How To Trading Without Forex Chart
Maybe for you this is impossible. No graphics means no analysis. Sound like risky is not it? Please see this article.
There are various reasons why a trader buys or sells a currency pair. Some do so for fundamental reasons. They read and draw conclusions from an economic news and data, such as GDP (Gross Domestic Product), or Retail Sales, or Labor Data by comparing actual and expected expectations. Others do so because of differences in macroeconomic conditions. They believe the economy is going in the wrong direction.
However, retail traders still have to look at technical and fundamental factors before buying or selling currencies. Sometimes retail traders have unrealistic goals and expectations. They want to get rich quick. And if possible without much effort. Because of this, retail traders end up taking unnecessary risks. They exceeded the account limit.
If a retail trader has already reached a clear market understanding and how the market works and moves it will show a clear correlation. Correlation in question here is the correlation of currency.
U.S. Dollar is a major part of the Forex world. Since the Bretton Woods Conference, the dollar took on the leading role of the world’s reserve currency. The role of the US dollar becomes clear in the forex market. So divided into two categories of currency pairs: major and cross.
Pair major always has US dollars in its usefulness. On the other hand, pair cross is not contained US dollars. For every two major pairs, there is one pair cross. Just look at MarketWatch on MT4 platform and select pair containing US dollars. For example, USDJPY and GBPUSD. These are two major pairs. What is the appropriate pair cross name? Yes his cross pair is called GBPJPY. So one of these three currency pairs can be traded without looking at the graph. The only condition is to have an idea or consideration about where the two pairs are moving.
For example, if you have a bullish setup in USDJPY and GBPUSD, then where will GBPJPY move? Most likely it is not bearish.
So also with currency pairs that have correlation with commodities such as Oil then correlate with USDCAD.
So it’s still possible to trade without looking at charts, right?