The Best Forex Trading Info Charts and Sources

Forex traders need various kinds of forex trading info sources. Some prefer fundamental analysis, while others prefer looking at the actual price charts alone. Some technical traders believe that price charts contain all latest fundamental information, so there is no need to bother with things like economic reports and the like. Day trading forex live does require using various charts. All the forex trading info the day trader needs, is expected to be found in a couple of charts of different time frame. Usually the hourly and daily charts will suffice for doing all the basic work, and figuring out the trend for the entire week. Traders who take day trading forex live very seriously will also use 10 minute or 15 minute charts to better gauge live momentum. Fundamentals however can act in complex ways. In ways which can be deceptive. Because fundamental data can have a double impact on the markets. Such as positive in the first week, and an overall negative impact over one month or longer. So the technical charts can in fact give false or partially false signals from time to time.

More Sources of Useful Forex Trading Info

Forex traders rely extensively on candlestick type charts. These are the most information-rich charts. Making sense of the candlestick patterns is confusing and difficult. But oftentimes a very clear signal will appear on candlesticks, which will not appear on other types of charts. So candlestick charts are the way to go. Traders who view their trading as a forex trading business opportunity keep on evaluating their information sources. There are many popular information sources, such as contrarian indicators and investment bank reports, which are not very reliable. Contrarian indicators work only once in a while. While various investment banks never seem to agree on the trend of a currency pair. All of these reports are used in trading. But traders need to be careful, since it’s a proven fact that these reports will often be wrong. If these reports were very reliable, then one could make millions trading on their advice alone… But just because an investment bank publishes a report, it doesn’t make them good forex forecasters. They are just as likely to be wrong, as any retail trader.

Profitable Forex Traders are Selective

Profitable forex traders are wise and selective. They won’t place a trade unless they understand at least to some extent what made market price move. Whereas traders who trade on rumors and media stories are simply momentum followers. And this kind of short lived momentum is suicidal to follow. Because it leads to to many losing trades. And not only that, but it also doesn’t teach the trader anything useful, so as to improve their judgment. Any information source that doesn’t sharpen your judgment on the markets, should not be used at all. Unfortunately, many day trading forex live review reports are full of positive comments about such counterproductive information sources. What really matters in evaluating these reports, before you even think about reading them. Is who provided the feedback. The feedback left by 5 real, large size traders is way better than the feedback of 1000 traders who trade randomly here and there. So selectivity goes a long way in evaluating forex trading info sources. And selectivity eventually pays.