Technical analysis tools and resources
There is also a large number of Bitcoin blogs of which I would particularly mention Bitcoin charts and analysis on http://afbitcoins.wordpress.com/ and forum athttp://bitcointalk.org I can't help but mention Metatrader4 here. It is currently the most popular trading tool on the Forex market. The program is actually a terminal that connects you to the up-to-date information on the prices. A wealth of technical tools is included into this incredibly powerful program as well as a built-in macro language and the ability of automated trading. You can also see the historic data, plot different trend lines and indicators, place orders and set automatic stoploss and take-profit limits and many other things, all within a small program. Although it is not yet possible to trade Bitcoin on
Forex (we hope this possibility will be provided shortly), established currency pairs can be traded with bitcoins on Bit4X. This site also offers a demo-account using Metatrader 4 together with a British trading firm, VenetFX. To start trading, you need to register by sending an email to the website support team and deposit 10 BTC on your account.
Here is a screen shot of Metatrader 4 window:
The panels showing real-time data on currency pairs can be conveniently resized, type of graph, timing and other parameters can be adjusted individually for each graph (in the example, I re-scaled GBP/USD graph to show daily information starting from Dec. 2011 and added two trend lines EMA 10 (red) and EMA50 (blue)). To help you with predicting the trends, Fibonacci levels as well as a large number of other technical indicators can be added to the graphs.
Spoiler Alert:
Too complicated? If you are not into manual trading, why not let an automated Robot trade for you? How about trading on Autopilot with Bitcoin robot? In the next chapter, you will learn how you can profit with Bitcoin on Autopilot without the need for any complex stuff!