Important Trading Tools: Live Quotes and Charts
No matter which market you trade – be it stock, futures or forex – it is crucial to analyze the market movement so that you can make better trading decisions and therefore reap huge profits. There are two trading tools that can greatly help you accomplish this: live quotes and charts.
Live quotes are so important to futures traders that trading futures without them is like going to war without bringing any weapons. Live quotes give you real-time market prices so these up-to-minute pricings help you make timely decisions as the market prices change. Seeing prices change as they happen gives you a better idea of the market’s momentum and direction.
Live quotes can also save you time especially when you are too busy to find relevant trade signals on your own. It is also important to get these quotes from reputable sources as inaccurate or outdated information can spell disaster for your futures trading investments.
Live charts are another crucial tool for a futures trader. Live charts provide you with real-time price, volume and general direction of the market. Like live quotes, live charts change every time the market moves. These charts can be updated over a broad range of time frame to reflect the direction which the market is trading.
There are variety types of charts you can use, such as line chart, bar chart, candlestick chart and point-and-figure charts. In futures trading, candlestick charts are commonly used to analyze the futures market.
Why Live Quotes and Charts Are Important
- With live quotes and charts you are able to better identify key turning points of the market trend that lead you to make sound, informed decisions of trading.
- Using live quotes and charts helps you to stay disciplined and not trade by emotions.
- Live quotes and charts can help you create a better trading plan as they help you set market entry points and profit targets as well as analyze stop-loss orders.
Live quotes and charts can definitely give you edge among other traders. So make sure your futures broker provides you with these important trading tools. After all, you might turn a losing trade into a winning one by using this live information.
Wan Zuraiha Wan Zakaria is a staff writer at Oriental Pacific Futures (OPF) where she writes on investment and trading. OPF is a futures and options broker based in Kuala Lumpur, Malaysia and provides electronic trading, brokerage and clearing services to retail and institutional traders since 2007. OPF is licensed under the Securities Commissions of Malaysia and offers cash-settled derivatives instruments traded on Bursa Malaysia, as well as select major derivatives exchanges around the world.
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