Forex Trading Chart Exercise

Want to teach yourself forex trading?
There’s stuff that forex charts will teach you that I simply can’t. So I have a simple challenge for you this week…

Watch 3 Currency Pairs This Week

I’ve selected three currency pairs for you to watch. The exercise is very simple.
Step One: Fire up a Forex Chart. If you’d like a great free chart, use the free netdania chart from dailyfx.com. This chart is great because it has all the basic tools and you can just go there with your browser. No account needed.
Step Two: Open up a window for each of these three currency pairs: EUR/USD, GBP/JPY and AUD/CHF. I chose these three currency pairs because they contain 6 different currencies. This way you’re guaranteed to see three different, completely unrelated chart patterns.
Step Three: Draw trendlines on Daily, 4-hr and 1-hr charts.
Step Four: Watch what happens. 2-5+ times a day look at these charts. Keep the same trendlines that you originally draw. In your head form a guess as to what might happen. To think like a trader, you’ll want to guess several different “what if” scenarios.

Don’t Skip This Because It’s Simple

I know you’re thinking that this is a little too simple. But hear me out...
Depending on your level of experience, you may be trying “too hard” to be right!
A beginner doesn’t know what to do. Before even trying to make trading decisions, JUST WATCH THE CHARTS!
Watch the live charts to see what happens. Just be curious as if you were watching an ongoing sports game. You don’t have to be right or wrong, just be curious.
You’re never going to be a successful forex trader online unless you get used to looking at forex charts often. Why not take your time and just get a good feel for the charts?
This is also a great time to look for the patterns you’ve been learning about.

Forex Chart Exercise Video

Watch the video below to see how to go through your forex charts and “what you should do” to set them up

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