Fundamental analysis doesnt rely on forex charts. It scrutinizes political and economic indicators to determine trades. Charts here are deployed as used as a secondary reference.
There is a problem trying to use the same technical tools across the board of time. They do not always fit. Some believe in the principle of as-above, so-below. That makes for mysterious reading, but sometimes a system acts as a subset.
The Forex market with its higher volume of transactions done on a daily basis, provides exciting opportunities to the investors. But it equally carries inherent risk of potential loss. One should learn forex trading well before actually venturing into it. The basic principle in the Forex market is that it deals with two currencies of different countries. One currency is bought against the selling of another currency. A single transaction in Forex is represented by means of two currencies as for example EURO/USD. In this notation it meant that Euro is bought against the sale of USD.
FX or Forex, currency trading is the trading of one currency against another. In terms of trading volume, the currency exchange market is the world's largest market, with daily trading volumes in excess of $1.5 trillion US dollars. This is orders of magnitude larger than the bond or stock markets. The New York stock exchange, for example, has a daily trading volume of approximately $50 billion.
Pick forex online the right day to trade. Even though the Forex market is open 24 hours a day, some days are better than others. Monday is the worst day to trade as the market has yet to show a new trend, and Friday afternoons are very high volume due to all the closing trades. Tuesday, Wednesday or Thursday are considered the best days for trading.
Second fast news release data feeds are very expensive, thousands of dollars per month, and you get to piggy-back on their feed for free, with this software.
Most forex traders however use a combination of fundamental and technical analysis. They may chart historical trends, but they will also pay close attention to political, cultural and economic indicators within a region. They might use charts and other techniques to check correlation between political climate and currency fluctuations. But even the most sophisticated technical analysis software or tool has its limitations. A trader must be prepared to take risks and invest money that is not needed for the immediate future.
