Saturday, March 31, 2007
Forex Day Trading System : importance of correct forex charts
Forex Day Trading System : importance of correct forex charts to follow trade
I have observed that most of the traders and newbies generally tend to focus on the book to learn trading stratgies or systems and not focus on rest of the essentials. What they don't realize is that it doesn't matter if you have wheat in the house and not the utensils to cook it.
Same goes with forex trading. Along with having a sound forex day or swing trading system, you also need to have other necessaties lined up. One of such necassity is a good trading chart. Without the currency trading chart its as good as doing gambling. Your entry points, exit points may not be right, you will not know the trend and other points.
Here are the important points to consider when identifying a good forex chart -
1. It should update realtime.
2. It should allow yoputo fluctuate between different time periods such as a daily chart or 1 hr chart or 5 min chart etc.
3. It should allow you to put atleast some popular technical indicators such as EMA, RSI, MCD and Fibonacci. Others are parabolic sar, stochastics, candlesticks etc.
4. It should allow to follow charts of multiple currency pairs such as EUR/USD, USD/CHF or GBP/USD etc.
Thats all in this session of forex day trading..Visit again to learn more on the exciting world of currency trading.
I have observed that most of the traders and newbies generally tend to focus on the book to learn trading stratgies or systems and not focus on rest of the essentials. What they don't realize is that it doesn't matter if you have wheat in the house and not the utensils to cook it.
Same goes with forex trading. Along with having a sound forex day or swing trading system, you also need to have other necessaties lined up. One of such necassity is a good trading chart. Without the currency trading chart its as good as doing gambling. Your entry points, exit points may not be right, you will not know the trend and other points.
Here are the important points to consider when identifying a good forex chart -
1. It should update realtime.
2. It should allow yoputo fluctuate between different time periods such as a daily chart or 1 hr chart or 5 min chart etc.
3. It should allow you to put atleast some popular technical indicators such as EMA, RSI, MCD and Fibonacci. Others are parabolic sar, stochastics, candlesticks etc.
4. It should allow to follow charts of multiple currency pairs such as EUR/USD, USD/CHF or GBP/USD etc.
Thats all in this session of forex day trading..Visit again to learn more on the exciting world of currency trading.
Labels: currency trading, EMA, Entry, exit, forex chart, Forex day trading system, forex pips, rsi, technical analysis
