The forex market has an enormous capacity, with everyday transactions worth more than three trillion dollars. Since the forex operates round-the-clock, trading real-time forex can be a daunting task. However, the good news is that you can get real-time forex quotes and execute trades from the comfort of your home or office through an online trading platform.
Real-Time Forex Resources
The best way to execute real-time forex deals effectively is to read forex charts and quotes, short-term as well as long-term. Forex charts depict the time frame on the horizontal axis and price movements on the vertical axis. The duration of forex charts ranges from as high as a year or month to as small as an hour, and even 5 minutes. Note that a good online trading platform will enable you to choose your desired time frame.
Real-time forex news can be another valuable resource, provided you learn how to interpret it. While this may seem like a mammoth task, forex news trading is as simple as paying attention to the important economic news that may affect the currency pair you are dealing in. Important factors that impact the price movement of a currency pair are inflation, GDP, and unemployment. If these factors are favorable to your currency, it is likely to go up.
Finally, for successful forex real-time trading, consider practicing in a demo real-time trade room. Most online trading platforms offer demo accounts and are exact prototypes of the live trading environment. Having practiced adequately, proceed to real-time forex trading. The wise option is to start small and work your way up.
Real-Time Forex Trade with Automated Software
Since forex operates 24/7, it may not be possible for you to monitor real-time forex quotes and news constantly. The quickest solution around this is to set up automated forex real-time trades through your online trading platform. Automated forex trading software can perform complicated calculations and analyze large volumes of data at a swift pace.
However, before automating your real-time forex trades, you must consider the pitfalls of this choice. The biggest disadvantage of automated trading is the lack of human intuition. Remember, great profits in forex are generally made by executing deals based on instinct. Also, since the computerized software is programmed, a malfunctioning in computation may result in huge losses.