Top 5 Benefits of Free Live Forex Charts

A Forex chart is a graphical illustration that shows historical foreign currency exchange where the x-axis is the exact time and the y-axis is the value of the currency that is being paired. Through free live Forex charts, the patterns and abnormality of the foreign currency are clearly portrayed. Hence, traders can make a right decision with regards to the future performance of the exchange rate.

Free Live Forex Charts

Before you understand forex charts, you need the help of a forex broker. A forex broker is a company that advises the trader about the recent condition of a trading market and the conversion rates. In addition, they provide traders trading platforms and brokerage services that they can use in predicting the movement of the currency.

Benefits of Using Forex Charts

There are numerous benefits that you can get if you use a forex chart.

  1. Message Trade Alert. When you open a trading account, you will get instant access to the account. Thus, you will get SMS alert with regards to what is happening to the currency exchange. Once you receive a message, you can contact your provider and ask them to trade in the market on your behalf. Otherwise, you can enter your prediction on your own through the use of trading platforms.
  2. Economic Calendar. Through this benefit, traders will be updated with what is happening in the global economy. Furthermore, it will help you to make guesses whether the currency rate will go up or go down.
  3. Live Forex Streaming Charts are another benefit of Forex graphic representation. Trade ideas are sometimes hard especially if the market is unpredictable. As a result, you tend to forget other important areas since you are so dedicated to one certain area. In order for you to make a right decision, you need to watch the video blogs that provide details about the market. Through this benefit, you will know other areas that provide trading opportunities.
  4. Education.This the best benefit for beginners. Through online training and other tools, live Forex charts will provide everything that you need to know about trading. In addition, they will also teach you on how making a right prediction so that you can do it on your own in the near future. Anticipating the probable movement of currencies is your best in succeeding in Forex trading.
  5. Trading Webinars. Traders are encouraged to participate in the open forums to talk about what is happening in the market with your fellow traders. In this way, not only you will get additional info about the market, but you can also interact and add insights to help other traders to make a correct prediction. This will also keep you updated on the latest Forex trading schemes.

Live Forex charts are the best tools that you can use in predicting daily trading market. Without these charts, you won’t be able to make a right prediction if the currency will go up or down. So if you want to be successful in this field, use free live Forex charts now. 

Understanding Forex Stock Trading

Thinking about doing Forex Stock trading? Why not. Day traders are known to make a handsome income off of their earnings. But there are also those who lost a lot of money because of poor trading strategies. If you’re serious about trading then you should definitely fast-track your education on these financial instruments.

Forex Stock Trading

Forex Trading vs. Stock Trading

Your first lesson is how to differentiate between Forex and Stocks. To make it simple to understand, Forex means Foreign Exchange and has to do with trading currencies. Stocks, on the other hand, are shares of ownerships of publicly traded companies. By trading stocks, you are buying or selling these shares from the market.  Both are bought and sold in markets, where it’s easier for both buyers and sellers to converge. Right now, it’s easier to do trades because of the proliferation of Forex and Stock trading software.

How To Earn from Trading

The concept is simple enough: buy low, sell high. This mantra holds true for both Forex and Stock trading. As a trader, your goal is to look for and buy currencies or stocks that are selling cheap but have a positive growth. You hold on to these currencies or stocks for a while and let their prices swell. Once you sell these off, then you’d have already made profit.

In Stock trading, you can also earn through profit sharing. If the company you own stocks with made a profit for the year, you get an amount equal to your share’s percentage to the company’s total market capitalization.

For a trader to make good money off both markets, he has to do a lot of analysis of the market trends. Market activities are very changeable day by day, but these activities tend to normalize in the long run. Wise traders look for the trends in the short term and analyze the long term activities to come up with the decision to buy or sell.

Why Forex and Stock Prices Change

The market is fueled heavily by the news and speculation, which affect supply and demand. Like with stocks, people’s perception about a company can markedly increase or decrease its stock prices. Therefore, the Forex and Stock Exchange are very volatile markets. The market is very changeable that traders come up with strategies for their trades based on rumors and news. Even today, there’s no scientific approach in predicting market outcomes. The best thing a trader can do is to study and analyze the trends.

Forex Stock Trading as a Career

If you have the knack for analysis and nerves of steel then a career as a trader could be for you. Take note though that this job is not for risk-averse individuals. Making it big as a trader of Forex and Stocks takes a lot of will and smarts. You have to have self-discipline to control your urges and you have to be open to mistakes (you will mistake along the way). The most important thing in trading is to learn from those mistakes and to have enough capitalization. And a little bit of luck is also needed to bring you to the top.

Warning: Stay Away From Forex Bots Scam

forex bots

Robots are taking over the financial world. We’re not talking about cyborgs and androids ala Terminator; we’re referring to Forex bots. But hold those thoughts of the Jetson’s Rosie or R2D2. These Forex growth bots are computer programs with a highly sophisticated algorithm to figure out trade options. A user just needs to activate the program and let it do all the trading decisions. This trading strategy has its pros, but it also has numerous cons. Let’s learn about them below:

How Forex Bots can Help

The great thing about having a robot do your currency trading is that all you need to do is activate it. You let the bot do all the mathematical calculations to come up with the best trading options. You can then just leave it to do all the dirty work while you get on with your life. The Forex bot offers Forex traders convenience and ease of access. You just have to check how your bot is doing from time to time.

How Forex Bots can Fail You

Here’s the rub: robots still can’t replace humans. These automatons can’t think for themselves. Yes, they can come up with really sophisticated calculations which can lead to better trades. But these bots can’t assess risks. The Forex market is very volatile and currencies can change rates in a heartbeat. The news is especially important in the Foreign Exchange market in that they can affect currencies when they hit. Bots can’t trade news and therefore can’t get out of bad trades (when they happen). Human intervention is definitely needed in order to get out of losing trades.

Forex Bots

How Forex Bots can Screw You

The worst that can happen is when you fall for a Forex bot scam. There are purveyors of the bots that claim to be close to 100% accurate. These scammers trick new investors into thinking that a software or program can do all the hard work for them. It’s either that these bots don’t live up to their potential or they just don’t work at all. What’s worse, Forex bots are being sold at very high prices, often fetching prices up to $5,000.

Avoid these Scams at All Cost

The easiest way to avoid these scams is to never invest in a Forex bot in the first place. Doing everything manually is still the way to go. Software can be helpful but never trust in one that claims to be close to perfect at predicting the next big score. You should be the one making the decisions and not your computer. Rather than investing in a bot, your money is better spent usingit as part of your Forex trading budget.

Now you know all about Forex bots. Be aware of the advantages and disadvantages, and try and stay away from them – they’re not worth your time. If ever you’re considering getting one, make sure you do a lot of research before executing the purchase. Forex trading takes a lot of risk analysis and fast thinking – two things a computer just can’t do better than humans.