If you are serious about pursuing a career in the currency market, knowing some of the most popular types of Forex charts is a must. It's no secret that there are currently many types of charts commonly used in the Forex market.
From basic charts to slightly more complicated charts, you actually have many choices on how to analyze the Forex market through charts. With many choices available, it is important to know which chart type is suitable for your trading styles and strategies.
Well, each kind of Forex chart offers diverse pros and cons. However, your style in trading Forex will determine which chart type is the right one to use. Before choosing your favorite chart, read on the following for a complete explanation of popular charts in the Forex market today.
The Most Popular Forex Charts You Should Learn Today
One of the most well-known types of Forex charts is the basic chart. As the name suggests, this chart is known to be the simplest on the Forex market. This simple chart is typically divided into several including lines, check, and bars. And here are the other types to know.
1. Line Forex Charts
This chart is known to be very easy to understand because of its simplicity. The simplicity of line charts is indeed beneficial, especially for novice traders. However, keep in mind that this chart involves the price of a certain period only. Yet, this must be enough to analyze the market.
2. Tick Forex Chart
If you have ever seen a price action chart, this one is pretty similar. Most Forex traders usually compare this chart with one-minute charts. However, remember that the tick chart shows something more than just a traditional OHLC. This graph also presents transaction numbers on the Forex market.
3. Bar Forex chart
One of the most popular types of Forex charts is bar charts. You can find a small dot that shows an opening level, another point that shows a closing level, and a vertical line on this chart. You can also see changes in patterns in this chart.
Apart from the three basic charts above, there are also advanced level charts used by traders on the Forex market. One of the most famous charts at this level is the candlestick. This chart looks like a bar chart, but it has two main elements namely body and shadow.
For more skilled traders, there are also other Forex charts such as Heiken-Ashi, Figure, and Renko and Point charts. Experienced traders usually take advantage of these charts to find out fake moves on the Forex market. Besides, they also use it to follow the main trends in the Forex market.
What Else to Learn Aside from Forex Charts
Those are some types of Forex charts that can be adjusted to your trading style. If you are just starting a Forex business, it is recommended to try the basic ones first before trying to use another chart. That way, you won't feel confused when looking at more advanced charts.
To make the most of those charts, you may need additional Forex education that can improve your ability and knowledge. Didimax’s Forex Broker can be the right bet if you need the best brokerage company that also offers Forex market education.
Not only is the best Forex broker in its class, but Didimax is also a trusted reference for Forex education in Indonesia. With the best and experienced mentors in the currency market, you can easily learn more about Forex trading by joining with Didimax.
All in all, you have many choices when choosing trading charts on the Forex market. Choosing the best chart based on your
expertise and experience can help increase your chances of winning on the Forex market. That’s why never hesitate to learn further about various types of Forex charts.