders should these basics of learning Forex trading and at least familiar with the main approaches and strategies. For the chart analysis are countless indicators and countless studies. Also as far as the manual drawing tools, there is a wide variety. Basically put, a trader will find everything they need for a professional and efficient chart analysis — he just needs to know how he uses the tools. As varied as the broker, so different are the trading platforms they offer their traders. So not every trading application has to offer a wealth of professional charting tools and in such a case, traders have to rely on external solutions. A good way to make this the free charts tradingview.com represents. Here you will find professional Forex charts online, including numerous innovative analytical tools and features.
Conclusion: In order to permanently be able to successfully operate forex trading, a comprehensive chart analysis is indispensable. For this purpose, there are countless tools and features and the traders are all kinds of functions. In addition to charting programs the broker to find external solutions such as from trading View.
2.) The Forex charts comparing online can be beneficial
Although the trading platform of own Brokers provides professional charting tool, a second source of supply price is not wrong and can be quite useful. It allows, for example, a comparison of the rates of the broker. The decisive factor is a continuous rate feed in real-time, which is integrated into a chart program. Then flashy rate differences between the broker and the control source are particularly visible. Trust is good, control is better. At certain critical rate movements can also detect whether a market maker’s position may exploit at the expense of its customers, for example. The crucial question: Was a different course position the Market Maker advantages eg by Ausstoppen or the opening of positions bring.? Examples of such critical price deviations are such. B. Courses just below support, below which place many traders a stop loss. If the support broken in the course of the broker, and has kept the same in the control source is an alarm signal. Critical Trader can compare rates between the broker and the control source to 5-minute basis and look at the respective Periodenhöchst- and lows. If there are a striking number and / or strikingly large differences and accumulate these differences in technical chart sensitive areas caution is advised: Maybe cheated the broker’s clients. The comparison may live or be retroactive based on historical rates. While the validity of the price data falls within the responsibility of the broker responsible for the correct use of self-traders. Not only beginners make in the basic chart settings error. So line charts are by default often used with linear scaling: Even many established financial portals provide their Forex Live Chart as available. To use all the information contained in the course and to avoid optical distortion of the display should be selected with a logarithmic scale, however, always a candlestick chart. It does not matter whether Forex charts online or offline are analyzed and what temporal distance extend tuition information.
Conclusion: It is often advantageous to rely not only on the live courses of brokers and to find a second, independent source for price data. So any discrepancies or deviations can be detected at the expense of the trader and the customer of the broker simply feels safer with a control source.
3.) Do not trade without your own analysis
Ever since Social Trading in the «scene» established, Charts exchanged over networks between users: Each member of a network can make a Forex Live Chart share with others and leave a comment. However convincing may be the benefits of the Social Trading: When charting be accepted uncritically analysis by third parties are considerable risks involved. Addressees of charts in trading networks can never be sure what purpose the sender is and what price source is based. A portion of the network users customized charts with shortened time horizons of influencing linear scaling and other optical tricks to opinions.
Conclusion: In modern times, it is not uncommon that charts can be exchanged between different traders in social networks. However, chart analysis should not be simply taken innocently and applied to their own merchant account. Our own extensive market analysis is indispensable and requires primarily a lot of experience.