What is a good analytic tool to use in FOREX trading? Can you please summarize on how you suppose to do use it
I am talking about the chart in FX.
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This entry was posted on Tuesday, June 24th, 2008 at 7:46 am and is filed under forex trading. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
June 24th, 2008 at 7:46 am
people lose trading commodities.
a lot.
surely you don't have to listen to me.
but might i suggest you set yourself some kind of limit, and when you're down that much, go find something safer.
consider, who wants you to win?
no-one.
if you were a billionaire, someone would like to be on good terms with you.
if you're a little guy, you're not worth the effort.
people who come out ahead are incredibly smart.
they've studied the market for years.
why in the world would you think you're smarter than they are?
June 24th, 2008 at 7:46 am
My own favorite is Forex Tracer. It's a tool for dynamic forex trading (including signals, charting) and intelligent data mining. It works by monitoring the 24-hour forex markets and alerting about crucial spreads in real time.
June 24th, 2008 at 7:46 am
Good question. The reality is that different tools work for different currency pairs and there is normally more than one tool per pair. the 200 simple moving average tends to always be important and so do lines of resistance and support. MACD appears to have lost its value and I believe Fibonacci is useless.
In my opinion Stochastic is a very important device, but you have to remember that you are playing a game, competing with other traders for profit and as a result, learning to know when to get in is never as simple as when the two lines cross, you need more flexible thinking… and I can't tell you my method because that would give the game away :-). The links below should help you (check the sub-headings of the first one).
June 24th, 2008 at 7:46 am
Focus more on fundamentals than technical analysis. Economic news analysis is what moves the markets.
Here is a free site that shows what has happened after economic news releases:
http://www.forexnewspatterns.com
June 24th, 2008 at 7:46 am
Here are things you need to learn:
- trading with candlesticks.
- what are support and resistance and how to trade around them.
- what are indicators/oscillators and how to trade using only one or two.
I wish you the best!
Jim http://jsforex.blogspot.com
June 24th, 2008 at 7:46 am
Trust me brother it's much easier if you just buy a trading system; been there, done that.
What you do (and what I did) is make sure it has a 60 day money back guarantee first; then make sure you can use a demo account. Use the demo account for 59 days and if you see you can make profit you keep the system and invest your real cash. If there's no profit to be made you get a refund; there's literally no risk when buying one.
If you're interested I found reviews of the top 3 Forex trading systems: http://forex-tracer.the-perfect-solution.com/
June 24th, 2008 at 7:46 am
Easy-forex is what I use its super for a number of reasons:
-Start trading with as little as US$50 No hidden costs, -Competitive spreads
-Credit Card use for instant Deposit Special Terms for frequent traders
-Guaranteed Stop-Loss Rate No download of software
-Freeze the Rate you see (Freeze&Trade) Live Quotes, real-time
http://www.easy-forex-uk.com/
June 24th, 2008 at 7:46 am
Hi sal.rasuli,
Let the Forex Robots do the work for you on auto pilot. The best analysis tool I've seen so far is F.A.P.S (Forex Auto Pilot System). The robots know when to enter and leave the market automatically. You can try the system on a demo account, that way you can see the system make money before investing. See the link below for more info. I hope this helps.
June 24th, 2008 at 7:46 am
Just use Etoro, its always been the best and still is the best. I wouldnt trust any of the new ones.
http://www.etoro.com/B32_A4731_TClick.aspx