Free forex charts are worth nothing…
If you are planning to try your hand at trading and you feel that you can do that successfully by banking upon the free foex charts available then mind you! You would end up losing the game. Nothing in this world comes free, and hard work is the only way to success. Taking short-cuts to make profits would land you in trouble since there is no known short-cut to success…
To understand, how complex a forex chart preparation is, let’s take a look at the processes involved in it. Preparing a forex chart is not an easy task. It takes several people’s efforts to create one forex chart. So it means huge investment for the one planning to create it. A forex chart is prepared based upon the inputs gathered through a detailed study of the currency pairs traded at a particular time. Though preparing charts based upon such studies is a tremendous task, these charts can be referred to only for a few weeks. Volatile market conditions lead such companies to be on their toes to offer the latest movement in the market. This means, these companies spend lakhs of rupees on roping in expert staff specializing in various market segments and latest machinery to handle the computing requirements.
To produce the data to prepare a specific chart, these companies take into account the technical analysis and indicators available in the market. And this amounts to massive work pressure, they need to check the dates, recheck the data and get the computing systems to recheck and verify the numbers. They further have to make predictions and observations and also prepare fundamental analysis based upon the outcome of the research done. On top of that, such charts only offer a 75 per cent accuracy rate in predicting price movements, which is quite high.
All this is a huge task and they have to invest large amounts in forex chart preparation projects. In such a scenario, do you think, they would offer such meticulously prepared charts free of cost? When these companies can earn money with such charts, why would they offer them free of cost? Such free charts are prepared based upon general information or simply putting together the available data without putting in any extra effort to woo your attention with the aim of selling something else to you in future
Isn’t it a common sense to avoid depending upon the charts offered at no cost? People think that, following these charts can help them make millions but it is not true. No such free system in this world is reliable since it is not meant to help you. It is only meant to misguide you into something unachievable. So as we said earlier, there is no short-cut to success. Work hard, study the market and do your home-work. Have confidence in yourself and you can achieve greater heights without facing any hurdles. Happy investing ahead…
By Prachi Singh
Author can be contacted at : goachiprachi@gmail.com
