Though I’ll be specifically discussing using charts in a specialized way with
the ACM broker, what I’ll be saying here can be applied to other brokers as
well (if you find the need for this adaptation).
In earlier eBooks I stated the importance of using charts that display the live
market data feed provided by the same broker you trade with. As I’ve pointed
out before, this is important as there are little discrepancies between brokers’
prices and so you need to have the accurate information otherwise you might
be making trading decisions that could lead to inefficiencies (i.e. losses). This
is especially true if you are engaging into tiny trades as you would be doing if
you are scalping or surfing. This is less important if you are “Sailing”, but
nevertheless it is still a significant consideration.
ACM currently (at the time of this writing) only provides one set of charts
based on its live data feed. Unfortunately I find this chart to be somewhat
lacking in features, and simply put, I just don’t like using them. These charts
are free, and as the saying goes “you get what you paid for”. From my
reluctance in relying on those charts exclusively I’ve come up with a way
around this problem, which I will share with you.
Even though the charts they provide have limited functions (i.e. I like to make
pretty colored lines, use Fibonacci (which works strange with them), have
multiple colored MA lines for S.E.X. lines (which you’ll learn about in this
eBook) as all black lines is visually confusing, and I can go on with my
whining) the charts are still important to use for referring to their live prices
So here is the solution. Use ACM’s charts to refer to their live prices, but use
other charts for the improved functionality.
You may use whatever charting package you prefer providing the live data
feed from any broker. Even though you’ll now have inconsistencies in the
displayed market prices this isn’t a big issue for the purposes of doing your
analysis as generally what you’ll see on your charts should be similar enough
to ACM’s prices to conduct your analysis. If you see a trend on these charts
then of course that same trend will be there on ACM’s charts even though
there might be slight discrepancies.
You do your primary analysis on the “nice” charts, then you glance at ACM’s
charts to confirm that everything is “good enough” before you engage into
your trade.
If you already use another broker, such as FXCM or RefcoFX, and if you
already have charts from them that you enjoy using then feel free to continue
using those charts. If you want my recommendation then I’d suggest FXtrek’s
IntelliCharts. Do you like the pretty charts I’ve shown in this and a few of my
other eBooks? Well guess what, they are FXtrek “online” charts. Why do I
use them? Simply because I like the ease of use and the features they
provide. For a while FXCM provided a nice free version of these charts
(which I used), but now you have to pay for them. The cost is still pretty
cheap and I’d recommend you have them if your main broker provides a data
feed to them. Hmmm… I should contact them and ask them to give me a
complimentary subscription since I just gave them a free endorsement.
So to wrap things up here let me restate what to do. Use the charts you prefer
(presumably from your primary broker) and do your analysis on them. Before
trading with ACM just confirm everything on their charts. Use the best of
each charting service for your needs – “have your cake and eat it too
0 التعليقات:
إرسال تعليق