Understand your Charts to Understand the Market

MoneyTec Forums Beginners Forum Understand your Charts to Understand the Market

This topic contains 2 replies, has 3 voices, and was last updated by  FXGuru 1 month ago.

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  • #1510

    zee
    Participant
    • 30

    The importance of charts in FOREX analysis cannot be emphasized enough. Charts are not only among the most commonly used analytical tools but they are also among the most reliable tools. A newbie trader must not formally start trading unless he or she is skillful enough to use and interpret FOREX charts. Adequate knowledge and expertise related to chart patterns can be the single most important difference between new market entrants who go on to make fortune and those who fail miserably and lose all their capital.

    It should also be kept in mind here that when it comes to charts we are not talking about any single kind of chart here. You should also not rely on a single or few charts to give you desirable information on all instances. In reality, dozens of chart patterns exist with each providing different types of data and information.

    Ideally, you must be able to work with a variety of FOREX charts in order to improve your prospects of success in this ever-changing and highly unpredictable market. Some of the famous chart patterns may include but are not limited to Head and Shoulders, Engulfing Pattern and Bottom Line.

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    #1519

    Alex
    Member
    • 25

    Charts are obviously the MOST crucial aspect for any trader; if we wish to be successful then it is absolutely crucial to have a proper understanding of it.

    But then, it is fair to say that not much is actually required to understand as a lot is fairly straightforward.

    But then, there is also a lot that is highly complicated too, so you got to be very sharp at these things and calm too. It’s a kind of combination that is not easy to bring in!

    Best regards.

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    #2211

    FXGuru
    Participant
    • 155

    Yes, it’s one of the important aspects if anyone wants to succeed. But of course, this is not so easy and that’s where we have to put proper efforts to succeed through. I find it all super easy through FreshForex since not only they have cool setup in terms of Market Analysis but also to do with features like 101% Tradable Deposit Bonus which helps you with the right risk/money management.

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