Have you ever wondered how the professionals use stock charting software to create their trading plan? Through the stock charting software we use, your trade you will drastically improve your results. I struggled with creating stock charts for multiple years until I was introduced to Trading View. From here I became a master because they have great charts, and millions of traders that work together to help each other trade well.
Once I was able to see multiple charts and began using stock charting software, I learned many of the signals and patterns to look for. From this my trading drastically improved.
Through this one charting platform, along with the multiple users that share their ideas with detailed trading plans, everything changed for me. I believe in it so much that I wanted to share it with you. Check out the image to see what a trading idea using charting looks like.
You would also benefit from seeing our online trading videos to help you learn what support and resistance are. Next, through the multiple platforms that we have mentioned, your trading is going to improve once you begin charting your trades. It helps to get practice, to watch others, review charts and practice making your own plans to trade.
If you are ready to learn charting and take your trading to the next level you need to get started in trading view. I will provide my referral link: https://www.tradingview.com/gopro/?share_your_love=glennjr36
Setting up your charts
Once you have Trading View charting software; it is time to actually put in the work to set your chart to have all the proper indicators. I recommend using Gerald Peters guide to setup the charts easily. Click here to get his book: https://amzn.to/30mV1SK or click here to get the video: https://gumroad.com/a/718247027/WbZVZ. Now that you have picked up your copy of this, you can also use the indicators that are shown in the picture below as your various indicators to trade with. I use the RSI to determine if something is running overbought or oversold. I generally, like to buy oversold when I’m going long or bullish and opposite if I’m considering going short or bearish. This is just one indicator that I check before making a decision. The next indicator that I use is the MACD crossing. I like to see if it is trending up or down with a cross. This helps to determine the direction and momentum of the stock. I also know that most stocks tend to gravitate back to the 50 day moving average. These are a few of the different trends that I look for in trading.
Journal Your Trades
If you are not journaling your trades, then you are leaving money on the table or even losing money. Why? Because you truly do not have a clear way to determine what is working for you and what needs improvement. The only way to find this out for your own self is through a trading journal.
Take the time to write down each trade and then review what you patterns that you see. As you analyze your trades, you will see some trends that you may be did not know about yourself. Remember trading is as much mental as it is real action. The way to discover and fine tune this is through journaling each trade.
Learn more here: https://glenncove2020.gumroad.com/l/flnrn make a copy of the journal and start writing each of your own trades in this journal. Within a few days, weeks, and months of trading you will begin to improve your trades and even take less trades but, they will become more profitable as you improve.