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Understanding Forex Trading – How to Read an Intraday Chart

These intraday charts are used by short term traders or what are more popularly known as the day traders. 1M chart is very fast and there is a lot of noise on these charts due to the very short timeframe used. 5M charts are also a bit fast. Both these 1M and 5M charts are used by scalpers who need to quickly enter and exit the market grabbing a few pips each time. One of the most popular charts are the 4H charts that many day traders use to trade the Forex market. When you trade on these 4 hour charts, you don’t need to monitor them frequently as compared to the lower timeframe charts that need frequent monitoring. However, reading these intraday charts is almost the same. If you know how to read the 4H charts, you will also be able to read the lower timeframe charts like the 1M, 5M, 15M, 30M and the 60M!

How to Spot and Pick the Top Trading Software

Forex trading software has become immensely popular in recent years because they enable first-time traders in the forex market to invest like those who have been doing it for years. These are programs which automatically scour the market for high probability trading opportunities and then go so far as to invest accordingly using your own capital to trade with. These programs then follow that trade’s performance along in the real-time market to ensure that you constantly end up on the winning end of your trades.

Tips on Scalping the Forex

Scalping the forex requires some great skill and knowledge of where the market is going. Deciding to trade in Forex demands good judgement and brain storming behind every trade you make. So here are some solutions and tips for you to master scalp trading in the forex.

Trading Forex for a Living

Trading for a living is the dream of all Forex traders. However, only a few of the new traders are able to make it through their first three months of trading. Studies show that about 80% of new traders who enter the Forex market have lost all of their money within the first few months. Trading for a living is not an impossible task. There are Forex traders who are making enough money to replace their day jobs. It is not an easy journey for traders who want to trade Forex for a living. Successful traders took at least eight to nine months of practicing and learning to achieve success in the FX market. The problem with most of the new traders is that they think that forex trading is simply pushing a button and making money.

Steps to Overcome Over-Trading in Forex

Over-trading in Forex is one of the most common reasons why most Forex traders fail. In this article, we shall discuss some of the reasons why traders over-trade and how to overcome them. The first reason is Excitement. Many beginners become too excited and become careless when trading. For example, your adrenaline is flowing and suddenly the market spikes and the 5 ema crosses the 14 ema. As it is doing so, you place your trade. Before you made the trade, you forgot that your system relies on the bars being closed. Then the market turned against you and you are now short. And so at the day’s end, you have made five trades to my one trade. It only cost me $30 while you spent $150 for that same trade. So, learn to take a deep breath first before making a trade. Forex trading should not be a gamble but an opportunity to make some money.

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