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MT4 Forex Trading Platform The Best Software Package You Could Think Of

Irrespective of whether you are an experienced forex trader or a novice you could use MT4 forex trading platform in order to do your forex trading with ease. It provides you with all the necessary tools for you to know when to put your money in and when to stop trading. In addition to that you also will be able to do the trading on automatic mode without making any contribution from your part. When you download and install this software software package you could convert your computer into a forex trading terminal with all the necessary tools. You will have charts that show details on the movement of the currency with its price. It is the expert advisors that are available with this software that enables you to do all these highly useful tasks of placing trading orders, adjusting them when...[Read More]

Technical Analysis

What is Technical Analysis? Technical analysis is a method of price forecasting based on prices mathematic calculations in the past. This is the analysis of prices and charts time series. This method was created for gaining profits in stock market game and in markets of stocks, assets and then in futures markets. All technical analysis methods were created separately and only in 1970s they were united in a single theory with a single philosophy, axioms and basic principles. Technical analysis is the method of prices forecasting by monitoring market movement charts for previous periods of time. In other words, technical analysis does not consider reasons why prices change their direction (e.g. after stocks low yield or other prices change), but it considers only the fact that a price is alr...[Read More]

The Pros and Cons of Trading Forex Momentum Indicators

Lets get straight to it, the markets are open and there’s work to be done! Technical indicators can be grossly divided into two categories, the oscillators and the forex momentum indicators. The biggest difference? Oscillators are leading indicators, whilst forex momentum indicators lag. A little like the hare and the tortoise. And with them, come very similar problems! This article will focus on Forex Momentum indicators, the pro’s and the con’s and how you can overcome the problems associated with lagging, leading indicators! Lets Start with Forex Momentum Forex momentum is the rate of change in price and are based on the trendlines on your price chart. Is is an indicator of volume in the forex market and whether the currency is overbought or oversold. High momentum ind...[Read More]

RSI Channels Can Be Helpful in Trading Forex

Ever heard of RSI Channels? Most traders would probably answer no. Drawing channel lines on the RSI part of a chart probably seems fruitless. After all, what would be the point? Walter Baeyen’s feels there is a reason and to a certain point he is right, although this is a concept that should not precede learning how to trade RSI, the Relative Strength Index, as a standalone trading system using divergences and reversals first. Once the trader has begun to get a hold on the entries and exits based on the above it may suit them to learn to draw channels on RSI. One of the interesting concepts with drawing channels on RSI is that the channels move opposite to what most traders think would be logical. RSIs predominate movement is across the chart. When prices on a trading chart are movin...[Read More]

Trading Price Action – It May Be the Only Forex Trading Strategy You Need

What is trading price action and do you need yet another forex trading strategy in your repertoire? Participating in the foreign exchange market today is one of the fastest ways to build wealth provided you have the right tools and mindset and the forex trading community is always developing new strategies and techniques to second guess the market. Because of this, new strategies are born everyday, each one even more complicated than before. Before you know it, you’re having a headache looking at multiple charts and technical indicators at the same time while waiting for the perfect moment where all indicators point to a buy or sell signal. The problem with this is that not only do you get unduly stressed and worked up, you are not looking at the most important component of the chart...[Read More]

Millionaire FX Traders – Lessons From Them for Forex Trading Success!

In this article, we will look at some lessons from a group of ordinary people, who learned to trade in just 14 days and then went on to make hundreds of millions of dollars. You can learn a lot from this group of people so lets look at how they achieved stunning Forex trading success after just a few weeks training. The paradox of FX trading is easy to learn yet very few succeed. In fact, the amount of traders who make money is a minority of just 5 percent. If you learn how our group of super traders learned to win, you will understand how they made money and how you can too. The story started when a famous trader called Richard Dennis, decided to teach a group of people who had never traded before to trade. he selected some people and they were from both male and female, of different ages...[Read More]

Reading Forex Charts – The Easy Way

Are you new to the trading world and just wondering what exactly is this Forex charts and how can it be read? This is nothing new to any newbie as it might seem to be difficult at first as you are new to this trading process. First, you should understand that it is nothing tough as everything is simply easy and this chart will help you continue with good trading process thus making you an expert in the same field. There are simple steps that are to be followed before you start reading and following this strictly will help you read it better: The lines that you see on the screen are to be noticed at first before you start reading the Forex chart. If it seems to be moving upwards, then it denotes you will need to BUY or open a long position. On the other hand, if it is pointing downwards, th...[Read More]

How to Use the Relative Strength Index to Make You a Better Trader

Every experienced Forex trader should know the four Relative Strength Index (RSI) trends in a currency cycle. The four cycles are: the positive and negative phases of divergence and reversal. These 4 RSI cycles have a direct correlation with determining the trend of a currency. In the Positive divergence cycle, the price of the currency moves upwards and is considered to be bullish. This upwards movement helps the currency gain momentum. With momentum comes an increase in volume helping the currency price to keep climbing. As you identify this upward trend, you should enter the trade by purchasing the currency and keeping it until it hits its peak. Once the currency hits the peak of uptrend, a negative reversal starts to develop. A negative reversal starts when the positive divergence lose...[Read More]

WD Gann – Time and Price Analysis In Forex Trading

One of the earliest masters of time-price analysis in trading was the legendary trader WD Gann. I started off my trading career in stocks and shares and it was when I discovered the world of trading commodities and futures that I heard of WD Gann. The most important teaching of WD Gann that I personally learnt came from his famous statement: “When time and price is squared ( or meet ), change is inevitable” I have found this to be true in many, many cases…too many to enumerate, and this occurs across all freely traded markets in the world, irregardless of whether it is stocks and shares, forex, commodities and futures or e-currencies. With time-price analysis, it is possible for you to compute the time day for a possible change in trend, and to forecast the possible price...[Read More]

Forex Trading Strategies – Divining the Mysteries of Candlestick Charts and Patterns

If you’re using technical analysis as one of your forex trading strategies you probably use candlestick charts. Candlestick charts are one of the three options (along with bar and line charts) and are the most popular with modern traders as they give the most vivid picture of what’s happening in the market. But are you using them to their full advantage? By studying candlestick charts you can get an immediate picture of the opening, closing, low and high prices for the period he has chosen. But that’s not all the candles can reveal. A skilled candlestick reader can gain much insight into the sentiment, strength and momentum of the market just by studying the shapes and patterns of the candles. Some successful traders spurn all indicators and just focus on what the candles...[Read More]

Forex Price Movement – Fundamental V Technical Analysis, Which Should You Use?

The aim of currency trading is to profit from Forex price movement and here we will look at the two forms of analysis fundamental and technical and see which is the best. So which method is best for you? Let’s find out. Let’s look at fundamental analysis first which is the study of the supply and demand facts to work out where prices may go in the future. By studying economic and political events, the FX trader then buys or sells upon this news. The problem with fundamental analysis is – while we all have the same facts to look at, we all draw different conclusions from them. Traders don’t respond to news and see it logically, they respond to the emotions of greed and fear too and this means you cannot trade the news for profit. If you look at currency markets, its ...[Read More]

The Top 3 Pros and Cons Of Forex Technical Analysis

Technical analysis has been a part of financial practice for many decades. It is a method of prediction price movements and future market trends by using chart. It is necessary for you to know the pros and cons of technical analysis so that you can trade with complete ease. There is no doubt that technical analysis is the easiest and most precise method of currency trading. So, let's find out the top 3 pros and cons so that you can trade with complete ease. Pros 1. Provide All Current Information The current price reflects all current known information about an asset. While rumors may constantly suggest that the price may plummet or surge, absolutely the current price is the balancing point for all information. As investors and traders sway from one side to the other – buyers or ...[Read More]

Forex Trend Following – A Key Tool Most Traders Don’t Use but Should

If you want to catch the really big trends there is a key tool for FOREX Trend following that you should use. If you use this tool then you will have a much better chance of catching and holding the really big trends that can yield the big profits of $10,000 or more. So here it is: It’s the weekly chart. Most traders simply use daily charts but if you are after the big trends the weekly chart is essential. Why? Quite simply, because it gives you the big picture of the prevailing long term trend. You can see the weekly charts on many free chart services Keep in mind that the long term currency trends last months or even years, as they reflect the underlying health of the economy. By looking at the weekly chart these trends are clear to see and you can then time your entry via the dail...[Read More]

Forex Range Bar Charts – How To Effectively Trade Using Range Bars

Range bar charting is extremely simple, every time price moves x amount of pips a bar is formed. X amount of pips can be whatever you’d like. If you are scalping a small range would work like 10 or so pips, for longer term trading I would use 20+pips. Range bars completely eliminate any time based ranging and work very well in times of high volatility. My strategy using range bars is very basic and I only use it for scalping because I can’t watch long term ranges constantly. You really have to be around trading like this because a bar can form at any time, unlike time based bars which close at a set time. If price is trending up, making higher highs and higher lows then we look to trade long. If price is trending up wait for one or more bearish bars to form and then enter at th...[Read More]

Are Renko Charts a Better Way to Trade Forex?

Renko charts hold their own forte when it comes to traders using these custom chart types. Although the more popular candlestick or bar charts are still widely preferred, traders who trade the markets with Renko bricks tend to be more comfortable trading this chart type than switching to other forms. A quick look at some of the popular trading forums and one can see the increasing number of traders coming up with new Renko trading strategies. What exactly is a Renko chart you might be wondering? Well, for starters it is not a holy grail chart that will show you things that others don’t see. Renko charts are merely a graphical way of displaying price on the charts, in the form of bricks. If you haven’t come across a Renko chart before, the first time you look at these charts can...[Read More]