Forex Chart Reading Education

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Forex chart reading is an important skill of the aspiring Forex trader. Even with all the Forex indicators out there created to help you read the markets, being able the read charts and spot obvious trends is still very important.

I found this video with some excellent Forex chart reading information. It is a good idea to watch the video all the way through. Whenever you get access to a real Forex trader willing to share their trading knowledge, it is wise to pay attention. You will not only get an education on Forex chart reading, but also tidbits of valuable information about trading in general and being a profitable trader.

Here is the a video that does a good job of going over how to read a Forex chart and find the most obvious trend.

There is one common theme that keeps popping up in this video that I want to touch on. It is how you should develop the skill to identify the most obvious trending currency pairs, and leave the rest alone. Obviously, trend trading can be extremely profitable, so finding trending currencies through Forex chart reading is very important.

At one point, the trader shares how he had his young son read the charts and try to identify the strongest trending pairs. As it turns out, he was excellent at finding strong trends. This happens because many traders bring too much information to their chart reading. Instead of looking for the most obvious trends, they over-think their analysis and bring to the charts information they may have heard elsewhere or something they “think”.

The best way to combat this problem and only trade on the strongest trending currency pairs is to use a trend scanning service. The service scans all the Forex currencies and uses an algorithm to determine which currency pairs are trending and how strongly. Even better, the service alerts you to the strongest trending currencies and time frames.

Basically, all the Forex chart reading is done for you. It not only scans all the Forex pairs, but all the time frames as well. So, at any time, you know which currency pairs are best to trade.

If you are using a trend trading strategy, this is very important. You must first find the best currencies and time frames to trade. Once this is done, you can look for entries as your trading system dictates. This Forex chart scanning service makes trend trading easier and potentially more profitable because you don’t miss excellent trading opportunities.

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