Live Forex Rates

Unlike any other market, Forex rates change throughout the day. Since the market is open literally around the clock from Sunday afternoon at approximately 5PM EST until 5PM EST on Fridays, there is always action somewhere around the globe. Unlike stocks and bonds that are sold through market exchanges such as the NYSE, AMEX and NASDAQ, Foreign Currencies are not traded through central exchanges. This means that any time a market is open somewhere in the world, you can make a trade. Because of this it is imperative to be able to monitor live Forex rates.

Why Forex Rates Change So Quickly
Because Forex is a market unto itself that operates by valuing one currency against another, it is important to understand that currencies are influenced by a number of different factors including geoeconomic events. Because of this, and because the Forex market is based on world currencies, there will be fluctuations in rates throughout the day, 24 hours each and every day. Sometimes there is minimal movement while other times something transpires in a given region or country that significantly impacts that currency.

Ways to Monitor Live Forex Rates
When monitoring Forex rates, it is singularly important to keep your eyes on the major currencies. Although cross currency pairs are also traded, most trades throughout the day have one or more of the majors in a pair. The best way to monitor live Forex rates is online with streaming data. Some sites chart that info for you while others simply provide streaming data. The type of chart you choose is solely up to you but the three types of charts used in forex are candlestick, line and bar charts. It may take some time to develop a system of tracking live Forex rates in order to trade at the right moment, but once you have found the streaming data you need and a charting method that suits you, you will have the tools you need to begin trading.

Where to Find Live Forex Rates
There are a myriad of online sites that provide live streaming data 24/7 so it is a matter of finding one that you are comfortable with. Most online brokerages provide streaming currency rates as well as charts to track the progress of the currencies you are trading. Keep in mind that trading strategies vary from brokerage to brokerage so you will want to find one with a strategy or strategies you can work with. Although you are free to trade with whatever strategy you like best, the charts may reflect the brokerage’s strategy.

Forex Robots and Live Forex Rates
Once you have signed on with a Forex brokerage and have access to live streaming data, the next logical step is to get a Forex Robot to negotiate your trades for you. This is software that you program to make the trades on currency pairs you choose when the rates reach a prespecified spread. You tell the bot to buy and sell the pairs and you can sit back on ‘auto pilot’ while your software makes your trades. In other words, your Forex robot is working in the background while live Forex rates are fed to your computer. At designated points the bot will step in and buy a prespecified amount of those pairs.

Forex is an exciting market to trade in simply because there is always movement. Live Forex rates that will be streaming into your computer should be monitored throughout the day which could be extremely time-consuming. For this reason, the data is monitored by the software running in the background which frees you to go about your daily activities while trading in the Forex market.