Which Forex Chart To Use

Which Forex Chart To Use

Which Forex Chart To Use? We’ll take a look at a few of them in the next couple days and see which best suits you.

Forex Charting Time Frames

For instance, a typical online Forex charting system will offer a look at the time frames of one minute; five minutes; ten minutes; fifteen minutes; thirty minutes; one hour; two hour; four hour; eight hour; daily; weekly; monthly. Overwhelming? Absolutely. The novice Forex trader may feel compelled to look at them all, or a variety of them, and get a consensus opinion of what he should do. This is not a good idea. Each of these time frames are designed for a specific trader in mind.

The Forex trader has to decide which kind of trader he is, and that may take some practice. Obviously, the one minute chart, or the five minute chart is going to attract the more active trader. These kinds of Forex charts give opportunities for rapid trading because their swings and shifts will seem more drastic because of the time frame involved. Whereas, the daily, weekly, or monthly Forex charts will be more suitable for a Forex trader who likes to sit on a position for more than the time frame of a Super Bowl commercial. It totally depends upon what makes up the Forex trader’s composure. To find out what kind of a technical trader you are, use your demo account. There’s no need to risk real money if the fifteen minute chart is going to make you pull your hair out by the roots. It’s not an attractive look and does not lead to longevity in the Forex market.

There can, and will, be plenty of action no matter what time frame you choose to trade technically. It’s all the same market, after all. However, if you find yourself bored, it might be appropriate to use a shorter time frame Forex chart. If you find yourself experiencing constant heart palpitations, perhaps it is time to slow down a bit and breathe once in a while.

In all cases, there will be plenty of opportunities to make money in these markets. Once you find your comfort zone, you’ll be able to play the supports and resistances to your greatest advantage as long as you stick to your pre-determined game plan. Find out who you are with the benefit of your demo account, trade based on Forex Charts, and then put that personality into play to make some money. Like everything else, if you stay focused and disciplined, it’s going to pay off. Whether it’s in one minute; or one month.

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