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Forex Charts Aren’t Everything
By Eliseo Agas | July 18, 2007
I trade almost entirely off of charts so the subject of this post might seem odd. To set the record straight, I’m not saying that charts aren’t important. But no matter how “tricked” out your charting package is, if you don’t have solid trade execution then the charts are all but worthless.
Here is a typical scenario, you have lightening quick charts with all the bells and whistles and you spend hours pouring over them to find that perfect trade setup. Once the setup occurs you go to your trading platform and place the trade but, 1) you have difficulty getting your order filled of any significant size and/or, 2) you get horrific fills despite the fact that the market isn’t really moving (for a major no less). There are other possible variations to this scenario but you get the point. Who cares how great the charts are if the market maker you have your account with is incapable of giving good trade execution on a 24-hour basis.
Remember, the charts don’t execute your trades so make sure you choose your market maker wisely.
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