Why sign up for a Practice Account? Trading foreign exchange or contracts for differences on margin carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could sustain free charting software forex trading loss of some or all of your deposited funds and therefore, you should not speculate with capital that you cannot afford to lose. Before deciding to trade the products offered by ICM you should carefully consider your objectives, financial situation, needs and level of experience.
In 2016, Nial won the Million Dollar Trader Competition. Forex trading platform and forex charting software in the world. As anyone who has followed me for a while knows, I trade and recommend New York close 5-day per week charts. The reason is that closing prices are the most important in the markets, and the New York close marks the end of the current Forex trading day and then the new day starts in Asia.
Your charts will probably be black and green however, with a bunch of indicators all over them. We will discuss how to get your charts setup with a white background for clean price action forex trading in the next section. The market watch window lists all the markets available from your broker and gives you their real-time bid and ask prices. I don’t really use this but thought I’d just tell you what it’s for real quick. To see which currency pairs I prefer to trade as well as an example of how you might want to populate your market watch window, check out my article on the best forex pairs to trade. Finally, the terminal window appears at the bottom of the screen and within it you’ll find these six tabs: Trade, Account History, News, Alerts, Mailbox, and Journal.
You can go through each tab to get familiar with what it does. Next, we need to get our charts setup for optimal price action trading. I personally prefer a white background and black foreground for the cleanest and simplest approach. There are three main ways to open a chart window on the platform. Once you’ve got your desired chart open, you want to get it setup for clean price action trading.
You can also change the chart to bar, candlestick or line chart in the common tab. It’s pretty self explanatory so play around with it a bit to get more familiar with the options. Once you’ve adjusted your color scheme and other chart properties to how you want them, you have the option of saving your chart setup as a template, then you can easily apply the same properties to other charts. I’ve also labeled a few other functions on the toolbar in the image above. You can also see the function to zoom in and out of the current chart selected, as well as the time frame icon which goes from 1 minute chart up to monthly chart. So let’s discuss how to put these EMAs on your charts. You can pick whatever colors make you feel happy, just make sure the colors of the 8 and 21 contrast nicely so you can easily tell them apart, I use red for the 8 day EMA and blue for the 21 day EMA.
You can then save that particular chart setup with the EMAs as template. You can have a number of templates saved as you can see, then you can quickly go from one template to the next. EMAs and then one with the 8 and 21 day EMA. You can learn more about how I use the EMAs in my forex trading course.