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Forex Charting Software

 

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Forex Charting Software

ProSignal offers FREE Forex Charting Software with every live FXCM brokerage account opened through our Forex Signup Page.

A price chart is a sequence of prices plotted over a specific time frame. In statistical terms, charts are referred to as time series plots.

On the chart, the y-axis (vertical axis) represents the price scale and the x-axis (horizontal axis) represents the time scale. Prices are plotted from left to right across the x-axis with the most recent plot being the furthest right. The price plot for NZD/USD 1hr time frame extends from April 30, 2007 to May 21, 2007.

Technicians, technical analysts and chartists use charts to analyze a wide array of currencies and forecast future price movements. Any currency pair that is traded in Forex market has its own unique price movement which can be plotted as a chart.

While technical analysts use charts almost exclusively, the use of charts is not limited to just technical analysis. Because charts provide an easy-to-read graphical representation of a currency pair’s price movement over a specific period of time, they can also be of great benefit to fundamental analysts. A graphical historical record makes it easy to spot the effect of key events on a currency pair’s price, its performance over a period of time and whether it's trading near its highs, near its lows, or in between.

We strongly believe that charts play a very important role in Forex market trading and that any trader even a beginner needs to have an access to decent charting software.. Some brokerage firms do provide charting plug-ins with their trading platforms and those plug-ins are pretty good, especially when you just start your trading career and need to save as much money as possible. Nevertheless, for the future we will recommend you to purchase professional charting software that will allow you to perform in depth market analysis and will make your trading decisions more precise and easy.

ProSignal: Forex Charting Software

One of the most flexible, powerful Forex charting applications you'll ever use!

Forex trading has never been this easy!

Designed for a trader of any experience, the charts' interface is simple enough for beginners, yet robust enough for seasoned traders.

Additional Trading Tools for Experienced Traders:

  • Automated trade execution
  • Candlestick, bar, and line charts
  • Over 50 time-scale periods
  • Over 30 technical indicators, Fibonacci tools
  • Customizable price alerts
  • Multiple Data feeds for 27 currency pairs
  • Up to 30 years of historical price data
  • Backtesting capabilities
  • Fast loading

When you open the ProSignal Charts for the first time, you should see something similar to the screen shot below:

On the upper-left hand corner, you will find Main Menu with following options: File, View, Insert, Format, Window and Help. If you click on any of these options you will see a drop-down list of available options/features/tools.

With your charts you will get many useful features and tools. When you open your charts for the first time, 5 different toolbars will be loaded automatically: Main toolbar, Chart Analysis toolbar, Control toolbar, Drawing toolbar and Resolution toolbar:

Main Toolbar

Chart Analysis Toolbar

Control Toolbar

 

Drawing Toolbar

Resolution Toolbar

These toolbars will allow you to create, open, and save new workspaces and charts. Resize, zoom in, scroll up, down, left, or right with your charts. Change the candlestick time-frames of your charts, starting from ticks, to minutes, hours, days, weeks, or months. Add different technical indicators and drawing tools for better market analysis. Plus there are many other useful features.

We recommend purchasing ProSignal charting software together with our signals, this will give you an opportunity to get in one package premium charting software with many useful features and 100s indicators, plus you will get our signals and great 24 hour customer support. Our Charting Software compared to other provider priced very low, even a beginner can afford to purchase our software. Moreover, we provide deep discounts for serious traders how are ready to stay use our charts for at least one year.

The price for charting software usually varies from $0 to $300 per month. The price range depends on available features, extended support, brokerage firm you are with, etc. Some companies offer deep discounts if you give them your brokerage account or list them as a referring agent. Shop around for some time before actually making the purchase.

Trading Journals

One of the most common pieces of advice trading mentors give to their students is the keeping of a trading journal. We will tell you the same and want you to keep one during your course.  By documenting your trading, the common wisdom holds, you can learn what you’re doing right and wrong and speed your learning curve.  All too many times, however, we found that the journals did not accomplish their purpose.  They became rote exercises that did not get to the heart of either trading problems or solutions.  So here we will outline some most frequent shortcomings with journals and how these can be addressed.

  1. The journal lacks specifics.  Many times the journal becomes an outlet for the trader, a way of venting.  While there is nothing wrong with venting per se, it is hard to see how simply venting in a journal can improve performance.  A common entry might state, “I overtraded a slow market and broke all my rules.  I know I have to take what the market gives me.  Tomorrow I need to trade with more discipline”.  All these things may be true, but the entry lacks specifics regarding “why” the trader overtraded; “how” the overtrading will be avoided in tomorrow’s trade; and “what steps” will be taken to return to the discipline.  A journal entry that lacks specifics is a statement of good intentions; not a plan.  If your journal entry does not include concrete steps that you can follow to address a problem situation, it is unlikely that it will serve as an action guide. Make sure you maker specific entries in your journal. First identify the problem then try your best to come up with solutions to it.
  2. The journal emphasizes problems, not solutions.  Traders love to keep journals when they’re losing and then fall off the journaling bandwagon when they’re making money.  We would argue that, when you’re making money, that’s the best time to keep a journal.  Your goal should be to replicate successful trading patterns, not simply analyze problematic ones.  The ideal journals isolate what traders do when they’re trading their best, so that these solution patterns can be isolated and mentally rehearsed as part of a learning process. 
  3. The journal talks too much about the trader and not enough about the markets.  Journals are a learning tool, and your ultimate goal is to learn how to trade.  By focusing exclusively on your state of mind, what you did or didn’t do in the trade, etc., you lose the opportunity to identify and learn patterns that appear in the market.  It’s extremely helpful to review a market day and examine what you could have noticed to alert you to a market move. 
  4. The journal is reactive, not proactive.  This is part of the venting phenomenon: traders will make journal entries after the market day, but rarely use the journal to actively prepare for the coming day’s trade.  An ideal journal captures what you’ll be looking for in the coming day in the markets (anticipated setups) and what you’ll be working on in your own trading.  Think of your trading as a business and your journal as your business plan for the day.  A business plan should reflect your strengths and weaknesses and identify areas of opportunity.  A business plan should also detail how you will exploit that opportunity.  Learning from past performance is important, but if the learning is not reflected in future plans, it will not be reflected in actual trading outcomes.

If you will make every effort to avoid the 4 aforementioned pitfalls we believe that you will see positive results in your market perception and, as you learn, in your trading. At first sight it seems like a waste of time to keep journals but on contrary it is an investment that you are making into your future Forex trading career after you learn discipline, planning and analysis with the help of your trading journals.

ProSignal offers FREE Forex Charting Software with every live FXCM brokerage account opened through our Forex Signup Page. A $300 minimum deposit into your FXCM brokerage account is required.

 

Related Topics to Forex Charts:

  

Home: Fully Automated Forex Trading Systems with Automated Trade Execution on 300+ Forex Trading Strategies

Home 2: Auto-Trading Performance

Part 1: Introduction to Forex Trading

Part 2: Forex Brokerage Firms & Forex Trading Platforms

Part 3: Forex Charts

Part 4: Forex Fundamental Analysis & Economic News Releases

Part 5: Technical Analysis

Part 6: Technical Indicators

Part 7: Fibonacci Analysis

Part 8: Elliot Wave Theory

Part 9: Candlestick Chart Analysis

Part 10: Money Management

Part 11: Trading Psychology

 

 

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RISK DISCLOSURE:

Unique experiences and past performances do not guarantee future results! Testimonials herein are unsolicited and are non-representative of all clients; certain accounts may have worse performance than that indicated. Trading stocks, options and spot currencies involves substantial risk and there is always the potential for loss. Your trading results may vary. Because the risk factor is high in the foreign exchange market trading, only genuine "risk" funds should be used in such trading. If you do not have the extra capital that you can afford to lose, you should not trade in the foreign exchange market. No "safe" trading system has ever been devised, and no one can guarantee profits or freedom from loss.
Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under or over-compensated for the impact, if any, of certain market factors such as lack of liquidity. Hypothetical trading programs in general are benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. Substantial risk is involved.
Forex trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the Forex markets. Don't trade with money you can't afford to lose. Nothing in our course or website shall be deemed a solicitation or an offer to Buy/Sell futures and/or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on our site. Also, the past performance of any trading methodology is not necessarily indicative of futures results. Day trading involves high risks and you can lose a lot of money.

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