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5 Rules and 7 Tools to Chart Like a Pro

The goal with this post is to teach you tell/teach you how I chart the markets. I have been using these basic charting techniques for a very long time and if you find value in them too, and if they help you as much as they help me, then my goal will be achieved.

First lets begin with my “Charting Rules” and then we'll go over the tools I use. The rules I am about to list are important and it would be wise to write them down and review them for a couple of trading weeks so they become a part of your charting routine.

These are 5 very basic principles of charting and if you follow them at all times you will be on the right path to become a successful chartist.

  1. Know what market you are in: trending up, down or sideways.

  2. Keep it simple: Look at the chart maximum 3 times a day. (I only check 2 times, morning and evening)

  3. Always start with the big picture: Review the weekly chart and then go down to the 1D & 4H.

  4. Always check the upside and downside: Don’t get married to a direction, how silly can you be to believe you are always right? Follow this rule without question and at all times, no matter how certain you are that the market will go "up" or "down" check the other side too.

  5. Always know the news: Map out any fundamentals that can affect your trade. Be prepared and know what is coming and what could cause rapid market movement.

As you see, the above is pretty simple but once you use it it becomes very effective simply because it provides the correct structure and covers every aspect I find important while charting.

Now, successful charting is simple, but to make it simple you need to work hard and be consistent in it’s application. Everything you are learning in this post will help you trade better and it will save your ass (account) many times, that's why you need to make sure you take what I am giving seriously.

Now, lets go over the tools I use to chart.

  • Key trading levels (support & resistances)

  • Trend lines

  • Chart patterns

  • Candlestick patterns

  • Reversal tool

  • x1 30 EMA

  • x1 30 Donchain Channel (only the middle layer)

I've tried a million strategies, or at least it seems like I did, and by trying all of these strategies I only found a million ways to lose money in the markets... basically how to go broke.

The biggest success I have had, actually the only time I had success in trading is when I decided to keep things simple.

I know that rules, tools and everything else right now might not sound like very simple to you, but believe me when I say, it becomes simple with application, right now all of this is just theory to you but if you give it a try and apply consistency to the mix, you'll do just fine, I am sure of it.

If you want to learn more about the tools I use in the markets you are very welcome to come and join my free traders community. All you have to do is head to the homepage of PipsMatter and scroll down and add your name and email.

I don't have much more I can leave you with right now, but I will release a video about charting the markets my way soon enough, otherwise I have a couple of videos in the community on how to do the above, so if you don't want to wait for the video just join the community.

I will, however, leave you with 3 excellent quotes which are directly connected to charting successfully.

  • Recognizing that what you don’t know is more important than whatever it is you know for sure.

  • The markets are an expensive place to have an argument, there is no tolerance for an arrogant mind here.

  • If you keep an open mind and learn to gather information selectively without a predetermined idea, you will do just fine.

Ok that's it! See you later!

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