Setting up to trade FOREX with
ProRealTime
Go to www.prorealtime.com
and open an account.
(There's no cost for the 'end of day' data which is all that's needed
unless you plan to become a Day Trader.)
After you log in for the first time, scroll to the very bottom of
the home page and click on 'Check our improved FAQ section'.
Go to 'tips and suggestions' and click on 'Do you have interactive
tutorials?'
Click 'Video Library' and either (or both) print off a copy or view
it online/save a copy. Have a good read - and PLEASE - direct your
questions to Prorealtime, NOT to me!
To view charts as I myself do, these are the steps:
- Launch the 'Simplified' Workstation.
- In the top left corner, look for 'Exchange'
- Scroll through the drop down options and click on 'Forex'
- A chart will appear on the right of your screen - currently
the 'default' one is EUR/USD.
- To open a different FX pair, look along the left of the screen
and you'll see a list below a little 'spanner' icon.
- Scroll down to the pair you wish to open.
- Click on the 'chart' icon on the left to open the pair you're
interested in analysing
- Above the chart that appears, you'll see a box that says 'Duration'.
The default setting is currently 3 months & if you scroll
down you can change the timescale on the chart. I usually begin
by looking at the '3 months' setting, then 'one year' and 'one
month' to get an idea of what might be going on - but that kind
of thing is entirely up to you of course.
- The other two boxes along the top of the chart ('View daily'
and 'Linear scale') I leave as they are.
- Now RIGHT click on the chart itself.
- Click on 'menu' and then 'indicators' from the box that appears.
- You'll now see a list to the left of the chart.
- Scroll down 'Chart Representation' and click on 'bar chart'.
(If you prefer to retain the default 'candlestick' setting, that's
of course up to you - I happen to prefer the bar chart setting.)
- In the 'Moving Average' boxes, change the settings to suit what
you wish to view, as per the course manual. I usually begin by
examining the 20/40 dma pairing.
- Untick 'Bollinger' - again I stress, that will make no difference
to the chart itself but I don't use 'em myself
- Untick 'Compared Securities', 'Volume' and 'RSI'.
- Go back on to the chart itself and again RIGHT click on it
- From 'menu', this time click on 'Preferences'.
- Again you'll see a list has appeared to the left of the chart
- This time I simply change the background colour of the chart
to white, in order to make it a little easier on the eye.
And that's it!
Now your chart should look the same as mine - but as I have already
stressed, the mentoring service is NOT intended to help you with
that kind of thing - Prorealtime (or any other good quality package
you might end up preferring for that matter) all have their own
tutorials to get you started.
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