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Intro to Charting

What are charts?

  • Charts show past and present prices of Markets

Why are Charts so Important?

  • Taking trades without Charts means you are trading off of emotion, third-party news/data or suggestions which is risky & could end up burning you in the end.
  • Charts allow us to create our own technical analysis of the market and decide whether there are opportunities to enter or exit the market.

Where can you chart?

  • There are plenty of platforms where you can chart. Many brokers offer software or platforms to chart on. There are many options available for those that don’t chart within their brokerage platform.
  • The most important thing to remember when deciding where to chart is to pick a charting platform that will be giving you accurate data or data that is as close to or identical to your broker’s data. You can easily tell if you are using delayed data on your chart if your pricing for a market is different from your broker's pricing.

Types of Candles

  • There are a lot of different types of candles.
    • Generally, there are Bars, Candles, Hollow Candles, Heikin Ashi, Line, Are, and Baseline.
  • The most popular type of charts are Candles or Heikin Ashi.
  • Note: Regular Candles show actual pricing. Heikin Ashi shows average pricing which means it won’t show actual prices so that your candles are easier to read.
We suggest using regular candles if you’re a beginner.