Candlestick Charting – The Number One Forex Trading Tool

Forex trading has been hugely impacted by the accessibility of the internet. Not only have financial institutions been able to get more accurate and up-to-date information, but the amateur forex trader has been able to access the same information with a few mouse clicks. It is therefore vital to use the best tools for the job and candlestick charting undoubtedly are one of the best tools available.

Candlestick charting was introduced initially by the Japanese within the rice industry, however, over the last couple of decades they have lit the imagination of forex traders all over the world and have almost become a universal standard. As someone once said “You can’t do today’s job with yesterday’s methods and be in business tomorrow.” Candlestick charting is definitely the most powerful tool available today.

Structure of a Candlestick

It is true that candlestick charts hold the same information that bar charts do i.e. a high price, a low price and the opening and closing prices. The actual body of the candlestick shows the opening and closing prices. In the early days of candlestick charting, if the body was black then opening was higher than the closing. If it was empty then the opening price was lower than the closing. Nowadays candle bodies are coloured, green for upward movement and red for downward. The use of colours makes the charts much easier to read.

Candlesticks show high and low prices for a given time period by using vertical lines which appear above or below the candlestick body. These lines are also known as shadows

So what are the main features of candlestick charting that separate them from other charting methods? Listed below are the two main features.

Visual appeal

This is one of the most important features. At a glance, the trader can quickly understand what is going on within a particular forex market. No matter what the time scale being used, the trader will be able to see the market movement and whether it is the sellers of the buyers who have dominated a given session.

Readability

Any trader who has mastered the basics of candlestick charting will quickly be able to identify the opening and closing price for a given currency pair. Candlestick chart show the same information as a bar chart, but in a prettier, graphic format. It is very important to be able to use the support and resistance levels together with the opening and closing prices.

Other advantages of candlestick charting include the following:

  • Trading patterns change over time. That is why no system will always work. But candlestick patterns are not a system hence candlestick patterns always work.
  • Candlesticks get you into price action much earlier than the majority of indicators. This means that the traders using candlestick patterns can enter trades earlier than those traders relying on indicators.
  • Candlesticks are the fastest form of price prediction there is.
  • Candlestick trading is very reliable. Providing that the patterns are properly picked, and
  • the poor ones weeded out, the probability of success is extremely high.

Anyone who seriously investigates the use of candles will learn that there are many patterns and candlestick formations that provide very useful information for traders.

The forex market is extremely volatile so it is important to remember the words of Warren Buffet said “Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.”

Mastering candlestick charting is undoubtedly one of the most important skills that a forex traders needs to possess. This single tool will do more than any other to improve success for those who put in the effort to learn how they work and implement them into your

Set Goals and a Definitive Purpose For Your Business

Short term goals form the basis of any business activity, be it a large business organization or a small-scale home-based business. Anyone who desires to start a business needs to have a well-planned and organized schedule to conduct it in a very efficient manner.

If you want to start a business from the comfort of your own home, an online business is the one best suited for you and thanks to the power of the internet, you can easily plan it in a meticulous way.

Effective goal setting is an extremely important feature of any internet-based or work from home business. When you start a business, chart out a clear-cut plan prioritizing your short term goals so that you don’t miss out on the important things.

Your business should focus on a distinctive purpose or ‘vision’ without which you cannot succeed. By striving to achieve your goals, you’ll get closer to your vision.

How to Set Goals

If you are a self-employed entrepreneur, you need to be very specific about your goals. The basic thing that you need to do is to list down your goals and set a target for yourself to achieve these goals.

Generally, short term goals are always easier to achieve than the long term ones. You can take one step at a time, achieving each goal within a fixed timeframe, so you know where your business stands at any given point of time.

As an entrepreneur, some of your specific short term goals maybe:
o To find a suitable business opportunity.
o Evaluation of an opportunity to assess its merits and demerits.
o Initial launch of the business.
o Establishing the right connections to carry on the business efficiently.
o Target fifty sales and make a profit of $3000 within a month.

Goals are set so that you don’t lose sight of your vision. Flexibility is an inevitable part of setting specific goals. Without goals, no action can be executed with precision and competence. As an internet business owner, your actions should focus on attaining the objectives of your business.

In an existing business too, your focus may shift to another area, so your task of new goal setting begins and you carry on the business from there with your goals in mind. Often, you listen to your gut feeling, although you may have a specific plan of action to reach a target that you had fixed.

Sometimes, your instinct does help you succeed, but it is mostly the organized course of action, focused on your short term goals, that leads you to win over many critical situations and succeed in your actions.

It’s not a difficult task to achieve your vision by setting goals. If you have the ability to think, you can have a vision. It’s as simple as that. The outcome of your business is directly proportional to your vision. So work hard toward achieving your short term goals so that you can see the big picture.

Remember that you have the power and the potential to make it big in your life by having a clear vision and striving hard to achieve it by setting short term goals.

Creating an Interactive Map Using Charting Software

While surfing the web one comes across various types of maps and charts – displayed on websites, but not all look attractive. It has been found that surfers like websites which are graphic intensive, this is because – most people tend to seek entertainment on the web. Additionally, it is the way of presentation which makes a website popular. Therefore, simply adding graphics does not help in boosting a website’s popularity.

Realizing the importance of presentation, webmasters do pay a lot of attention to the layout and design of a website..However, when it comes to displaying charts – they tend to put up dull looking static charts, thereby making the web page or at least a section of it seem extremely monotonous. It must be noted, that compromising on the quality of data visualization may lead to loss of traffic. Things can be made more pleasant, simply by incorporating interactivity in charts, and this can be achieved by means of a charting software.

Charting software can add a fun element to charts by reducing the dullness. The software can help users visualize data graphically – through charts and maps. Furthermore, charts and maps generated by means of a charting software – are highly customizable and can be made interactive. Data visualization in form of maps is especially appreciated by users as it makes data accessible in a very interesting manner. A great thing about data-driven maps is that they are sensitive to mouse gestures and therefore provide and interactive experience to users. Google maps are an excellent example – they are popular due to interactive features like zoom, drill-down etc.

Interactive charts and maps have been known to be helpful in business planning. Here are some helpful business applications of real-time charts and maps:

1. Budget planning using maps for visualizing location-wise expenditure..

2. Using maps in executive dashboard for obtaining a geographical distribution of the companies business activity.

3. Displaying maps on Company website to help clients find the location of its offices all over the world.

4. Using maps for global competitor analysis.

5. Presentation of global consumer survey.

6. Monitoring key functions such as; manufacturing and sales.

As the web is evolving many companies are coming up with powerful charting software to help you in building your own custom interactive maps for your business.