October 23, 2013
Print

Adjusting the FX Converter and Tools You Use

This article looks at the adjustments you have to make to your trading tools which include the FX converter and forex charts.

Using FX Converter

Before you trade on the forex market you need to consider all the forex trading tools that you are going to use.  This will range from the use of an FX converter to the forex charts and indicators that you use.  It is important that you understand all the tools that you are going to be using and how you are going to be using them.  If you do not understand the tools then you are not going to be able to trade correctly.  Not only do you have to know how to use them you also have to know how to adjust them.

Why You Adjust Your Trading Tools?

There are many traders who wonder why you need to know how to adjust your trading tools.  There are times when you will need to adjust the tools to suit the market conditions and the way that you have to trade.  There are many traders who feel that you should have more than one strategy when you trade.  By having more than one strategy you will be able to take advantage of all the movements on the market is a number of different conditions.

The problem is that when you use a new strategy you have to change the tools that you are using.  If you are able to adjust the tools that you generally use then you will not have to learn how to use new tools.

Using the FX Converter

A lot of traders feel that there is no place for the FX converter in forex trading.  However, there are other traders who feel that this trading tool does have a place.  If you are going to be using an FX converter then you need to know how to change the circumstances that you use it in.  When you switch between the different trading strategies you need to know where this tool fits.  It is possible that the converter works with one of the strategies that you use and not the other.

The Forex Charts You Use

When you have more than one strategy you are generally going to use the same type of analysis for both.  This is due to the fact that the analysis that you use with the primary strategy is the one that you are most comfortable with.  The forex charts that you use with the different strategies generally have to be adjusted when you change the strategy.

The timeframe that you are trading in will be the aspect that you are likely to change.  You will need to move from long-term charts to short-term charts depending on the strategy that you are going to use.  This will have an impact on the indicators that you are going to be using with the charts.

The Indicators that You Use

The indicators that you use on the forex charts are where a lot of traders have a problem.  These traders will know what they have to adjust the indicators, but they forget about this.  The parameters for the charts will change depending on the timeframe that you are worming in.  It is actually recommended that you have completely different charts for the different timeframes so that you do not have to constantly adjust the indicators.

 

Self-Education-Fortune


Get a free Forex PDF PLUS:

  • 14 Video Lessons
  • Free One-on-One Training
  • A 5000$ Training Account
  • In-House Daily Analysis
  • Get FULL ACCESS
Become a forex trader!

Comments are closed.

Free PDF and UNLOCK website features