Learning to read a Bitcoin Chart is not hard, and anyone can do it if they put their mind to it. The reason why it’s so easy to make money with the trading process, is because there is such fierce competition between brokers and traders on the Internet today. If you have an account at a brokerage firm, then you are one of thousands, and you’ve probably heard the term “foggy” in reference to trading Forex or other Forex markets.
If you have no idea what Forex is, then let me explain. Forex is a term used by financial institutions and companies to describe the process of trading currencies. You see, you trade one currency for another, and depending on the value of each currency, then you win or you lose. These charts show you which currency is up, and which one is down, and they are commonly referred to as a “day trading chart”, and a “forex chart”.
So, how does a Forex trading chart work? In a nutshell, you place a trading order, and the order gets the job done by either pushing the “buy” or “sell” button on your trading platform. Then, from any charting software you have, you see the action that took place. It may have been a long drawn out battle between two giants, but you could see it in a simple bar charts format.
Bar charts in particular, are very easy to read. You can even look back in history to see how these types of charts were used to tell fortunes. You can use them to place a limit on your trading and help to determine if you should stay in the market or get out before too much of a loss has been incurred. They are also used in order to decide on the size of any future transactions. They are referred to as “lines” on the Forex charts and can be horizontal, vertical, or any other shape you choose.
Many people ask about why they need to use bar charts in trading when they have a simple computer program like Forex that tells them exactly what to do in real time. The truth is, they aren’t going to use anything more sophisticated than their simple trading platform software to tell them what to do. However, for those people who want more control over their investments, and would like to have access to information quicker, then they need to make sure that they have the data in front of them in a format that can be read. It isn’t that complicated to read a line chart – in fact, it’s really quite intuitive. The biggest thing that will turn people off is if there is something written on the chart that they don’t understand. This is why having a trading guide or book with valuable information on how to read Forex charts is always a good idea.
hot graph There are two different types of Forex trading charts: the line charts and the bar charts. If you are just starting out, I would recommend that you stick to the bar charts, as they are easier to understand and are less confusing than the line charts. Even veteran traders recommend that you begin learning more about the basics using the bar charts before moving on to the line charts. As you get more educated, you can make the choice to use the lines as you see fit.
Skip to content