If you want to secure your future and want to retire peacefully, then the safest option for you is investing money in the financial market. It is up to you in which financial market you want to invest. You should invest in any financial market depending on the risk taking capacity. If you don't want to take a risk, you can invest in different mutual funds, if you can take a small risk you can invest in options. If you are sure that you can take a high risk, you can invest in the foreign exchange market or in the stock exchange. Whatever the financial market is, you should have adequate knowledge about the market. In order to take the right decision at the right time, one of the most important tools is the chart. Since your trading success and failure highly depend on charts, you have to learn how to read them. Below are discussed a number of trading charts, you can choose one according to your trading style (Information Credit - easyMarkets).
1. Bar chart
This type of chart is a little complex. This chart helps you to find out the opening and the closing prices and the highs and lows of your trading. If you look at the chart, you will find a vertical bar at the top of the chart where you can see the highest traded price for that time period. At the bottom of the chart, you can find the lowest traded price. With the help of the vertical bar, you will easily understand the trading range of the currency pair. On the right side of the bar, there is a horizontal hash that displays the closing price, and on the left side the horizontal hash displays the opening price.
2. Candlestick chart
One of the most popular trading charts is the candlestick chart. This chart is almost similar to the bar chart. The only difference is that this chart allows you to find all the information about the price direction. The body and the shadows are the two parts of the candlestick chart.
3. Tick chart
This type of chart helps you to know the unit price changes. At the bottom of the chart, you will find the bid price and at the top, there is the ask price. With the help of this chart, traders can make the decision as to when to enter the market.
Above discussed are the top three charts that can help you to take the right decision at the right time.