Visual Chart Trading

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A Practical Guide to Visual Chart Trading
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Making money in the market isnt easy. So much
of human nature is geared to poor trading habits
that it is difficult to overcome the challenges
to being a good trader. Using a visual chart
trading tool on the Metatrader 4 platform to
confirm Forex chart patterns, it serves as a
verification signal tools as well as an alert
tool, informing the trader about an upcoming
trade opportunity.
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Visual Charting Tools

• make trading less subjective and more
  systematic process.
• has help traders in many ways of automation and
  making better trade decisions which are keys to
  higher trading performance.

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Visual Chart Trading Tool Sets the Forex Trader
for Good Trading Habits
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1. Dont Enter a Trade in the First 30 Minutes of
the Day.
Specifying the time at which to accept a trade
signal and refuse trade signals outside of the
specified time can now be automated with the
visual chart trading tool. We use it to define
our market trading hours while leaving the work
of placing trade entries or refuse trade entries
to be carried out by the software.
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2. Pay a Good Price
When technical analysis research is performed on
the charts, the trader can identify a good price
which constitutes an attractive buying
opportunity. However for most of us, we may not
have the luxury to stay at the computer and wait
for price to reach the levels which constitutes a
good bargain. Hence, we use the visual charting
tools to draw a line at the bargain price points.
If price was to reach the specified levels, the
charting tool will place a buy or sell entry
automatically on the traders behalf. This
process ensures that we do not chase the market
after a signal was missed or miss anymore
attractive entry opportunities due to not having
the time to trade in front of computer.
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3. Trade Only Based on Completed Chart Patterns
Patterns do not form overnight. They take weeks
or even months to form. It is very tempting to
enter a trade based on the supposition that a
pattern will complete. Thus, it is very tempting
for a trader to get into a trade early on the
presumption that the forming patterns may
eventually formed what the traders has first
perceived to be. In order words, he wants to
beat the crowd before they realize the pattern
has broken. However, an incomplete pattern isnt
a pattern at all. Pulling the trigger or getting
into a trade too early may backfire many times
that it simply doesnt become worthwhile for the
risk to profits. We use the special visual
chart trading MT4 tool to draw a line at those
critical levels. And when these levels are broken
or bar closed beyond these levels, software will
alert us and should we programmed it to make an
automated entry will they then performed the
instructions as described.
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4. Always Trade with an Exit Plan
An initial stop loss must be in place at all
times during a trade. This is a safety net for
Forex trader in a 24 hour market where any events
may impact our positions in a short span of time.
An exit plan is either being stopped out or trade
has hit its targeted price. Although MT4 has
basic features of placing stop loss and take
profit levels, its function is extremely basic
where only horizontal targeted exit prices can be
specified. The visual chart trading tool allow us
to simply draw any line with any gradient or
slope, when price break or touch the pre-drawn
line, will warrant a trade exit. This way of
placing your exit provided more flexibility to a
channel-based forms of trading. And we can easily
introduced multiple scaled out exits or partial
close lines to close position partially overtime
when market break each of these drawn lines.
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