Charts, How To Read Them??

[Smoothice]

Ok I am a complete noob and I have been doing alot of reading over the last week or so but it seems that as soon as I get to anything good I utterly over my head, I don't know what I am looking at. Basically what I am looking for a ebook or webrefernce that will help me to start to understand charts and all of the different indicators. I don't know if this exsists without haveing to take a course or to buy books but I am sure hoping so because at this time I do not have the funds to do that. I am trying to learn as much as I can until such time as I have money to invest. If anyone can point me in the right direction that would be greatly appreicated.

Aaron

[Mr 50%]

Start with the chart on its own, with no indicators.

Get a book on price patterns, which should also include stuff on dow theory, and while your reading the book, start tracking a chart say 15min time frame, read the chart in real-time, and I MEAN READ it. Try to anticipate patterns as the develop in real-time. Try to get a feel for the market and the way it behaves, i.e. its different phases, and what they mean to the subsquent trends.

You don't need any indicators, especially if your a beginner, as you have already experienced you will not be able to take it all in !The last thing you want to be watching is a spagheti western chart with multiple lines and indicators drawn all over it.

Chart reading is a skill you acquire with experience, theres no short-cut, and a few good books will help you understand the main patterns better.

[Fas]

Hi Aaron.

Check out
http://www.trade2win.com/ . You will find everything you need to learn on that forum.

Also have a look at
http://www.spytrdr.com/charts/ .They have a huge library of e-books on trading. You will need to register on the forum and donate $22 to access all the e-books. In my opinion its worth it.

Good Luck
Fas

[ultra7]

Hi

Charts? --- there are several kinds - line, bar, candles, etc. Which one? Why dont you start with the most common - the candles.

http://www.candlestickshop.com/glossary/index.html
http://www.rightline.net/charts/candlestick.html

I printed the glossary out, some charts and track them to learn fundamental indications of support/resistance.

Indicators -- there are many. You can try learning in alphabetical order, if you wish.

There was a popular book called Technical Analysis from A to Z by Steven Achelis.
You can read for free here:
[url=http://www.equis.com/Education/TAAZ/]

I followed up later with coding and customising them in MetaTrader. IMO, there is no use you learn indicators without knowing 3 things:

1) Their mathematical formula
2) The codes structure in your platforms
3) Customisation and control of variables on the 9 time-frames.

Just my own opinion.


ultra7

[elmagd2000]

Nice references Fas and Ultra7

[SeanB]

Another good technical book is "how charts can help you in the stock market" by William L. Jiler.

[Smoothice]

Thanx alot for all your replies. If anyone has any other ideas or suggestions they are all welcome, I want to read as much as I can on the subject, that is the only way to get ahead here as I do not have alot of money to loose, I have some but would if at all possible have a good stratagy going in so I don't loose it all. If any has any free ebooks or good websites as well for anything forex learning they would all come in handy and would be greatly appreciated.

Aaron

[ultra7]

Smootice

Like you, I dont have money, especially money to buy books. I had practically grabbed anything I can read for free, and theres some here also. (like eg. the Intro to Stop Looses Are For Sissies, which is very entertaining, i find).

But this not my point in this reply, telling you to read free books or sites.

My point is to ask you whether had you sign for a demo. If you had not done so, i can only suggest that jump in for a demo account asap. Believe me, you will not regret and your learning curve, +study plan, becomes crystal clear.

Even by reading the manuals of the platform I discover things I never knew.

Take for eg. VT. I read that rollovers may accumalate approx. 3 times by Wednesday, resulting in interest rising 3 times as much accumualte over weekend but wasnt exercised on Monday - and I can possibly have a strategy worked out to gain advantage of this. In all the websites and books I have read, I never had come across this piece of info but coming from VT user manual.

Good luck and enjoy the journey.


ultra7