Forex Tutorial - It Is Crucial That Forex Traders Learn To Interpret A Forex Chart. Forex charts are a key component of the forex trader's toolbox and it is vitally important that any dedicated trader masters the skill of interpreting forex charts.

1. It Is Crucial That Forex
Traders Learn To Interpret
A Forex Chart

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Forex charts are a key component of the forex
trader's toolbox and it is vitally important that any
dedicated trader masters the skill of interpreting
forex charts.
There are several different weapons in the forex
trader's arsenal and one very important tool
important is the forex chart. Simply put, a forex
chart is a graph of the prices of a chosen currency
pair over a given time period. Reading forex
charts is critical to any forex trader’s business and
so it is important to know how to read them and
to understand just what they mean.
A forex chart is plotted for a currency pair such as
the EUR/USD or GBP/JPY and shows the
movement of the currencies concerned against
one another over a period of time. For instance, a
EUR/USD chart tells you how the Euro and the
US dollar have moved against one another during
the period for which the chart has been
plotted.Along the bottom of the chart you have
the timeline that can for example be divided into

3. 15 minute, one hour, one day, one week, or longer
time periods. Then going up the right-hand side
of the chart are incremental values that are
generally set to run from just below to just above
the lowest and highest prices reached during the
period in question.
For example, for a EUR/USD chart the values
could run from 1.2534 at the bottom to 1.2566 at
the top.Forex charts are helpful because they
paint a clear and simple to read picture of just
how a pair of currencies is doing and you can see
at a glance if a currency is strengthening or
weakening so that you can act as necessary. The
choice of a time frame for a forex chart is also
important as a short time scale can help you to
see minor trends while a long time scale can help
you to identify longer term trends.
You can find free forex charts across the Internet
on numerous different websites and many of
these will even let you put charts on your own
websites. These charts are alright for glancing at
trends from time to time but serious traders will
have to have access to much more detailed charts
that are continuously being updated in real time.

4. This is essence means having access to suitable
forex trading software that is operated on a
broadband internet connection so that you are
always connected. Anything less than twenty four
hour access to the most up-to-date forex charts
covering a wide range of different currencies will
make life very difficult for the serious trader.
With dozens of the world's currencies being
traded every day there are way too many currency
combinations for anybody to track of them all in
their heads and the beauty of the right forex
software is that it permits you to see multiple
forex charts to show at a glance exactly what your
favorite currency pairs are up to. Of course you
will wish to keep a close eye on those forex
charts displaying currencies in which you have
already made investmentsFree Web Content, but
you are also going to want to keep track of other
currency pairings which you might wish to open
trades in if they move in the right direction.Being
able to easily and quickly watch the progress of a
wide variety of currency pairings means that you
are much less likely to miss investment
opportunities that you could easily miss without

5. access to the right forex charting software.
ABOUT THE AUTHOR
LearningForexTradingOnline.com provides
information on currency trading and also includes
details of the importance of real time forex charts.
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