All software required for technical analysis is available in MT4 and similar forex platform applications. It is possible to make these drawings and analyzes individually.
The most basic points to be aware of are support, resistance and trend drawings. Then there are many indicators that you can use to support you when you trade.
In order to open the right spot and to close the positions profitably, it is first necessary to select the trading period well. Daily, instant, weekly, etc. You can take positions according to the frequency of operations, you can use the appropriate analysis methods.
For
example; An investor thinking about doing long-term trading would be wrong to
make a technical analysis looking at the 5-minute charts. Conversely, if you
are evaluating the short term, instant transaction, you should prefer minute
chart instead of weekly, monthly charts.
In
order to be successful in the markets, a single analysis method is not
sufficient. It will be rational to focus on analytics by following well the
news and data flow that occurs in the whole world for the best results and it
is not forgotten that it affects many factors (political, economic, technical,
psychological etc ...).
What is the indicator?
Indicators are indexs based on technical
analytics that give clues about the direction of the market when trading in
Forex.
We can say that the forex trading is more
profitable by showing various figures on the graphs, which point to open, where
to open the current position, which prices will be appropriate in the future.
These indicators can be supplied in many different ways on
the internet as well as in the platform used.
Click here to open an account and start forex trading immediately.
Most used indicators are;
- Moving Average Convergence / Divergence (MACD)
- Bollinger Bands
- RSI (Relative Strength Index)
- Moving Average
- Stochastic Oscillator
We should not judge the indicators alone,
we should not think that we will make a definite profit from transactions.
As you know, market is affected by many
factors. It is not possible to be successful only by technical analysis. You
should learn best to the indicator, which you want to use, and test it on trial
accounts before trading on the real account.
You can follow the steps below to add the indicator to the MT4 platform.
Add → Indications → Trend → Bollinger Bands
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