Thought it might be interesting to hear what people have to say, especially about their motivation to either change something or not.
How often do you do it?
Do you change your charts all the time and try out new indicators by the dozen, or do you rather keep what you have and know and give everyone a good slap on the wrist if they want to touch your charts?
When was the last time you changed anything?
I personally am not changing my charts often at all, I think it's months ago that I last changed anything....I feel that I need my habitat to be unchanged so to say. And I doubt that any changes I could do now would have a positive influence on my P&L, any change would likely make me feel a little less easy so changing too much might be a good script for my next nightmare...
Hic Rhodos, hic salta.
The following user says Thank You to vvhg for this post:
I do not change my charts often but i like to explore different visual representations when i have time. In fact, i have not changed anything since a long time ago except for the volume tools i am now using (Rancho Dinero profiling tools). Curiously, my most profitable addition was the use of a point and figure chart (Richard Todd's free version) which i think works well with Market Profile in that it shows the phenomenon of expansion/contraction in a very direct and compact way. Most of my entries are now identified on this chart type. I also like to follow what this company (WindoTrader Corporation > Home) is cooking up in his lab given the importance they give to the visual aspect of trading ("Your View, Your Way, Your Edge" is their main slogan).
The following 2 users say Thank You to trendisyourfriend for this post:
My price panel stays pretty consistent with MP and one MA. I enjoy learning programming, but was finding myself "testing" my latest creation too often. I made a commitment to not change my chart for a month and see how it turns out. I realized there were only a couple indicators that added to my trading- MP with VWAP, and a simple volume and delta volume indicator. I keep an MA on my chart because it helps me see price action better. I don't use it for a cross or slope or any other "signal", just for visual. Honestly I was looking for the best signal, instead of learning price action. Now I just look at PASR, TL, and different aspects of volume.
The following user says Thank You to Xav1029 for this post:
I think I've had about three or four distinctly different charts in the last 4 years or so. In each case, the revision has been far simpler than its predecessor and also a bigger time frame. It is suiting me well.
I went from having many panel 1 indicators, and two or three panel 2/panel 3 indicators on small range bar charts to having fewer of both on 5 minute charts, and now basically no indicators in panel 1 and just RSI in panel 2, on 100k vol (roughly 60m chart for ES) as my smallest, 500k for second smallest, and daily profile chart.
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Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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The following 2 users say Thank You to Big Mike for this post: