How to Read Forex Charts
Free charts for Forex trading have come a long way.
A really long way…
I remember when I first started, there were only janky Java charts. If you bumped your computer, it seemed like it would cause the charts to crash.
I'm joking of course, but they were pretty terrible.
When I looked around, I found that some of them are still available.
Oh the horror.
Thankfully, you can now actually use online Forex charts…to trade. In this post, I'll get into which browser based charts I'm really excited about and why.
My Criteria for Choosing the Best Free Charts
If you have been following this blog for awhile, then you probably know that Metatrader is my charting solution of choice.
Latest EURUSD News and Technical Analysis
But it can be a pain to install and maintain.
…and you need Windows.
…or a workaround.
Is there a better way? Yes, there is.
Before I get into what I think are the best free, browser based Forex charts, let's take a look at my criteria for choosing this charting solution.
Alright, this is a given, but it has to be mentioned anyway.
The charts have to be completely free.
We have benefited from free Forex charts since the beginning of the retail Forex market.
This is one of the many reasons to trade Forex.
Of course, that doesn't not always mean that the charts are usable, but free is a minimum.
If charts are going to be browser-based, they should be easy to access and you shouldn't have to go through a lot of trouble.
There shouldn't be any complicated logins or extra software to install.
The free charts should also be reliable and you should be able to create instant screenshots for journaling.
You should also be able to customize your charts with drawing objects, zoom in/out, save templates and more.
Being able to custom program indicators and even test automated trading systems should also be available.
With today's technology, this should be a given, not a paid option.
Easy to Use
Finally, the charts should be intuitive. I've noticed that many times in trading, the software is designed by programmers, not traders.
Things that would be obvious to even the most beginner trader are completely missing from some platforms.
Extra points, if the charts are pretty too.
My Choice For Best Online Forex Charts
I have been using TradingView for a couple of months now and it is awesome.
The charting is so solid and I really like their play-forward feature.
Here is an example of a chart of the EURUSD. This chart is fully functional, so give it a try.
You can change the currency pair, draw on the chart and even check stock charts.
To get the complete set of charting features, visit the TradingView website.
I have found that these free charts are great for recording your trading ideas.
Any time you have an idea, simply put it into TradingView, instead of actually taking the trade. Then you can go back later, to see if your idea would have worked.
I also like the fact that you can check commodities and Bitcoin.
Again, I'm super impressed with these charts and I use them all the time.
I am also an affiliate for them, so if you do sign up for the paid features through the links in this post, I do get a small commission.
But most traders will not need the paid features and will do just fine with the free Forex charts. So if you have been pulling your hair out, trying to get Metatrader or Trade Interceptor to work, then this is a great alternative.
Now if they could only make a browser based backtesting software solution, I would be all set!
Trading Tools and ResourcesForex Charts