We’ve all seen the Wolf of Wall Street and have at one point or another, dreamed of making millions by trading stocks.
While MetaStock provides you with all the tools to capitalise on the market, it can be very scary trading with real life money.
If you want to make quick buck trading stocks, follow these parameters to find stocks that will be fruitful.
1. Create Your Own Indicators:
While the built-in indicators that come along with MetaStock provide sufficient information about the market, they can’t help you make significant profits as technical analysis evolve constantly!
Therefore, if you want to make profits when trading with MetaStock, you need to create your own indicators! Perhaps you’ve heard about a new indicator from your trading partners that guarantees profits and want to incorporate it to your trading strategy. This is where the indicator builder comes into play. This tool will enable you to create your own custom indicators that can help you capitalise on minute market changes to reap the benefits.
2. Stay In Line With Line Studies
Simply put, line studies help you interpret price and indicator movement. They are placed on charts to extract relevant information.
Vertical lines, trend lines, and Fibonacci arcs are all types of line studies. Every line study comes with its own unique set of parameters that you can access by pressing right click on it.
Line studies can be accessed from the Insert menu. They can be moved around and copied like price plots and indicators by the drag and drop technique, while your mouse click anchors the entire study.
3. Don’t Rely Solely on Just One Price Plot:
The biggest mistake most new traders make is relying completely on their favourite price plot. This is a grave mistake because these price plots can be misleading. MetaStock offers nine different ways of displaying these price plots.
Don’t rely solely on any one of the charts. They present a very narrow viewpoint into the market. Instead of focussing on just the Kagi or the Renko chart, it’s important for you to look at other charts before making any decision.
4. Get Professional Help:
If you still can’t make sense of the market, it’s time to bring in the professionals. MetaStock Australia offers one on one computer-based demonstration of the software so that you learn more. They also assist you in downloading and setting up the software so that the layout is optimised to your needs.
Get in touch with them today and start trading in stocks!