There are a lot of tips when it comes to charts.
What to have on your charts or how to make your charts look fancy. There are so many ways to go about setting up charts.
So in this video, I’m going to share with you some tips and insights and give you some takes on some of these charts.
Tip number 1: look at multiple time frames
What most people do or don’t do is they basically just look at for example a 15-minute chart and when they’re looking at it, it’s a very closed-off perspective and mindset.
It’s like looking at the tree but then you’re not backing up to see the forest.
It is like “what’s going on? Is the stock down? Yes it is down” but when you back it up it’s actually moving up.
Always look at the bigger and broader view and perspective.
Tip number 2: keep your charts simple
Many people complicate their charts. They just have a lot of bells, whistles, and other things going on within the charts.
Some people put all kinds of indicators and crazy stuff all over the place and it just makes the chart so much more complex.
Tip number 3: be comfortable with your platform
I have been using TC2000 by Warden for a year now. I could flip around the charts quickly, I could custom code different things for checkmarks, I could even pop things out at different screens and monitors.
There are some platforms that are popular like the web-based but they are not as powerful, flexible, and quick as TC2000.
Tip number 4: have a checklist
It is a lot easier to have a checklist. You can check different things like the volume, the different viewpoints, the range, and everything you want to check.
Having a checklist is really handy and useful.
Tip number 5: know that not every setup will work 100%
Right now you are dealing with technical analysis.
Not all setup is 100% successful because trading is a probabilistic type of business.
Some might work 30% or some 70% of the time. If you do 100 trades you will get 70 that are successful if you have a 70% successful rate.
Tip number 6: technicals are not always necessary
The reality is sometimes you don’t need technical. You just have to know and understand price action and behavior.
You don’t have to know too much about the chart although it does give you a little edge.
You don’t have to be a totally full-fledged guru on technicals to be able to trade consistently.