Kent Douglas asked:


When it comes to investing on the forex , there are two basic paths you can choose: Fundamental or Technical. Fundamental investors look at changing interest rates, GDP figures, and other economic indicators to help them anticipate fluctuations in the exch ange rates of currency pairs. Technical traders, on the other hand, look for trends in the market to help them identify currency pairs and the best enter and exit points on a position.

Fundamental investors rely upon news releases and their overall impression of the economic outlook of nations in a currency pair. Technical traders, however, use charts and the application of analysis to help guide their investment decisions. Fundamental investors tend to be short-term investors while technical traders try to look at the bigger picture and be more focused upon the long-term pricing outlook.

In truth, most technical retail traders on the forex market do not have the time to compile charts from scratch. While many retail investors do import information into programs like Excel in order to interpret the information, they still tend to rely on an outside source for the raw data. To do this, the technical retail trader relies upon forex chart providers like the following:

• FxTrek

• ESignal

• FX-Charts

So who is the top Forex chart provider? The answer to this question depends upon the individual investor but you do want to look for a provider that produces charts that are easy-to-read and relevant to the particular strategy you employ. Now there are chart providers that are going to insist upon offering up a ton of “insider secrets” to the market in addition to their charts. In fact, all providers will provide some degree of insight but this is no criteria to choose a chart by-this information will only confuse you and cause you to doubt your investment strategy.

If there is one common problem to most investors new to the forex it is a tendency to over trade and ignore the stops they put into place when acquiring a position. Fear is a common human emotion and it guides more investments than people think but it also causes people to exit positions prematurely and over trade. While the opinions of investment experts may sound perfectly logical and a lot more involved than your own strategy-they are just opinions. The market is always right-no investing expert can claim likewise.

Once you acquire a position, place your stops and keep them in place. Losses will happen but you need to perfect your own investing strategy using continual back testing and chart analysis-not listening to the opinion of others once you are already in the game. What you need most of all from an FX chart provider is accurate and easy-to-read charts. While the advice may be helpful when learning the market and prior to acquiring a position, it tends to breed fear and cause doubt once you already are in the game. Thus, choose your chart provider based upon their charts-not the advice they produce each and every month!



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Kelly Price asked:


Many forex traders think technical analysis is akin to some kind of science where prices move to some mysterious theory but they don’t, they are a direct result of human nature. If you understand the formula enclosed and its significance, you could soon be making some big forex profits.

Prices move to this equation:

Fundamentals (supply and demand facts) + Trader perception of = Price

The news and supply and demand factors are important but it is human perception of them that makes the price. We all have the same facts to look at – but you, me and millions of other traders all have our own views and this mass view, equals the price.

Human nature is constant – we are not creatures of logic though, we are creatures governed by emotions. The emotions that dominate in forex trading and can be seen on a chart are: Hope, greed and fear.

forex charts are not a science as many technical traders would have you believe, humans don’t conform to a scientific theory – but we do as a mass create high odds chart formations, as a direct consequence of our emotions. Our trading psychology repeats and will continue to repeat, as human nature NEVER changes.

Trends tend to reflect the long term supply and demand for the currency and can last for weeks, months or years and are easy to spot on a forex chart. Of course, any currency reflects the underlying health of the economy and economic trends last a long time.

As humans though, we have a tendency to push prices too far (both up and down) and these price spikes are pure emotion. Prices always return to fair value from these spikes and the fact there temporary means – They can be spttted and traded for profit.

Fact:

Markets collapse when they are most bullish and rally when they are most bearish – this is human nature at work.

Price spikes can be traded for profit and they don’t just occur in long term time frames, they also occur in shorter periods within the main trend and traders will try and swing trade these overbought/ oversold scenarios.

Forex charts are a great way to trade because, you see the reality as it is – the fundamentals are taken into account and more importantly, all trader’s perception of them.

A technical analyst doesn’t care how or why prices move, he just wants to make profits when they do!

Charting as we have said is an odds game not a game of certainties – its an art and you have to learn the right formations and how to time your trading signals; this comes with practice and anyone can learn to use them. Furthermore, when using charts you only need a simple system based upon support and resistance and a few timing indicators and that’s it. In forex trading, simple trading systems work best, as they are robust and have fewer elements to break than complicated ones.

So if you want a great way to trade forex markets get your charts out and start practicing your art, it could make you big profits and bring you currency trading success!



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Greg Smith asked:


Forex charting is popular. These charts provide investors with readings from the stock market progresses. Investors’ odds in stocks improve, since the readings show them the changes in the high/low. The investors use these results to know when the best time is to bet/ask, trade/sell, etc.

You have a selection of forex charts, which may include the Web and Java charts. With the Web charts, it supplies the investors with specs. Often they receive details from various stock markets streaming from different banks around the globe. These banks have a big institutional bank, which is located in New York. London banks, Irish banks, Hong Kong and other banks link to the headquarters in Stock or forex marketing.

Charts will supply the investors with valuable tools. This technology arranged software programs would give accurate readings. Some of the programs will read out rate of changes, stochastic, (Random probabilities), Bollinger Bands, Common Deviations, and so on.

Some of the readings, such as Bollinger’s are an indicator. This indicator enables the investors to evaluate volatility and prices on a timeline. Indicators make up bands that rotate, moving toward averages in the stock exchange to the center of forex Charts. The bands at the crown of the charts deviate, the stands (SMA) to sum up, while the low bands will subtract these stock deviations. Clearly, investors must know how to read instabilities in the stock as well as learn how to read pricing. This will help investors at the buy/sell, trade, ask/bid, etc stages.

Change rates permit the investors to track all percentages. Sometimes the oscillator moves back and forward, fluctuating. This means that at the time the market reaches “subzero” additional changes may occur. At this time Forex, stock investors can read the results to see positive/negative results. Each result will display high/lows in the stock market and will show divergences within Forex. When the lines cross over the subzero mark, signals are sent that indicate to the investors when to bid.

You want to learn about these changes, charts and more when considering this stock market. Most starters must invest $10,000 to enter into the Forex market exchange. If you are new to this stock market, then be sure that you become well informed before opening an account.

The advantage that forex stocks provide that stock market exchange do not is that when the markets are low you still have a chance at winning. This is because you are betting on currencies amidst countries, which these currencies may change at any given moment. Currencies pair, which may include EUR/USD, or JYP/USD, USD/JYP, and so on, which you need to has an understanding of these currencies to know when to bid/ask, trade/sell etc in forex stock exchange.



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Kelly Price asked:


If you use forex charts trading exhaustion gaps can be hugely profitable. There one of the most reliable chart patterns to trade if you know how to take advantage of them. They don’t come around often in forex trading but when they do, there a great formation and you can get some great profits.

What is a gap?

A gap in a chart is exactly as it sounds:

An empty space between one trading period and the previous trading period.

They usually form because of an important an event or in a market that is dominated by greed and fear. They tend to be highly reliable, because they reflect a highly reliable trait in human nature.

Short term price spikes never last for long and prices tend to return to areas of more realistic value.

The above reflects human nature pushing prices too far (as they always do) away from fair value and prices return after greed and fear has run its course.

Exhaustion gaps are marked by high volume, and can offer tremendous fade trade opportunities, with excellent profit potential as the tide turns and momentum shifts quickly.

Fact:

In most cases exhaustion gaps are filled soon after they are formed.

These emotional price gaps caused by panic and fear provide some excellent trading opportunities when looking for a reversal. The question now is how do you trade them?

There are several options open to you:

One of the best is to look for over bought oversold indicators and look for extremes – like the stochastic or the Relative Strength Index and hit a downturn from extremes.

You can wait for the gap to be filled (checking of course momentum supports your view) but another way is to top and bottom pick with options.

While forex options are not as popular as they once were, they can be an excellent risk control vehicle, offering you unlimited profit potential combined with limited risk.

All you have to do is trade in the money from the price you buy your option.

So hit it at the money nd buy 3 months to expiry and get time on your side and you can ride out any short term volatility – you don’t have to be to fussy about timing your trading signal, so long as you are confident the price spike will fade.

Exhaustion gaps are one of the best if not best chart formation to trade, as they reflect extreme emotions that normally fade within a very short period of time.

You don’t get to many exhaustion gaps in forex, because it’s a 24 hour market and they really only come over the weekend on the open of Far East trading after the weekend.

A Chart Formation for Big Profits

Human nature never changes and short term price spikes will continue to reoccur as greed fear, drive prices. They never last long and if you use gaps and exhaustion gaps in particular, you will have one of the most reliable chart formations to trade.



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Kelly Price asked:


Forex charts are an excellent way to make money yet most traders have no idea on how to use them correctly and 90% of traders lose. Here we will outline 6 common mistakes traders make with forex technical analysis and if you make ANY of them you will lose to.

1. Using Science

Many novice traders make the mistake of thinking that forex prices move to scientific law – stand up the devotees of Gann, Elliot and Fibonacci – but of course they don’t. If they did then we would all know the price in advance and there would be no market – period.

These traders are naive or lazy – what they need to understand is trading is a game of odds not certainties.

Leave the scientific theories to the far out investment crowd and dreamers and concentrate on the reality of making money – and that means trading the odds.

2. Trying to Predict

Even traders who don’t use scientific forex trading strategies try and predict.

For example, they see prices dip toward support and buy – but this is hoping and guessing and they are going to get a lesson.

If you want to win you wait for the test of support and pfirs to move away from the level supported by momentum.

If you don’t know what momentum oscillators are now is the time to learn and make them an essential part of your forex education – if you don’t trade with price momentum, you are simply guaranteed to lose.

Look up our other articles for further details – you must trade with momentum indicators to get the odds in your favour.

3. Using invalid data

Day traders! All volatility is random in daily time frames and prices can and do go anywhere so you can’t get the odds in your favour and you will lose.

More novice forex traders use forex day trading systems than any other method and it’s the best way to lose money #8211; Don’t try it.

4. Using Indicators The Wrong Way

How many times have I seen people buy dips to a moving average? Loads of times and it’s a guaranteed way to lose money – it’s a lagging indicator!

Another great one is – traders using outer Bollinger bands to set stops – that’s not what it should be used for, it’s a gauge of volatility.

These are just two examples – but there are many more – always use indicators for what they are supposed to be used for.

5. Being To Complicated

Many traders think the more the better and try and use loads of indicators and complicated equations in their currency trading system.

Their wrong!

Simple systems using support, resistance and a few momentum indicators are all you need to succeed.

Why?

Because – simple systems are more robust and less likely to break in the brutal world of trading.

You don’t get paid for being clever in forex trading; you get paid for being right – so keep it simple.

6. Being too Subjective

The more objective you’re trading , the more likely you are to stay disciplined and keep your emotions out of trading.

Avoid using indicators that are subjective such as, cycles etc and stick with objective rules.

Finally …

Using forex charts is easy and quick and you can soon be enjoying currency trading success, so long as you use them the right way.

When you use forex charts you are a bit like a ships captain – you can use them to navigate correctly but if you don’t ,then just like the captain at sea who makes errors the market will drown you and your equity.



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Monica Hendrix asked:


Forex Charting is something anyone can learn and anyone can make profits with here we are going to go through the basics of what you need to get started.

Were going to assume you already know the logic of forex charts and why they work if you don’t look at our other articles. Right lets get started on the basics of forex charting.

Time Period

Forex markets trend and you can see these trends on a chart and you are going to have to decide, what time period you want to trade.

You can day trade ( moves within the day), swing trade within the major trend (moves that last around a couple of days to week), or long term trend follow (moves that last weeks or months)

Don’t try forex day trading or scalping.

The time period is to short and volatility is random and this means you will lose. This leaves you with a choice between swing trading and long term forex trend following.

Swing trading, suits the trader who likes lots of action and lacks patience and it also requires less discipline than trend following, as profits and losses come quickly.

Forex trend following requires patience and discipline – but can be very lucrative, if you lock into the big trends.

Keep It Simple

Forex charting is essentially about keeping it simple and our view is all you need is to use chart formations, support and resistance and a few confirming momentum indicators, to make sure when you execute a trading signal, you have momentum on your side.

The reason simple systems work best is – they are robust and have fewer elements to break than complicated ones.

Now let’s look at the basics of technical analysis applied to swing trading and trend following.

Basics of Swing Trading

You are simply looking for support and resistance levels to hold and trading into them. When you do this always do the following:

-    Wait for momentum to turn down from support or resistance and execute your trading signal. No predicting wait for confirmation from momentum to get the odds on your side.

-    Place your stop immediately and look to take your profit early you are not interested in trailing stops – take the trade in just before the resistance or support is tested.

Long Term Trend Following.

Here you can buy into levels of support or resistance – but the bulk of your trades should be to buy or sell breakouts to new chart highs or lows.

It’s proven that most big moves start form these breaks and you can see this on any forex chart.

The way to execute forex trend following trades is different to swing trading:

-    Again execute your trade in line with momentum.

-    Next place your stop

-    Now here comes the part that will determine how much money you make – trailing your stop.

Most traders are so keen to lock in profits they trail stops too quickly and get bumped out the move early. You’re after the big trends and you need to stay with them and that means trailing your stop behind random volatility.

We like to trail the stop behind the 40 day MA and while this may sound wide ( it is ) it will keep you in the big trends for longer and remember, if you caught just 50% of every major trend you would be very rich!

A Simple Route to FX Profits any Trader Can Learn

To get started with forex charts and get a simple system together should only take about a week and then your all set to get down to making some serious forex profits.

We keep it simple in our forex trading strategy, just basic bar charts a few momentum indicators and that’s it and you should to.

A simple forex trading system will make money, if you apply it with discipline and lead you to currency trading success.



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Kelly Price asked:


If you are using technical analysis and forex Charts, then using the simple combination below, will help you catch the really big trends that yield the big profits and make your profits soar.

Let’s look at this combination on Forex charts and how to turn it into profit.

We are going to look at a 3 step process that anyone can incorporate in their forex strategy that can make it more successful.

1. The weekly trend

Very few forex traders look at the weekly charts, but the weekly chart shows you the longer term trends and effectively separates out the “wood from the trees”, so you can see the important trends.

When looking at the weekly chart you simply need to look for valid support and resistance.

By valid – we mean areas of support that are considered important by the market and have been tested several times in different time frames.

2. The daily chart

Look for the points above, to be in synch with the daily chart, so the same important price levels are lining up on both charts.

Note:

If you have support and resistance that is valid then chances are there are stops behind these levels and trend following systems waiting to kick in if these levels are broken, so the break will continue and a new trend develop.

When these breaks occur they tend to move quickly and they don’t retrace much, so you need to be prepared to buy the break and miss the first part of the move.

Don’t try and anticipate and get in anyway – this won’t work!

A breakout is only valid after it occurs and if a level has been tested then of course it can hold as well, so you need to trade on confirmation only.

3. Getting confirmation

The way to see if a break is going to continue or reverse is to look at price momentum.

There are lots of momentum indicators to look at but two that work well in combination are the Relative Strength Index RSI and the stochastic.

Watch for a rising RSI and for the stochastic lines to pointing in the direction of the break if they have crossed with bullish or bearish divergence just before, all the better.

If you don’t know how to use these indicators – they are an essential part of your forex education!

There easy to learn and apply, so check our other articles.

The biggest profits from the really big moves

If you follow the above tips you will tap into the really big profits from the big moves – they don’t occur often just a few times a year, but these are the trends that yield the biggest profits and the lowest risk.

Most traders don’t do this and most traders don’t win!

Most traders hate buying breakouts, as they think they have missed the first part of the move and want to wait for the pullback to get a better price – but on valid breaks prices move quickly and you need to be in

as prices wont come back quickly and you will never get a better price.

If you can buy or sell breakouts, keep in mind they normally pile up bigprofits so the fact you have missed a little bit of the intial move is fine there is plenty more to come and of course it is missing this bit that gives you the odds in your favor.

Watch your profits soar

The majority of currency traders can’t psychologically buy or sell breakouts, but the majority don’t win – so dont let that worry you – join the winning elite who can and do make huge profits.

If you incorporate the above in your forex trading, it can lead you to currency trading success and really help your profits soar.



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Kelly Price asked:


If you want to trade currencies, Forex charting should be the route you take to Forex trading success, for the reasons outlined in this article – so if you want know how to become a successful Forex chartist read on…

The first point to keep in mind is that forex charting is a learned skill and anyone can be a winner with the right Forex education; you don’t need a college education either, anyone can master the skills needed to win. All you need to be able to do is to spot repetitive chart formations, and if you want to learn this you can.

Here are the 4 Reasons you should base your strategy on technical analysis.

It’s Time Efficient

You don’t need to know anything about the news or economics, all you need to do is learn to spot visual chart patterns and to learn Forex technical analysis correctly, should only take you a few weeks and when you come to trade, you can trade in just 30 minutes or less per day!

By just looking for visual set ups you save a lot of time, you are not interested in why prices are moving the way they are, you just want to make profits when they move and by focusing on price action only you save a lot of time.

You See all the News and Sentiment in the Charts

In today’s world of constant communications, all the fundamentals show up quickly in price action and by looking at a chart, not only do you see the news in it more importantly, you see what all the traders think of the news. In other words, the chart reflects the sentiment of the traders. When you look at a Forex chart, its not an opinion you see, it’s the reality as it is. This allows you to trade non emotionally, rather than the trader who is trying to make sense of news stories!

Trends will Always Occur and You can Spot Them

On any Forex chart you will see trends, where a currency moves for a sustained period of time in one direction and you will see many of these trends last weeks, months or even years and you simply need to learn the set ups, that allow you to lock into them and hold them.

You Only Need a Simple System!

To win with forex charts you only need a simple system – if you make it to complex it will have to many parameters to break – by keeping your forex trading strategy simple, you keep it robust and simple straegies work best as they have fewer elements to break than complex ones and you can learn a simple strategy in just a few weeks.

Charting is a simple, time efficient way to trade Forex and if you become a Forex chartist, you can soon be earning big profits in 30 minutes a day and enjoying currency trading success.



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Donald Saunders asked:


Although fundamental analysis formed the basis of trading decisions for many years, today most traders rely far more heavily on technical analysis and this means that they must also have the ability to read yle="text-decoration: none; border-bottom: 1px #ae0000 solid; color: #ae0000;" rel="nofollow" target="_blank" >forex charts.

There are several different price charts available to traders but they all essentially convey information about forex prices for a specific time period which can range from just a matter of minutes to many years. Charts can be plotted in different formats ranging from simple line charts to more complex candlestick charts, plotting price variations for particular time intervals.

Most traders will be familiar with line charts as this is a very common format for plotting a range of financial data and most of us have grown up with line graphs. Here closing prices are normally plotted for a particular time period and such charts give a very clear and easy to read picture of movements in prices over that time period.

Bar charts are generally more difficult to read, but have the advantage of being able to convey much more information. For example, the length of a bar can indicate the price spread for a given period of time, so that the longer the bar the greater the difference between the high and low price. Bars can also be annotated to show the opening price on the left of the bar and the closing price to the right, enabling you to see at a glance whether the price has risen or fallen. One disadvantage with many bar charts is that they often put so much information onto a chart that it can be difficult to read, although modern software enables you to adjust a chart to focus in on the specific information you require.

A very popular charting technique today is known as candlestick charting, which was originally invented by the Japanese for analyzing rice contracts and is essentially a color coded variation of standard bar charting, with red candlestick bars indicating falling prices and green candlestick bars representing rising prices.

Reading candlestick charts takes a bit of getting used to but the various candlestick shapes when viewed in relation to neighboring shapes form a number of classical patterns. Nor surprisingly, many of the patterns have acquired names over the years and these include such delights as ‘Dark Cloud Cover’ and ‘Morning Star’. Although it takes a bit of time to master the art of reading candlestick charts, once you become familiar with the different patterns it is fairly easy to see just what is happening in the market and to pick out particular market trends.

Of course charts by themselves, while extremely helpful, do not tell the whole picture and so it is necessary to supplement the information provided by the various different charts with a combination of different technical indicators such as relative strength indicators (RSI), Bollinger bands, average directional movement (ADM) to name just three. Nevertheless, there are fewer and fewer traders today who do not rely to a very large degree on charting for their trading decisions.



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Kelly Price asked:


Using technical analysis and forex charts is an excellent way to make money in forex trading. The problem is there are a number of myths that traders fall victim to and lose. The mistakes are easy to avoid and enclosed.

1. Trying To be to Complicated

Many traders see all the indicators that are available to them and think they have to use them, after all 10 indicators are better than 2 – Wrong.

The best forex trading systems are simple and this means they are more robust in the hard world of real trading with fewer elements to break, than a complicated trading system.

Less really is more in forex technical analysis! All the best forex trading strategies used by successful traders are relatively simple and yours should be too.

2. Predicting Prices

If you try and predict forex prices your predictions will be as accurate as your horoscope and you will lose. Predicting is another word for hoping or guessing and that won’t get you far in life or forex trading .

What you need to do is to simply act on the reality of price change.

Sure you miss the exact change but you can’t predict that anyway.

Your aim is to make money not strive for perfection!

3. Scientific Methods

Leads on from the above and currency prices unfortunately don’t move to a scientific theory. This is of course obvious because if they did, we would all know the price in advance and there would be no market.

A forex market moves because we don’t and never will know what happens next.

So forget prediction and forget science, they won’t help you your trading the odds but if you trade them successfully you will make a lot of money.

4. Invalid Data

The biggest mistake novice traders make is to believe the myth of forex day trading and scalping.

Forex day traders never make money and never will – why?

Because the data is invalid and all volatility in short term time frames is random.

As volatility is random, you can’t get the odds in your favour and you will lose. You need to trade longer term time frames where you can get the odds in your favour and this means long term trend following or swing trading.

The above are the 4 biggest mistakes traders make with forex charts and there easy to avoid.

If you want to learn currency trading the right way, then you need to understand forex charts can help you achieve currency trading success only if you use them in the correct manner.

Simple odds based, currency trading system which trades the reality of price change is a simple yet powerful way of making big long term gains.



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