Reading a simple Forex Chart of Forex Trading Money

You’re training to become a Broker, to be more specific you’re training to become a Forex Broker. You have learned the basic theory on how to conduct a trade, the dos and don’ts, when to buy and when to sell, when to cut your loss and call it quits. All of that are great abilities to have but what separate a broker from secular person is the ability to actually read and understood the very chart that brokers usually watch.

The chart itself is very different from the chart used for daily stock exchange in that difference is that Forex chart is very easy to interpret and also very easy to use (I had Forex training before and I have to tell you, looking at those charts, really gonna make you dizzy, but that’s just me). To add that advantages, Forex trading is more simpler in that you only have to follow a couple major currencies rather than analyzing hundreds or maybe thousands of stocks.

Basically there are two types of chart available or can be seen inside Forex, Candlesticks and Price bars.

Candlesticks Chart is the most common chart used by the Forex community which gives the same exact data of the Price bars, although is not exactly the same as Price bars in that Candlesticks have this color that symbolizes or to be simple, tell you when the price is higher or lower. 

Let me clarify, if the candlesticks exhibits a red color on its body, it means that the closing point is lower than the opening, which means if the body shows a blue color (or sometimes green color), that us as the broker would take that as a sign that the closing is much more higher than the opening. There are also these two lines on the candlesticks called the wick and the tail. The wick, well just Wick is a single line on top of the bar that’s going up which act as how high the exchange and tail is the same as wick only it’s on the bottom of the bar, going down that symbolizes how low the exchange are.

Price Bars is a visual representation that looks like a line (it’s obviously is a line) over a period of time based on each broker’s computer system. What do you mean by a period of time? It’s fundamentally a line that compiled the activity of the exchange over a specific time frame, maybe five minutes separation or ten minutes, but again it comes back to your Forex system capability to show the charts which will be live all the time. 

The meaning to the bar is also simple in that the highest point of the bar means that that point is the highest price the charts have achieved and visa versa to the lowest point of the bar. There are also dots on the left and the right side of the bar, Left dot means is the opening period and the right side dot means its closing time.

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