The Forex Charts arena enables traders to trade based on the principles of technical analysis. Technical analysis studies the effects of price movement. It believes that past market behavior can predict future market behavior.
What this means is: graphs illustrate the behavior of a currency pair over time. Past behavior can be seen and hence future behavior can be determined.| Click on the Forex Charts icon to enter the arena. |
You now have the following screen before you:
Similarly to the World Trader arena, the bottom part of the screen is your operating area, while the rest of the screen provides you with numerous charting tools as well as the option of visually representing your activity once you start trading. The interactive graph represents the movement of the currency pair of your selection. Placing your curser over any point on the graph will open a small window detailing the rate at that specific date and time.
The operating area let's you open trades by setting your currency pair, your desired leverage and the amount of trade.
The graph, is a very useful feature that let's you analyze the trends of your currency pairs and what they might mean for your speculative purposes. Above the graph you can choose the charting tools you wish to use. You have the options of viewing a candlestick chart and drawing trend lines and channels so you can choose your trades based on rising and falling trends. This is also where you can manage your trading orders even after opening a trade.
Let's now see the Forex Charts screen in action:
By clicking on show animation you can hide or display the selected pair pulling against each other in a tug of war. When one currency strengthens against the other, you'll see it pulling its opponents over the edge.
Unlike the World Trader arena, the Forex Charts arena doesn't let you open more than one trade in the same screen. In order to start a new trade, you must go back to the lobby and click on the Forex Charts icon again to open a new Forex Charts screen. This also applies to all the other arenas apart from the World Trader and the Trade Box arena which we will discuss later on in the guide.
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