Forex exchange now is a real complex and multifaceted living organism, which requires constant monitoring and monitoring online. Studying the movement of assets in real time will help to draw the right conclusions about emerging trends in the foreign exchange market. This, in turn, will become a high-quality basis for submitting the most profitable applications.
However, use live schedule not so easy. Yes, they are available to absolutely all traders. But does everyone know how to extract really useful information from them, which can then be used as part of their work? I do not think so. If you are still a beginner and do not know what you need to do to learn how to read real charts like an open book, here is my detailed instruction. From this article, everyone will learn:
- what parameters of real-time charts should be paid attention to in the first place;
- why you need a detailed technical analysis of live charts;
- how to properly use the possibilities of real asset charts to turn Forex into a source of real income.
In the process of answering all these questions and studying the nuances in detail, I will attach screenshots of a real and actually functioning chart, which I myself use on an ongoing basis. This will make it much clearer.
Why you need a live chart in Forex
Trading on the foreign exchange market is not a banal luck and certainly not a game of "Intuition", but an accurate calculation, a cold mind and a sober mind. You need to be able to clearly predict the movement of an asset in the near future and calculate the most successful point to enter the market. However, these skills are available only to those traders who are able to quickly navigate the current situation on the exchange. And this can be done only with the help of live charts, where there are actual indicators. You just need to learn how to use them correctly. And there are many subtleties here.
So, what is a live chart of the movement of currency assets on Forex? It is an ever-changing, customizable and highly visual online diagram that displays real data. Learning to work well with indicators, you can get a credible forecast, on the basis of which it is quite possible to make several profitable transactions. Indicators will show the highest probability of an increase or decrease in the value of an asset in a certain time period. And there is already a stone's throw to logical conclusions, as they say.
Some traders who have a fairly impressive experience with Forex have every right to object that for such forex forecasts There are trading brokerage platforms whose main task is to simplify the trading process. Of course they do exist. But it is the live chart that is the most visual and functional tool. If you are interested in exchange rates now on the Forex exchange, then such a chart will help you quickly navigate the current situation and draw the right conclusions and eliminate a miss. After all, a currency rarely stays at the same price level for a long period of time. This is a rather volatile asset, which you always need to be on the lookout for if you do not want to drain the deposit with your own hands. Here, every second can cause a serious minus on the account.
A live chart allows you to receive all the necessary information a little earlier than it reaches the brokers and is reflected in the trading terminal. This is especially true during the release of economically important news, when the situation can turn 180 degrees in the blink of an eye. You will have time to orient yourself, open or close a position, thereby winning a good profit.
Live chart indicators are quite simple and intuitive. Here, even a beginner in the world of Forex will find his bearings quite quickly. By analyzing the input data and carefully monitoring the signals that appear every now and then, you can make transactions with a positive result even without a solid experience in the market.
How to set up a live chart in Forex
And so you decided that it is still more convenient to work with “fresh” information. What to do next? How to set up a live chart and what should you pay attention to first? I recommend checking out the menu. In the screenshot below, I marked the most important parameters.
Let's consider each of them in more detail.
Choosing an asset
In such a schedule, you can work with absolutely any currency. For the convenience of the user, an automatic search works here. As soon as you start entering the name of an asset, the system will suggest the most suitable option. After that, you can immediately get acquainted with its current quotes at the current moment. There are also a number of additional settings here. I have highlighted these menu items in the screenshot below.
The time period for tracking quotes for a currency can be from one minute to a month. Also in the screenshot below, I showed where you can configure it. A trader can get quick access to the chart settings by clicking on the button with three dots. If you enter just numbers without letters, the system will select the minute interval. Adding the letter H sets the gap in hours. If you add the letter D, then it will be possible to track the movement of assets by day, W - by week, and M - by month.
What are the best times to work with? If you are looking for scalping (quick trading and making a large number of transactions in one business day), I recommend choosing minute intervals. Medium-term transactions are already from 4 hours to 1 day. Long-term - in a few days, one or several weeks.
You have a choice of several dozen indicators. On the panel, you need to find the corresponding icon, open the layout and familiarize yourself with the available indicators. After you make your choice, the desired indicator will immediately be displayed on the chart. You can also work with several indicators at the same time. The main thing in this matter is the convenience of the trader. There are no restrictions.
When you exit the program, the indicator settings are saved. So the next time you run it, keep in mind that the graph shows what the user selected last time. You can also adjust the thickness and color of the lines. To change any of this, open the settings menu for a specific indicator (gear picture). When you click on the cross, the indicator is removed from the chart, the "eye" icon temporarily hides it.
Comparison of assets
You can also analyze changes in multiple currencies at the same time. This allows you to make a more accurate and detailed forecast. In the menu, you must press the "scales" button and select the addition of a symbol (the option is called AddSymbol).
Here you can already focus on your own preferences. Someone uses exclusively candles or classic lines. Some traders are more comfortable doing analysis with the participation of more exotic and indicators such as "kaji", "tic-tac-toe", "heikanashi", etc. Here you can also take measurements, set various kinds of symbols and adjust the scale of the live chart. In general, everything is for your convenience.
Useful tips for working with a live chart in Forex
This is a truly versatile tool. I have a great variety of options for traders of all trading preferences. I want to share with you a few recommendations that are definitely worth paying attention to in any case:
- Graphic features. Convenient for creating screenshots with the results of trade analysis. If you need to share the result with someone or get professional advice, this is what you need.
- Display of quotes. Specifically, candles are more convenient for me. They show the picture of the market more clearly.
- Interval. I don't take intervals longer than 30 minutes. But this is all because of the work with short-term transactions. Here you are already looking at your own strategy.
- Indicators. I use them very actively, which I recommend to you. Just choose the most convenient for you, and act.
That's all the tricks regarding live Forex charts.