Charting tools allow the traders to see all the movements of the currency prices, observe the changes and combine the information to perform market prediction or analysis. The charting is therefore, an absolute necessity to carry out intelligent forex traders. Without the currencies, trading would have no difference to gambling.
Here are the things you should look out for when choosing the best forex charting tools to use:
- Instant access– if the charts will be based on browsers, they should give instant access without many troubles. They should also not have extra software to install or have complicated logins. They should be readily available when you want to create several instant screenshots for journaling purposes.
- Customizable– the chart you use for your forex trading should allow you to zoom both in and out, draw objects and even save templates among others. It should also let you customize several program indicators and also test the available trading systems. All these features should be free, and should not come as an added paid option.
- Easy to use– don’t select a chart which you cannot use effectively. The charts should be intuitive and pretty. You should be able to log in and out without any issues using your online trading account.
Best forex trading tools
It’s with no doubts that TradingView forex chart tops the list of the best trading charts. A multitude of traders consider it as their favorite, thanks to its free version and multiple features. For the forex market specifically, TradingView provides a calendar, currency indices and cross rates for the most traded currencies. It also acts as a trading commodity with thousands of analysts and traders publish their opinions and comments concerning the market performance. The tool is suitable for both new and the experience forex traders, and that why it has managed to attract, any users. TradingView can be assessed on your desktop, smartphone or even tablet provided that you have synced and saved it in a cloud to ensure a seamless transition of devices.
This platform provides advanced charting to all the web surfers. It also offers trade simulations and started back testing. NinjaTrader is well known for its charting software which has managed to attract a large user’s base. If you need a charting tool which will offer string charts for your forex traders, then this would be a perfect choice. Its trading capabilities provide a customizable tool for your specific focus. It also provides a dozen trends, news, volatility, swings and reversal indicators. The charts have several frames as well as a multi-tool analysis with many add-ons from the third party traders. You can use the charting for free, or subscribe to the available range of subscriptions provided on the platform.
This is another excellent charting tool which has managed to win millions of users trust due to its customizability and ease of usage. It is a web-based platform which does not only offer the charts, but also maps, news, and blogs links as well as portfolio management tools. Regarding pricing, the charting tool is free although it does not have real time. There are however different types of options which allows the users to upgrade to the higher options whenever they feel they need better services.
Note: Different experts advise that it not good to use more than two applications. This is because relying on any charting platforms can easily bring confusion since they may not show the same figures and trends. This can cause stress and anxiety.
Using trading charts is like studying a new language. You must first understand everything in detail before you start using it. Whether you are still a newbie forex trader or guru in the industry, seek to learn more on the specific charting you intend to use. In these ways, you will have high chances of success in your trading analysis and using charting tools could be your way to successful trades.