Free Forex Charts Userguide

Free Forex Charts Userguide

In our last lesson we continued our free forex trading course with a second look at rollover, and how to determine how much you will either pay or receive if you hold a position past 5pm NY time. In today’s lesson we are going to wrap up our logistics of forex module with a look at the free real time charts available in our demo trading platforms.

In our last lesson we continued our free forex trading course with a second look at rollover, and how to determine how much you will either pay or receive if you hold a position past 5pm NY time. In today’s lesson we are going to wrap up our logistics of forex module with a look at the free real time charts available in our demo trading platforms.

If you have not done so already I encourage you to pause this video now and click the link above this video if you are watching on InformedTrades.com or to the right of this video if you are watching on YouTube, and register for a free demo account so you can follow along with us as well.
Once you are logged into the platform in the upper left hand corner you will see a menu item that says “charts”. Click that which will bring up a drop down menu where you can select “create marketshot”. This will bring up the “create marketshot” window where you can select the currency pair that you would like to make a chart of, the time frame of the candles or bars of the chart and the time frame for which you would like the data displayed.

For this example select Euro US Dollar for the currency pair, 60 minutes for the time frame of the bars or candles, and April 1 through today for the time frame you would like the data displayed for. After doing this click ok which will bring up a window with the EUR/USD chart in it. As you can see on the right hand axis of the chart, this is a real time chart which updates in lockstep with the dealing rate for EUR/USD in the dealing rates window of the trading platform.

The fact that you get free real time charts with this and many other platforms in the forex market is another great benefit for us as traders.

Going across the top menu of the chart you will see in the upper right hand corner where you can change the currency pair and time frame of the chart if you would like. Moving across to the right you can see where you can change the type of chart that is displaying, from the default candlestick chart to whatever chart type you would like. For more information on this see our lesson on the different types of chart in module 1 of the basics of trading course in the free course section of InformedTrades.com.

As there is both a bid and an ask price displayed in the dealing rates window of the platform the chart allows you to select whether you would like to show the bid as the price on the chart or the ask. Most charts will default to the bid price which is important to remember when analyzing where the market it in relation to stops etc. Remember that if you open at the bid then you are going to be closed at the ask and vice versa.

Next are the zoom in and zoom out buttons which allow you to focus in or out on the chart as you please.

Moving over to the right the next button of importance is the add indicator button. After clicking this button you will see a menu of over 40 indicators come up which you can choose from to do your analysis. All of the indicators which we cover in our basics of trading course in the free course section of InformedTrades.com are here as well as many others.

Next to this is where you can go to draw and erase trend lines on the chart.

Another nice feature of the charting platform here is the ability to launch multiple charts, which you can do by clicking on charts in the upper right hand menu of the platform and then launch market shot. After doing this you will see the new chart open up in a new tab in the charts window of the platform. Launch two additional charts and then select “windows” in the menu and then “tile”. This will allow you to change the view so that you can see all the charts you would like in one window and avoid having to scroll through the different tabs.

All features on the platform are pretty customizable from the file menu by selecting options. Here you can change the background colors of the chart, add remove grid lines and pretty much anything else that you would want to do with the charts.

That’s our lesson for today and that wraps up our lesson on the logistics of Forex Trading. You should now have all the tools necessary to technically analyze the market and execute a demo trade based on that analysis.

In our next lesson we will start a new module on what moves the Forex Market so we hope to see you in that lesson. As always if you have any questions or comments please leave them in the comments section below, and good luck with your trading.