You've decided that you want to really do all this trading stuff. Now you have to set up your stock charts so that it's easy and simple to analyze the markets.
A little time up front correctly setting up your charts now will save you time and money down the road. The key is to get the basics out of the way first; color, type, size, etc. Once you have something you can live with start adding technical analysis studies and saving the templates.
In this video I'll show you how to set up stock charts using a brand new template from my paper trading account.
Smart Tips For Stock Charts
Here are some quick tips to help you along:
- Keep the technical studies to a minimal on each chart. Don't put 34 studies on one chart - that doesn't make you smarter or more profitable.
- Have multiple timeframes ready to go as different templates.
- Base chart should be the timeframe you are most comfortable trading.
- Focus on narrowing down your watch-lists to securities you will ACTUALLY trade. Again less is more.
- Know how to use the shortcut keys to removed/add studies/earnings/volume.
- Candlestick charts tell you more about the underlying market sentiment.
- Have at least 2 momentum indicators and see if they correspond with each other.
- Don't relay too much on moving averages (they are slow and typically don't give great signals)
What did you think? Did this video help you with setting up your charts? Maybe you learned something new if you already have your charts set up. Either way, add your comments below!