Starting out a task with some level of difficulty is not easy. If trading was simple, a lot more people would be doing it and succeeding as well. If you’re newbie you may need a little bit more hand holding along the way. What this tutorial will do is give you a basic understand of […]
Picking the Right Charts
Besides taking the trades themselves, the charting is one of the most important topics when it comes to trading. We have a whole section on chart trading videos, not to mention several interior pages of chart action. Without charts you will be in a tough spot when trying to pick which direction the price will go. Binary brokers don’t provide the best price action charts. Although they offer decent tick charts, they don’t provide the information you need to make the best trade. You will need something with a bit more brains. Here is a great location to get your account setup in case you plan to trade Forex in the future. Consider it a one stop shop no matter which country you are in.
In the video, you saw how we went over two of the major charting packages that are free. Dozens of Forex brokers offer a free MT4 demo account when you sign up. This allows you to learn the software and eventually open an account. In our case, we are looking more at the software as a tool versus a Forex trading account. If you plan to open a live FX account this may work for you down the line. Remember, you have a lot to choose from. You want one that will allow you to keep your demo open for for a long time.
Just in case you didn’t hear us mention how the MT4 charting is superior to FreeStockCharts.com, well it is. This is not knocking on FSC. We find it to be a great tool to look up stocks and other assets. For some reason the usability isn’t as strong as the Metatrader charts. Some beg to differ, but when looking for certain indicators and other instruments MT4 gets it done better. You may have to decide for yourself and let us know.
Another thing we noticed were the resources used by FSC. It ways down IE with that Silverlight back-end. As a web based platform you could see slowness and you wouldn’t want to way down on your broker window. Let’s not forget the ads. Those can be kind of annoying. If you need some decent charting in a pinch Free stock charts is great. However, MT4 is superior on a day to day basis. If you are serious about trading then a Metatrader account is critical.
Keep an eye out for all of our examples going forward. Each chart image will be taken directly from the chart directly. It is very simple to take screenshots and share them with the rest of the traders.