David Waring

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.

jcvictory

Hey David,

A suggestion for the future - perhaps you could do a lesson on trading directly from the charts. I find that to be one of the best things about the platform.

James

David Waring

Hey James,

Thanks for the suggestion its a good one that I will add to the list.

Best Regards,
Dave

__________________
My Free Courses: Forex Course - Stock Course - Futures Course - Basics of Trading - Subprime Crisis - Prorealtime Charts

Disclaimer: Trading is risky and can result in substantial financial loss. As always my posts are simply one traders opinion and should not be taken as trading advice. I am not a financial adviser so everyone please do their own analysis and take responsibility for their own trades.

tim

Hi David,

btw thanks for all your help.

When I am on the trading station, and looking at a chart, if I have a, say, 5 minute chart, and I want to look at it for say a month, can I look at it in the full screen without having to left click on the chart and move it back and forth? Maybe I will have a 1 month chart at 15 minutes, and I can only see the first 6 days or something. Then I left click on the chart and move it back and forth, but I wish I could see the whole thing?

thanks,
tim

David Waring

Hey Tim,

My pleasure glad to hear from you.

No unfortunately I don't think there is a way to do that on the marketscope charts.

Best Regards,
Dave

__________________
My Free Courses: Forex Course - Stock Course - Futures Course - Basics of Trading - Subprime Crisis - Prorealtime Charts

Disclaimer: Trading is risky and can result in substantial financial loss. As always my posts are simply one traders opinion and should not be taken as trading advice. I am not a financial adviser so everyone please do their own analysis and take responsibility for their own trades.

tim

Hi David,

Can we get volume on the FXCM charts?

Thanks,

tim

David Waring

Hi Tim,

Glad to hear from you.

Because the forex market is an over the counter market there is no volume reported. For more on this please see the link below:

http://www.informedtrades.com/72570-...71%3Cbr%20/%3E

Please let me know if there are any other questions.

Best Regards,
Dave

__________________
My Free Courses: Forex Course - Stock Course - Futures Course - Basics of Trading - Subprime Crisis - Prorealtime Charts

Disclaimer: Trading is risky and can result in substantial financial loss. As always my posts are simply one traders opinion and should not be taken as trading advice. I am not a financial adviser so everyone please do their own analysis and take responsibility for their own trades.

Val

Hi, David.
When I try to post your video kicks in.
Can I put it on hold while posting?
Another question:
Which of the 8 lessons in the first module explains the charts.
Hope that makes sense.
Val.
P.S. Awesome site.
Thank you
Val

David Waring

Hi Val,

Glad to hear from you.

You can pause the video by clicking the pause button in the bottom right hand corner of the video. Conversely when replying to posts you can also mute your computer speakers by left clicking on the little speaker icon in the lower right hand corner of your computer.

As for charts it is this lesson in this thread that explains how to use the charts.

Hope that helps.

Best Regards,
Dave

__________________
My Free Courses: Forex Course - Stock Course - Futures Course - Basics of Trading - Subprime Crisis - Prorealtime Charts

Disclaimer: Trading is risky and can result in substantial financial loss. As always my posts are simply one traders opinion and should not be taken as trading advice. I am not a financial adviser so everyone please do their own analysis and take responsibility for their own trades.

fm0530

Hi David! fm0530 from Puerto Princesa City, Palawan, Philippines. It's raining here now!

I'm new in Forex. I've finished all the videos on Module 2. I've noticed the chart you're using is quite different from what we're using right now...little bit confused.

Right now I'm making my own trading system (just practice or demo trading)...I want to trade on the daily chart. I used indicators such as EMA (5 & 10), Stochastic and RSI. I've no problem setting up EMA and RSI but the Stochastic is giving me headache. There are 2 here, SSD and SFK, I choose SSD and changed the parameter to 10, 3, 3...Is it correct? Which of them is suitable to use? Can I use them both putting them in my chart?

Also, how can I separate the RSI and Stochastic from each other on the chart? I used only colors to identify them.

Well at the moment I go short: @1.139133, Stop: 1.39330, Limit: 1.38630...Is it correct?

Thanks.