Trading Forex is something that everyone wants to get into nowadays. There are plenty of good reasons behind it including accessibility, ease of trade, leverage, profits, etc. It’s almost like some fantasy where everyone thinks they can make something of themselves. Forex trader live charts provide a similar kind of encouragement.
Now, for people who are just getting into Forex, ‘what are live charts?’ should be the next logical question. Here’s an insight.
Understanding Live Charts:
Live charts are nothing but real time trading charts that are now accessible with the advent of internet. The charts keep track of the trading ups and downs of the market and help live traders Forex make more informed and better decisions.
How It Works?
Most live charts are available with some sort of software or application. MetaTrader 4 and 5 by LiteForex is a good example. Users can select the currency pairs they are looking to trade in from the drop down lists. Choices may be based on trends, high leverage, or understanding of the market’s movement in those countries.
Once users decide on the currency pair of their choice, they will be able to see the history of the ups and downs that the market is going through. Live traders also come with a bunch of other advantages that give a specific edge to traders, both new and old.
Benefits of Live Charts:
Here’s a look at it
- Usage of Trade Indicators
Forex trader live apps come with a host of trade indicators that help traders get an idea about the ongoing trends. If a new comer gets an idea about the usage of indicators like Bollinger Bands, Relative Strength Index, Moving Average, and Slow Stochastic among others, it might really help their trade.
- Easy Shift between Currency Pairs
Live traders Forex apps allow participants to shift between currency pairs fast and easy. Also, many of these apps rank them according to the profit margin percentage of each successful trade.
- Expert Advisor
Many live trading apps have options to install an expert advisor that will notify traders according to their trading strategies. This makes rookie trading easier to a whole new level.
- Automated Trading
It is another feature that your offline broker will fail to provide. In automated trading help, apps use their own artificial intelligence to analyze the market and act according to the trend and the input strategy. But, yes, there are certain plan parameters that need to be fulfilled before the auto trader acts.
- Custom Planning
Implementing custom plans make it work for experienced traders as well. Plus, a participant can use it on the go and make real time decisions.
Why It’s Better Than Brokers?
One of the main reasons people are choosing apps over brokers today is to trade on the go. There are no time gaps; real time tracking has been a revelation to most traders.
In case you were thinking of trading, Forex trader live apps may be just the thing you need to get a first-hand hang of it.
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.