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How to Relieve the Strain of Chart Analysis with Trade Alerts

Posted by Tradeguider Team on Nov 27, 2020 3:06:09 PM
Tradeguider Team

Wyckoff-vsa-volume-spread-analysis

One of the occupational hazards of being a trader is the risk of missing trading opportunities that happen on one chart because we are looking at another.

There is a limit to how many charts a person can monitor at any one time. It’s a visual and mental strain to keep tabs on multiple charts for multiple investments.

Read on to find out how automated trade alerts can help you be a more profitable trader.

 

Chart Analysis is Time Consuming

Whether you are a professional trader or a hobbyist, you can easily spend the majority of your trading time focused on tracking movements on the charts and searching for trade entry points. Traders often spend 80% of their time doing chart analysis and just 20% managing their trades.

Keeping tabs on an asset in all time frames can be complex and it is easy to miss a move developing on one chart because you were looking elsewhere at that moment.

It's hard to do it well on the scale that's needed

Looking for particular parameters to show up on one chart is one thing. Looking for them to show up on multiple time frames across multiple charts is another. Looking for that to happen for multiple asset classes is yet another. This is not something a human being is particularly good at.

On the other hand smart trader software can monitor and analyse conditions for particular signals on multiple charts in parallel very efficiently – as this blog makes clear.

Trading software also does probability analysis well enabling possible trade setups to be evaluated for their likelihood of success. In this way the system only alerts the trader when it has found something worth looking at. And if that trader follows the rules laid out in the instructions, they typically will have a 70% success rate.

 

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Trade alerts for the Middle East market on a desktop

 

Free up your time, even if you don't use VSA

Setting up a system that does this frees you up to work on the other key elements of your trading: looking at your trading journal, getting your mindset on point, researching and learning about your chosen methodology or asset class and of course managing your trades.

Tradeguider’s trade alerts can be delivered to your mobile so that even when you are away from your trading station, you will know that something of interest is developing.  You will be able to get back to your trading platform in time though -  the alerts aren’t trading signals that happen immediately but are about future trades.

 

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Trade alerts to your mobile

 

Use these alerts whatever your methodology

‘If you don't want to learn VSA,’ says Grigory Margolin, CTO at Tradeguider, ‘you can still use our services like these trade alerts and stock scanning. Adjust them to your style and methodology which will help you to trade.  And you are very welcome to ask us questions about them too’.

 

Rules-based strategies come with the service

But if you are a Wyckoff VSA trader (and Grigory advises that if you really want to make money in the markets you do investigate this option), the trading process is made much easier by the rules-based strategy included with the alerts. We give you all the guidance you need, suggest entry points, profit targets, stop loss levels and risk/reward ratios.

All you’ve got to do is to make sure the way the chart is performing matches the pattern outlined in the instruction manual and then act accordingly.

But because you are analysing the chart according to Wyckoff Volume Spread Analysis (VSA), you can have that confidence that your trades are based on the most important thing: the movements of the smart money professionals as indicated by the way the volume of trades, the spread of the price bars and the closing price interact.

Patience still required

So you've got your alert and you sit down to look at the chart.  You might  still need to wait for the price to come up or down to the entry point as dictated by the structure in your strategy. You might find that the chart is moving in the opposite direction than expected and you'll need to wait either for the price to come to the suggested open level or for the cancellation conditions to take place.

Patience is still required, even with smart trading software.

 

Summary: More profitable professionals, newbies up and running more quickly

Our stock, FOREX and futures alerts identify high-probability trade setups so that the professional trader can increase their productivity, and the new trader can find it easier to start trading, with this helping hand.

more on our automated trade alerts


Tradeguider is the home of Wyckoff Volume Spread Analysis (VSA). We have been offering them for futures and FOREX for a few years now but  recently added alerts for the stock market Tradeguider's trade alerts come with a full user manual and covers time frames from daily to 1 minute charts, giving you suggested entry prices, profit targets, stop losses and risk/reward ratios. Watch this video for a full introduction to the trade alert service. 

Topics: Real-life trading, SMART technology, Automation in trading

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