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Is Technical Analysis Important In Forex Trading?

By Wilson Neo

Is it important to learn technical analysis (TA) such as chart patterns and candlestick formations in Forex trading? Since the Forex markets is huge where no single player is able to manipulate the price action, therefore, technical analysis seems to apply better in Forex trading rather than stocks. Thus, it is important to know how to read charts.

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There are many technical indicators and sometimes we ask ourselves do we really need to know every indicator to become 'Forex master of Technical Analysis'? My personal experience is that a trader does not need to know everything (it is not possible to remember every indicator anyway). Rather, a Forex trader should at least understand the basics such as candlestick formation, trend lines and Fibonacci support and resistance levels. I strongly believe the words in bold are important as they prove to be consistently reliable through the course of Forex trading. For other indicators, which indicator to use depends on the market condition, an oscillator such as RSI works well during a ranging market while a trending market should use a moving average or Parabolic.

If you are new to Forex trading, you might want to check out these three recommended titles that provide comprehensive coverage on technical analysis and you can also learn what economic indicators are important for a country economy:

  • Japanese Candlestick Charting Techniques, Second Edition by Steven Nison
  • Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications by John J. Murphy
  • The Secrets of Economic Indicators: Hidden Clues to Future Economic Trends and Investment Opportunities (2nd Edition) by Bernard Baumohl

    • Wilson Neo is a Forex trader and regular contributor to the website http://www.fxoperator.com The website provides informational articles, economic calendar, Forex charts, Fibonacci calculator and proprietary trading systems.

    Article Source: http://EzineArticles.com/?expert=Wilson_Neo

    Trade Like The Big Dogs!



    Peter Bain's AM report is worth the price of admission all by itself.

    How to Educate Your Forex Money

    How to educate your forex money -ie make it "smart money" not "dumb money." Before you sign up for your first live (real) forex account, take some of that money, call it educational, and sign up for Peter Bain's course first! Then signup for a "demo" account with any non-dealing desk broker that uses metatrader and practice trading with virtual money, not real money. When you do finally signup for a live account, having done these things will give your money the best chance it has of finding its way back to you, along with someone else's money, that maybe is not as "smart" as your money!

    Take a moment here and give a listen to one of Peter's am reports.



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    Trading Forex Successfully -Is All About Information

    Whether you are a seasoned trader or new to Forex Trading, you need all the information available for successful trading. Forex is like the stock market on steroids -it moves fast. You need to have a forex broker, who can get your trades done -when it matters. You need to know which forex markets are open when and it helps to always have an idea of what time it is in the three main forex markets, Asia, London and New York. A knowledge of the technical indicators and Japanese Candlesticks is essential, just as it is essential to know when what news is coming when, like the non-farm payrolls. We hope that this site can facilitate your forex experience, and hopefully help make it positive.

    Happy Forex Trading

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