Forex Charting Packages

One of the most interesting aspects of Forex trading is having the ability to trade 24 hours a day, 6 days a week and unlike other markets there is constant movement in rates throughout that time period. While this is a real advantage when it comes to spot trading, it also has its unique set of ‘problems.’ The good news however is that learning to plot market activity in real time enables active traders to know when to trade at any given moment. Online Forex charting packages not only give you the advantage of being able to spot trends as they are developing but with the click of a button you can also issue the buy/sell order without leaving the chart.

What to Look for in Forex Charting Packages
When you first start researching which Forex charting packages to use, there are several key areas you should investigate. First of all you will need to see that there are sufficient time intervals to plot out as well as an assortment of the best indicators such as Bollinger Bands, Stochastics, SMA and MACD. As mentioned, you will also want to make sure that there are ‘radio buttons’ so that you can execute a trade immediately when you feel the market is in the right place. Even if you are not a pro at creating your own strategies, you will want a charting package that is user friendly and easy to navigate. Forex charting packages should be web based, of course so that all data is in real time and should be cross platform (Mac or PC). The best web based Forex charting packages likewise require no software downloads.

Types of Charts, Drawing Tools and Charting Symbols
Whether you have used Forex charts in the past or not, it is imperative that you have the ability to read the various types available. For instance, you would want to understand bar, line and candlestick charts as all three are commonly employed in Forex. Also, it would be essential to have a working knowledge of such drawing tools as:

  • Fibonacci Circle
  • Trend Lines
  • Fibonacci Retracements
  • Fibonacci Time
  • Fibonacci Extensions
  • Regression Trend Channels

Charting symbols will also need to be understood and a good Forex charting package would have tutorials and educational articles to help the user learn how to make the most of the charts.

Where to Find the Best Forex Charting Packages
Since Forex charting packages are web based applications it only makes sense that you would find them online. By doing a quick search you should be presented with various options that you could browse through in order to get an idea of what is out there. Keep in mind that even the most complex charting packages with the greatest number of options should have clear and concise instructions for using the system. If the user is unable to navigate the charting package and use it to his/her advantage then it surely isn’t going to help with the Forex market.

Whether you are new to Forex currency trading or have made your fair share of trades, utilizing a charting package enables you to employ various strategies as needed. Those who are new to this type of investments can benefit by seeing on the page in front of them what is happening on the global market. Similarly, those who are well versed in Forex will be able to expand their trading strategies accordingly. Not only will you be able to monitor the market and follow trends, but the right Forex charting packages give you the ability to carry out transactions on the very same web page you are viewing. Not only is that convenient but a vital tool since issuing the buy/sell order at the right moment is what Forex is all about.