You don’t need much to get started with FOREX . The main things you need are: a computer with Internet access, a funded FOREX account with foreign currency exchange broker, and a FOREX online system trading.
It’s not a secret that to minimize the risks of losing money, some fundamental charting knowledge is as well recommended before you start trading FOREX.
No doubt, you have to pay serious attention to the fact that FOREX charts help the investor by providing a visual representation of exchange rate variations. So far as we know, many variables affect currency exchange rates, such as interest rates, bank policies, geopolitics, and even the time of day may affect exchange rates. In fact, charting is an required tool in FOREX trading.
Besides daily charts, hourly charts, and 15-minute charts are used while trading in FOREX. It is interesting to know that daily charts will help you specify the overall trend from a position trading point-of-view, and the hourly (one hour) chart will give you a feel for the intraday trend. We can safely presume that the 15-minute chart is used for entry and exit – with help from the five-minute chart, where the price is moving rapidly, and you need to be nearer the action.”
It is no great surprise that being one of the technical programs, FOREX charting is based on the principal ‘history repeats itself’. In a word, FOREX traders who study charts predict the market future by evaluating past market performance. By the way, the time frame used for charting might differs for different traders, some analyze the past one week, some prefer six months analysis, and there are also traders who analyze the market for the past five to ten years before getting involved in a FOREX trade. Actually, a huge variety of FOREX charts are available in the market.