Well maybe not a nightmare, but I feel there is certainly an element of skill involved in trading the markets me thinks.
So let's start with my chart set up. Everybody is unique, so what works for me won't necessarily work for anyone else...but you knew that anyway. Okay here we go, my charts by in large look like this:-
What you see here is a Gold Silver chart [woah........! ratio looking kinda good today at over 73 to 1. Buy physical Silver that screams to me].
Anyhow, I'm a momentum/trend trader so I prefer something visual to get me an 'at a glance' overview of market direction and of course, its sentiment. In terms of time frames..I would say I like to day trade but more often it's swing trading that suits my personality.
Contained within my charts are various indicators, both leading and lagging I might add. These often help me decipher when to enter or exit my position[s] within the market. Also I tend to pair back some of my indicators when doing analysis, but what you see is the basis of flourishingpro trades.
As you can see money money management principles are embedded in my charts also. That way I can manage risk in order to ensure capital preservation. That entails a calculation or two, or three which then allows me to think about stop placement, trigger and entry points, and finally a selection of profits targets.
My trading edge derives from developing a strategy where I am only interested in taking what I believe are the highest probability trades based on my rules that I have developed for my trading.
Lets have a look at the chart of Bitcoin below.
Central to my trading is the use of multiple time frame analysis. I use the higher times frames to confirm direction and the trend - a kind of anchor if you will. Then I enter on a lower time frame.
So these are some of the tools I use. I try and keep things simple enough to help me make a decision.
I'd be interested to know what type of set ups you have out there.
Hope you found this interesting. Next time I take some trades and show you how and why i entered the markets. So until then its full STEEM ahead.
