Working With Forex Charts

When using forex charts, there are a few things you should look at to see if that forex broker's charts are adequate for your trading system.

For example:

1. If you need to place 3 buy orders to go long on a currency, because you have 1 order that has a profit target, 1 that has a trailing stop and 1 that has a reversal stop, how easy is it to place these orders.

This is especially important if you're trading small time frames on forex as you may have to place the orders within seconds to avoid slippage.

For example, some forex broker platforms and charts allow you to open up 3 order pads and have a default stop loss set and default profit target set for each.

So you open them up and if for order number 2 you don't need the profit target you just untick a box.

When you're ready to hit the order button you can do so for all 3, and then adjust your stop loss and profit targets to the exact price you want when you have some spare minutes. This is for example if you're trading a 5 minutely chart on forex.

This may be easier than trying to place an order, then getting out on 1/3 of the position as some forex charting packages and platofrms don't allow you to get out of part of the trade size.

It just depends on your platform you're trying out.

So it's best to use the demo forex platform heaps before deciding the platform works for you.

2. How easy is it for you to draw support and resistance lines and other notes on the forex chart?

Some forex trading systems require you to put these lines on and to not have them disappear when the forex chart screen refreshes!

Yes, some forex charts actually do this - very annoying.

So put the lines on, write the notes and see if you can work with it on your forex chart provider and broker.

3. Can you tell what forex positions you're in and how they're doing?

Some platforms have a nice list of positions you're in plus their movements from the time of entry, including spread.

So you can monitor which positions are in profit and by how much.

Also can you tell easily what their stop losses and profit targets that you've set are?

If you can you can tell if you've set them right and whether you need to adjust them.

So keep these in mind when looking at your forex charts.

It will make trading more convenient and practical.

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