Do Free FOREX Charts Really Help You?

A number of different sources provide free FOREX charts for your use at any time. You can access these charts via the internet through any web browser. The charts have up to the second price data about all the major currency pairs in the FOREX market. You can keep up to date with all of the latest pricing information on each pair. If you are a currency trader, these charts can come in very handy. Here are a few things to consider about free FOREX charts and how they can help you. 

Why Are They Free?

Companies provide free FOREX charts as a service to traders to learn about the market. Reasons for providing free FOREX charts may vary. However, most of the time, they are provided by someone that has something else to offer. Many times they are provided by FOREX brokers that would like you to open a trading account with them. If you get used to visiting their site for FOREX charts, you might be inclined to open an account with them. 

If they are not a broker, then they most likely have some other FOREX product to sell. They may be selling FOREX signals, an expert advisor or something along those lines. Regardless of what they have, they will almost always have something else that you can take advantage of if you want. 

How Reliable Are They?

As a rule, they are fairly reliable. They are not on the same level as if you are looking at a trading platform from a real FOREX broker, however, they are pretty good overall. They are usually feeds from a FOREX broker anyway, so they stay with the market pretty well. There might be a slight lag between what the market actually is and what is represented on these free charts. However, most of the time, they are a pretty good indication of the market. 

How They Can Help

The main way that they can help you is to give you access to the market when you do not have another way to access it. For example, let's say that you are a FOREX trader and you trade from your home computer. You have a desktop trading station that is a piece of software that you download. When you are at home, you can just pull up your trading platform and look at the charts as you want to. However, if you are away from your computer, you might still want to look at the charts and see what the market is doing. 

Let's say that you are a long-term trader and you opened a trade first thing in the morning. Many long-term trades take several days to play out. Therefore, you know at what price you opened the trade and which direction you want the market to go. Then you have to leave the house and you are away from the computer. You could get on another computer and pull up free FOREX charts to see how your trade is doing.