In my last blog , I introduced a piece of software for market simulation and training in the Forex called ForexTester. In case you missed the post, click here. You will be glad you found ForexTester. It earned my highest recommendation. Learning to trade the Forex involves choosing a system and strategy that suits your personal style and trading approach. Every trader learns the basics like Fibonacci retracements , Bollinger Bands , MACD and the like.

These insights are critical to your success.

In addition, you will want to become an expert at chart patterns since they can explode your trading results. Knowing this will help you avoid bad trades — and help you get into good trades early. To be effective at recognizing Forex patterns, your brain needs to create a cognitive map, which is basically a database of things it accesses on a regular basis.

The more you study, the more complete your internal pattern database will become and the better you will be able to recognize emergent formations.

Some further suggest that you then need to give your brain a rest for a day — and only then learn the next pattern with its images. You can do this by drawing descriptive lines on about charts in a row.

Since there are about 15 dominant formations in the Forex, you should repeat the process until you have stored around 4, images. To help you get started, here is a simple and free Pattern Recognition Trainer tool. You can load this program on your Windows desktop.

It has a clean interface and it works like this. Press one of the buttons for a pattern you would like to learn and you will then see a chart pop open. Look at the chart and see if you can find the pattern.

forex pattern recognition software

The program then shows you where the pattern actually appears on the chart. It is simple, easy and a great place to start learning since you can quickly see what a particular formation looks like on a real chart.

Once you feel comfortable with a particular formation, open your charting software and load any currency pair. Take screenshots if you can so that you can review later.

Expect to make some mistakes as you learn. After you have completed a few dozen, you will probably notice two things: Remember, as you are learning, complete of one pattern, take a break for a day or so and then move to the next. I recommend that you do not try to do different formations on the same chart at the same time.

Let your brain learn the right way! ZoomIt is a simple but very useful drawing tool which I have used for several years to annotate charts. You can get the free! Wow — two free tools! It is a great primer for novices or those who want more experience in this area. I recommend this tool. And feel free to check out the other offerings on this interesting site.

Forex Pattern Recognition Indicators Collection For Metatrader (MT4/MT5) | nibexyxuro.web.fc2.com

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Tradable Patterns - Trade Better with Pattern Recognition

How to Succeed as a Forex Trader Reviews of the Very Best Tools and Products for Forex Traders Search Main menu Skip to primary content. Home About Affiliate Disclosure. Pattern Recognition Trainer To help you get started, here is a simple and free Pattern Recognition Trainer tool. BONUS TOOL ZoomIt is a simple but very useful drawing tool which I have used for several years to annotate charts.

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