Free FX Charting Software?

[pirx]

Hi!

I want to open an account with EFX Group or Hotspot FX. Both are ECN brokers, but, as such, they don't offer any charting software or platform.

Since I really don't want to spend a fortune for a charting software, I wonder, if there is a free FX charting software available? Something like stockcharts.com for stocks. All I would need are 1h, 4h and 1d timeframes, candlesticks, fibonacci retracements and a trend line tool. That's more or less it.

If no free service exists, I would be willing to pay up to $200/year for a software, but not much more than that. I can't really afford it. I want to deposit $8.000 and use small leverage (20:1) just to get a feel for the markets and everything.

I would very much appreciate some suggestions what to do. Thanks!

 

[millsy500]

open an account with oanda, practice or live and you'll get free realtime charting

 

[pirx]

Thanks for your reply. As far as I know, there are some issues with Oanda's platform. They use different servers for demo and live accounts, and they do not show the "true" market prices, but their own prices, which are set at the dealing desk.

Correct me if I'm wrong, please. I'm still very new to all of this but that is what I've read so far.

 

[counter_violent]

Download any MT4 trading platform....eg alpari...all of these platforms are free and do everything you require.

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Interbank FX Forex Broker | Forex Trading | Online Currency Trading ::: IBFX
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Also search these forums...tons of useful stuff here.

cv

 

[millsy500]

Yes Oanda are a bucket shop, their prices will probably be pretty close to actual prices though. If your trading the higher tf's then a few pips here or there aint going to make much difference anyway.

I wouldn't recommend trading the shorter tf's if your starting out, forex will wipe you out in no time.

Your probably better off opening a demo account with someone , the prices are realtime or pretty close, you can get a feel for the market and the charting, opening and closing orders etc.

Its more imortant to get your setups and trading plan right.

 

[pirx]

I will probably use Interbank's MT4, although it's only a 30 day demo. But I'm not quite sure if Interbank is a ECN or not? They say that they don't have any dealing desks, but as far as I know, there are only 3 ECN brokers out there:
Forex Broker | Forex Brokers | ECN | Market Maker | No dealing desk NDD

millsy, excuse my ignorance, but what are tf's?

 

[millsy500]

time frames

 

[pirx]

time frames

Oh. Thanks. I plan to use 1h, 4h and 1d tf's.

 

[pirx]

Based on those time frames, and on the fact that there is no 'true' market price in FX, most of the free internet charting offerings for FX will be fine for your needs. You don't need prices accurate to the pip in FX for the simple reason that there isn't such an exact price out there and therefore no-one relies on that level of accuracy.

GJ

Thank you. I've already decided to use EFX as my Forex broker, and until they release the "Remote Trader", which will have charting included, I will just use MetaTrader4. But it is good to know that other "free" solutions would work for my (future) style of trading.