Forex Applications

[ronyjoseph]

Firstly I'm new to his forum and trading forex, so Hi everyone

Ok so my question:

"What applications do you use to perform technical analysis on forex pairs prior to trading ?" :

* How are the online trading charts - provided by IG and CMC etc compared to full applications.

* Is there an app out there you can "pretend" to trade from past data to see how many pips you would have gained or lost.

* What are the costs of these apps.

I currently use Sharescope Pro (for Ftse350), however it does do Forex aswell but I hear there are better tools out there.

Thanks and Happy trading :smart:
Rony

 

[Gumping]

Firstly I'm new to his forum and trading forex, so Hi everyone

Ok so my question:

"What applications do you use to perform technical analysis on forex pairs prior to trading ?" :

MetaTrader 4

* How are the online trading charts - provided by IG and CMC etc compared to full applications.

Never used 'em

* Is there an app out there you can "pretend" to trade from past data to see how many pips you would have gained or lost.

This is called backtesting. You can do with lots of packages but generally need to be able to do a bit of programming - Metatrader 4 allows you to do it but I've never learnt the code - but it's very popular and there are lots of forums where people post stuff up - including this site! (See the Metatrader forum in the forex section)

* What are the costs of these apps.

FREE!!! Just do a google search on it and you can download it and get a demo account for free. ProRealtime is good also and free for daily time frame and higher

I currently use Sharescope Pro (for Ftse350), however it does do Forex aswell but I hear there are better tools out there.

Thanks and Happy trading :smart:
Rony

See above - my replies in red. Hope this helps

 

[rnicoll]

* Is there an app out there you can "pretend" to trade from past data to see how many pips you would have gained or lost.

CMC Markets and IG Index's charts can do this; you need to look under Tools for IG, get the proper charting stuff, but they can.

Doing it properly, however, I'd recommend NinjaTrader. Which is free to test, although you'll need a data source.

 

[fxfxforex]

Technical analysis is based on the analysis of the charts. Finding the trends, support and resistance levels and also consolidations like triangles, wedges, pennants, double and triple tops and bottoms, head and shoulders and … can be done through the technical analysis rules and when you can achieve to find these things on your charts, you will be able to predict the next direction and movement and so you can take the proper position.

Technical analysis becomes even more helpful and valuable when you enrich the result with some other tools like candlesticks and Fibonacci levels. You can do your technical analysis on a simple line chart. It will not make any difference because you will find the same trends and formations but when you do in on a candlestick chart and pay enough attention to the candlesticks’ signals, your analysis will be stronger.

If you don’t know about the candlesticks’ signals, please read this article which is about reading the candlesticks’ signals

The Language of Japanese CandleSticks - Learn to Read Japanese CandleSticks

Also read Fibonacci article to learn how to use Fibonacci levels on the charts:

How To Use Fibonacci Numbers in Forex and Stock Trading