Steps to Read Forex Charts Effectively

forex chart

It is very important for a trader to go through the charts before placing any trade. If you are new to the forex market and are learning the basic skills, it is important for you to know how to read the forex charts correctly.

Probably, most of you have taken a course or studied the use of charts in the past. However, I am penning down my thoughts keeping in mind someone who has just started trading in the forex markets.  Once you up skill yourself and are adequately trained to read a forex chart, it will be a lot easier and quicker when the time comes for you to learn an actual forex trading system.

In this article, you will learn the basic steps required to read the charts especially if you have not traded forex before.

1.Time frame:

When you are using charts to make trading decisions, you can choose between different time frames. Many trading systems will use multiple time frames to determine the entry of a trade. Monitoring multiple time frames can give you greater perspective on the direction of the currency pair.

For example: The smaller timeframes such as 5 minutes and 15 minutes are best suited for day traders looking for scalping and making quick pips . 1Hr chart is best suited for swing traders and for long term traders looking to catch the momentum. On the other hand the 4Hr charts are used to determine the overall trend of the currency pair. One can also plot indicators such MACD, Pivot Points, Support and Resistance lines on any of these time frames above. 4H Chart is also extremely useful for traders who are waiting to take pin pointed entries while studying the daily charts. On the flip side the daily chart is suitable for setting up long term positions on a currency pair.

2.Chart Types:

There are different methods for plotting the price on the charts. The most commonly used method is Japanese candlesticks. There are many types of using candlestick patterns each with a different interpretation which is used to study the price action. On the flip side it can also be displayed as line chart. Line charts is a good way to simplify price display. You can plot the line chart based on closing, opening, high or low prices of a particular time frame. An additional method to display price is by using a bar chart. It is very similar to the candlestick chart.

3.Chart Pricing:

Forex charts have several different display options for showing the price. There are 3 types of price: Ask Price, Bid Price and Spreads. The choice you make will depend on the direction in which you want to trade. Ask price is the price at which sellers offer to sell currencies to buyers. Bid price is the price at which the buyers offer to buy currencies from sellers. Spread is the difference between the bid price and ask price.

4.Time Zones:

The time shown on the bottom of the forex chart is set by your broker. He can select any time zone – GMT, NY, CST. Therefore it is handy to have a world clock available on your system to convert the different time zones. This is important when you are trading on major news announcements.

5.Technical Analysis:

The principle behind technical analysis is that there are certain patterns which are formed by the transactions of thousands of market participants and these patterns repeat themselves over and over again. Traders with practice, learn to recognize such chart patterns.

Understanding how the price moves and getting an edge to trade in any market in the world relies on how connected you are with the price action and how accurately you can judge its direction. Charts form a very important part of your visual arsenal which is required to trade in the market effectively

800 Pound Loans – Bring Cash with Happiness

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No one would deny this fact that money plays indispensable role in every person’s life. Without money, life is like hell on this earth. These words prove true in the case of salaried people who get limited salary every month and their salary get dry in the mid or ending days of the month. That time, 800 pound loans prove a blessing for these people and offer them sufficient money to fight their financial complications. With these funds, borrowers not only get desired amount but also get confidence to meet all challenges thrown by life.

These funds are ideal to meet all your awkward situations such as water bills, repair bills, festival celebration, parties and recreation, gas bills, tuition fees and so on. These loans come with a small amount which usually varies from £800 for a period of 14 to 31 days. In certain cases, borrowers can fetch the maximum amount up to £1500 if they possess good credit record. There is no reason to feel embarrassed if you don’t have an impressive credit record because there is no credit check conducted in these finances which prevents borrowers to avail these loans.

Moreover, if you are having the fear of security submission, you should forget that because there is no asset requirement mandatory in these cash advances. Thus, you should feel free before applying these finance schemes. Further, these loans come with an extension option which is helpful for those borrowers who are unable to repay the loan amount within the said duration. By clicking this option, you will get some extra time to pay back the amount which will provide you some comfort in repayment but on the other hand, will add penalty charges to your profile.

The fast approval of these finances is availablewith online mode which is simple, easy and cost effective. As all the information is available online, you don’t need to take appointments or visit lender personally. This mode of application saves your precious time and energy. You just have to follow a simple application procedure which requires your personal details, employment details, bank account details, residential address and last the most important is the desired sum, you want to derive. Later on the amount will be forwarded to the customer within same day.

To bring these cash schemes in your pocket with, you must meet the eligibility criteria first. You must have citizenship of U.K. Also, you must have a regular job with a fixed monthly income which should not be less than £1000. You must have a valid age of 18 years and last, you must have a checking bank account in healthy condition for the last three months.

Furthermore, it is always requested to make a well-planned research before applying anywhere. Also, you must make strict comparisons where is it is relevant. And above all, must make the repayment on due time to avoid extra charges. In conclusion, whether the lending market is loaded with hundreds of loans but 800 pound loans have their own charm and positivity on borrowers.

How to get a Instant Personal Loan at a Low Interest Rate?

interest rate for Personal Loan

Whether it is for something that you have planned carefully, such as a wedding, holiday or home revamp, or something that has caught you unawares, such as a medical emergency; a Personal Loan is a resource you can count on. The most important factor to consider while availing a Personal Loan is getting a low interest rate. The interest rate for Personal Loan differs from one lender to another and it depends on factors like your employment status, CIBIL score, income, and existing EMIs as well as external factors such as the lender’s own criteria, RBI policies etc.

There are various ways to avail a better interest rate for your Personal Loan.

Maintain a Good Credit Score

Having a strong credit score improves your chances of getting a Instant Personal Loan on a nominal rate of interest, as the lender believes you are a responsible borrower and that you will repay your loan on time without fail. Your CIBIL score is a sum total of your credit history, debts, and your credit performances. A high score of 750 and above is considered as ideal and will help you crack a good deal with a lender of your choice. Additionally, equipped with an efficient credit score, you can negotiate better usage and loan terms with the lender. You can efficiently maintain a good credit score by being disciplined with your debt repayments and credit card usage.

Choose a Lender with Low Related Cost and Fees

Getting a low interest rate is not the only cost to be considered. You should also look at other costs such as processing fees, late fees, foreclosure charges and more. These fees and charges increase your borrowing cost, making a Personal Loan expensive for you even when the interest is lower than the market offerings. Hence, you should always consider these charges along with the interest rate and then choose the lender who offers a quick Personal Loan on the whole.

Compare Lenders and Consider Borrowing from an NBFC

Before applying for a loan, conduct thorough research about different lenders in the market. To make an informed decision, you should know everything about them, fees, interest rates and the maximum loan amount on which they grant a sanction. Consider NBFCs to avail a Personal Loan as they offer loans at low interest rates and are more flexible with the loan terms.

Choose trusted lenders like Bajaj Finserv to avail collateral-free Personal Loans on affordable interest. Here you can choose a comfortable tenor of 12 to 60 months to repay the loan with ease. Further, you can unlock added benefits and convenience on your loan by selecting the Flexi Loan facility. This facility allows you to withdraw money from your sanctioned amount as per your needs through repeated withdrawals at no extra charge. Also, you are charged interest on only the amount you use and not the entire amount. You can choose to pay interest-only EMIs and minimise your EMI obligations. This way you will be able to extend the affordability of your sanction to the overall loan obligation efficiently.

Have a Low Credit Utilization Ratio and Maintain Job Stability

Your financial standing gets reflected via your income to expense ratio. Adding your credit obligations to this will allow you a chance to calculate your credit utilisation ratio. In case 50% or above of your salary or income goes towards credit utilisation then the lender will view this as an imbalance. This reduces your repaying capacity and will not give you a chance to avail a Personal Loan. Your employment and job stability is also taken into account.

Instead of worrying about these factors, you can check them in advance using the Personal Loan eligibility calculator in a few clicks. This will give you a clear idea of your eligibility with the lender in question and will also tell you the loan amount for which you are eligible. Alongside this, calculate your loan EMIs in advance using the Personal Loan EMI calculator.

Negotiate with your Lender

If you have a regular income, financial stability and a good credit score, you can negotiate with your lender to lower the interest rate on your loan. Lenders view your credibility in a positive light and thereby are more eager to offer you a Personal Loan on easy and convenient loan terms.

Generally, your income and credit score are the two most important factors that lenders consider, to offer you a best Personal Loan.