When you are about to work on something, the best thing to do is find and arrange the instruments you will need to finish the task. For instance, if you are going to build a birdhouse, you may consider wood, hammer, nails, and even paints to buy. Or, if you are going to visit another country, you need to find tickets, find a place to stay, and even think about overall logistics: when and how you will reach your next destination. Finally, suppose you are an entrepreneur and willing to start a company. In that case, you will think about staff to hire, money to invest and so on. I hope you got the idea that you should think about tools before doing something.
The situation is the same with trading. When you start to trade, you can use multiple tools that may come in handy and give you extra confidence in your actions. For example, trading technical instruments. These tools help you to “read” charts better. Here we will explain some of them and describe how you can enable them on IronTrade.
Types of charts
You can choose from 3 main chart types while trading on IronTrade: zone chart, candlestick chart, and bars chart. By default, you will see a zone chart that shows you the price as one single line. It is very simple but does not give you detailed information about the current situation.
A Candlestick chart gives more information about the asset, like the opening, closing, open and close prices for a given period of time.
A Bar chart is also an excellent substitute for traditional charts. It displays a polished version of price fluctuations and may help predict the trend more accurately.
Read more about all of them and try to trade with each of them. Some charts are suitable for those who want all the details for a specified period, and others are designed for those who are ok with only one line. Soon you will find the best option that fits your trading style.
Indicators
That’s a big trading story to tell… Any trader on IronTrade wants to know what happens next: invest upper or lower. And here, technical analysis with its tools comes in.
Remember: nobody can guarantee you a 100% result while trading on financial markets. However, technical indicators will help you to increase your chances of making a better prediction. The price fluctuations are not entirely random. Some patterns repeat, again and again, so a trader can use one indicator or mix them to find these patterns.
If you want to use technical tools in your trading, check the information regarding various indicators available on IronTrade. To enable them, go to Settings – Indicators and select which indicators to use. Remember that you can use several of them at once! Usually, experienced traders on IronTrade use at least 3 indicators simultaneously because it makes their trading much more profitable.
Finally, check out all the Settings. Many traders ignore small tools available there and discover some options too late. For example, you can change the chart colors, thickness, theme, and sound effects.
Also, don’t forget that you can scale the timeline, switch between day/night mode, and even select the language of the IronTrade platform! These minor tools will help you make the IronTrade interface more personal and convenient to use. Good luck! Try your new trading knowledge on IronTrade now!
