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Online Trading Tips

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Out of all the different types of trading one gets, forex trading must be one of the most popular. This highly liquid form of trading, where things happen fast and fortunes are sometimes made in minutes, draws large numbers of traders to their computers screens every day, their eyes following every single movement of their live forex charts.

As far as forex prices are concerned, you get two different kinds: The one is where prices are delayed by a couple of minutes, hours or even days. The other one is where prices are delivered to the trader in real time.

Traders operating in a longer time frame, such as swing traders and also investors, usually don’t worry too much about live prices. When you’ve been waiting a couple of weeks or even months for a trade to get where you want it to be, fifteen minutes is not likely to change things drastically. Day traders though, will without doubt tell you that it’s impossible for them to function without access to live charts.

How this functions is that a trader would usually sign up for a live price feed with a particular provider. This feed will then be imported into whichever charting package he uses. Depending on the software, he’ll then be able to see charts showing the price movements of the currency he is trading, as well as various technical indicators he may use to base his trading decisions on.

These charts depicting all the various technical indicators form a very important part of the professional trader’s toolbox. In fact, most of them will tell you that they can’t function without their charts to visually explain to them what is going on in the market.

Traders who have access to live price quotes can of course then chart all these technical indicators in real time as well. They instantly know when the price of a specific currency has risen above the moving average or when the RSI indicates that the market has entered an overbought zone. Professional traders regularly use such trading signals to shape their opinions about whether they should enter or exit a trade.

Many experienced traders sometimes make use of not just a single technical indicator but two or even more. They could as an example require that both the RSI and the MACD should send a buy signal before actually entering a trade. Conversely they might have a rule to only exit a trade if two different indicators trigger a send signal.

Live forex charts form a crucial part of the modern trader’s arsenal. Things happen quickly in the forex markets and access to live information can often be all it takes to turn a losing trade into a winning one.

Find out more about live Forex charts with these Forex secrets.

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