As with stock exchange investing there are several popular chart types used to visually analyse trading data.
The forex chart can be very useful when looking to analyze markets when using technical analysis.
This can be good to also remove the emotional effect trading has on your mental state.
In addition to the standard chart you can add indicators or oscillators to help you make decisions about when to get in or out of your currency trades.
Some of the more popular indicators used on forex charts are moving averages, waves and bollinger bands.
Bar charts are quite easy to construct making them quite popular.
Opening and closing prices are shown by horizontal marks to the left and right of the vertical bar respectively.
The candlestick chart is credited to Munehisa Homma, a Japanese rice trader in the early 18th century.
The candlestick has become a widely used tool in online currency trading.
There are 12 you really should learn.
When using forex charts you should be using live data feeds.
To get your data and software for your forex charts you have free options and paid options.
With the paid options you normally would pay for a data feed to construct your forex charts.
You are quite often able to receive a free trial before committing to a subscription.
You can ask your broker what they recommend if you are wanting more advanced forex charting options.
If you find this all too difficult you may instead wish to use a Forex signal service however this comes at a cost.
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