Finance & Loans

Avoid Simple Forex Chart Mistakes

Whether you’re a forex broker or investor, you will need to learn how to read and use forex charts. These charts are how traders track the movements within the forex markets. However, even professional traders often make common mistakes which can hurt the ability of a trader to succeed. Learning how to read these charts and to avoid a few of the common mistakes will help you to become a successful trader.

If you’re buying currency through Etoro forex or other software, you want the value to go up. In addition, you will want to the line in the chart rise compared to the dollar. On the other hand, if you’re short selling a stock, it means you’re betting against it. In this case, you will want the stock to trend down.

What is the candle? It is the time when trading can start and stop for the day. If you want to make accurately timed trade, make sure that your chart begins and ends with these candle points. In addition, it is important to know that all trading charts (whether via forex robots or manually) are done based on Greenwich Mean Time. Do not confuse it with your local time.