How Long Do I Take To Analyse a Chart?

As I still have a full time job, having the time to stare at the charts all day is a luxury that I do not have so need to make the most of my time after work to plan out and execute any trades for the day.

I will start off opening TradingView and begin filtering through my favorite list of cryptocurrency coins that I'm watching or actively trading. I have found that starting off on the DAILY charts provides a great to overview of the overall trend before looking at the intraday chart.

Essentially, I will look at each chart for no more than 2 minutes. The plan here is two quickly identify a trade setup within my trading rules.

If there are no obvious trade set ups (i.e. break-out patterns forming) that immediately jump out, there is probably nothing worth risking my capital on so I will move onto the next coin in the list.

I have found that the longer I sit there looking at the same coin on the intraday charts, the more likely it is I will convince myself there is a setup and before you know it, I've just FOMO'd and entered into a silly trade. The temptation to always be in a trade will drive you crazy by over-trading, which is how I have previously lost money.

Sometimes, the best trade is to just sit on your hands and preserve capital. When a high probability trade set up with an excellent risk to reward ratio presents, I will be able to execute a trade with a larger position size, based on my risk appetite of course.

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