Okay, so check this out—charting sounds boring until it saves you a bad trade. Wow! My first impression was that more indicators meant better predictions. Hmm…that turned out to be wrong. Initially I piled on everything: MACD, RSI, Ichimoku, Bollinger Bands, you name it. But then I realized that layering 7 indicators only produced confirmation bias and indecision, and that felt awful in the heat of a trade.
Trading charts are tools, not oracle machines. Short-term charts scream and twitch, while longer frames whisper useful stuff. Something felt off about treating a 5-minute chart the same as a daily chart. My instinct said focus on context first. On one hand you want detail; on the other hand you need a map. Actually, wait—let me rephrase that: detail without context is noise, though detail with context becomes actionable intelligence.
Here’s the thing. When I strip a setup down to price action, key levels, and one or two momentum tools, decisions get cleaner. Seriously? Yes. A clean chart reduces hesitation, and hesitation costs money. I’m biased, but simplicity matters. (oh, and by the way…) I still use advanced tools, but only when they answer a specific question: where is liquidity, and who is likely to move price next?
Start with structure. Identify trend direction on a higher timeframe. Then move down to look for entries and exits on a lower timeframe. This is multi-timeframe analysis in practice. The technique is straightforward, but execution requires discipline. My process is: daily trend, 4-hour bias, 1-hour entry, and 5-minute execution window. It isn’t perfect—nothin’ is—but it gives clarity.
Volume tells stories that price alone hides. Medium sentence structure helps keep this point readable and practical. Volume spikes at inflection are often preceded by range compression that most traders miss. Long tails on candles with increasing volume are especially meaningful, though context matters: a reversal on a daily chart carries weight a 1-minute reversal never will. I’m not 100% sure which indicator is the single best, but volume + price beats most fancy combos.
Tools and workflows I rely on (and why)
Okay, so check this out—platform choice shapes workflow massively. I prefer platforms that combine fast charting, reliable alerts, and a customizable scripting language that lets me automate repetitive checks. One platform that hits these points for me is TradingView—if you want to try it, grab a quick tradingview download and take the charting into your hands. My recommendation comes from years of using different packages and testing edge cases on live tick data.
Why TradingView? Short answer: speed, community scripts, and cross-device sync. Medium answer: Pine Script for custom indicators and strategy backtests, a marketplace of ideas, and responsive UI. Longer thought: because it lets me iterate fast, share templates, and build private scripts that tie into my alert logic, which means I can focus on setups instead of fighting the UI when the market moves.
Templates are very very important. Save your layouts for different products. Futures need different scales than equities, and forex needs a lighter indicator load. I maintain templates for momentum breakouts, mean reversion, and trend-follow entries. Each template contains predefined key levels and a strict color scheme so my brain recognizes patterns instantly. This reduces mental friction during high-stress moments.
Alerts are your autopilot. Use conditional alerts tied to price+volume or a custom Pine condition. Alerts that spam your phone are useless, so filter ruthlessly. If an alert doesn’t change your plan, delete it. My alerts are only for setups that meet three criteria: directional bias, structural level, and execution trigger. When that trio lines up, I’m paying attention—and often entering.
Backtesting is underrated. Backtest on multiple regimes. Don’t cherry-pick the good runs. Initially I thought a handful of winning trades proved robustness, but then realized survivorship bias was hiding failures. Actually, I re-ran tests across bull, bear, and sideways markets. That revealed how fragile some signals are—useful info that saved capital. Also: forward-test on a small size before scaling.
Risk management deserves a paragraph of its own. Define risk per trade clearly. Use position-sizing rules tied to volatility. ATR-based sizing works well for me because it adjusts to the market’s noise. Understand worst-case scenarios and plan stops around structure, not arbitrary percentages. If you protect capital first, the rest follows.
Order flow and tape reading are niche but helpful. They won’t be for everyone. On the right day, watching aggressive sells or buys consume liquidity tells you when institutions are on board. That said, tick data and footprints aren’t always available on mainstream platforms, so use them where you can, and otherwise rely on price and volume heuristics.
Pine Script changed how I work. I wrote small automations that highlight setups, not replace judgment. My scripts flag confluences, calculate compound position sizing, and log trades to a CSV. Automation removes busywork so I can stay focused. One caution: automated signals can create false confidence. Keep supervision in the loop; automation is an assistant, not a pilot.
Psychology is often the limiter. Recognize emotional triggers and trade rules that neutralize them. For me, a pre-trade checklist helps—if a trade doesn’t pass the checklist, I skip it. This avoids revenge trading and overtrading. Also: have days off. Markets are always there; you are not.
FAQ
What indicators should a new trader use?
Favor price-based tools: moving averages for trend, RSI for momentum, and volume for validation. Keep it simple at first—two to three tools max—then add complexity slowly as your edge becomes clear.
How do I test a new strategy reliably?
Backtest across different market regimes, then forward-test with small size or in a paper account. Track drawdowns, win rate, and expectancy. Iterate and repeat—don’t fall in love with a single backtest result.
Is TradingView good for serious traders?
Yes for charting, alerts, and scripting; it’s excellent for idea sharing and quick setups. For ultra-low-latency trade execution you might pair it with a broker or dedicated platform. Use the strengths where they count.