Getting Started with Autochartist

One of the most common problems traders have is a very simple one: having time to sit down, analyse the markets and find trading opportunities. That’s where you need to have good tools to help you. And Autochartist is one of the most useful tools you can have in your trading toolkit.

Autochartist does the hard work for you. It automatically scans the markets and finds the best trading opportunities. It works fast and simplifies your day.

When you start trading you  might feel like you need to take control of every small detail.  But, let’s face it, it’s 2019. We have the technology. It’s time to let the software do the hard work so you can focus on other things like trade execution, money management and, well, life!

Types of technical signals Autochartist provides

Autochartist provides you with a full range of technical signals, so it works for all levels of trader.

If you’re just starting out on your trading journey, Autochartist is one of the best ways to begin understanding all the different kinds of technical chart patterns and, more importantly, the strategy on how to trade each signal.

Here’s a list of the main signals you can receive through Autochartist.

  • Chart Patterns such as ascending and descending triangles, head and shoulders, wedges, pennants and channels
  • Key Levels around support and resistance levels to help you can plan your stops
  • Fibonacci retracements, Extensions and – one of our favourites – the Butterfly pattern.

As well as finding chart patterns, there’s an in-built risk calculator tool and a volatility analysis tool to help optimise your stop loss and take profit levels.

Before technology like Autochartist came along, you would have had to spend months reading a book like ‘Encyclopedia of Chart Patterns’ which, at 672 pages, would probably take you a few months. Then you’d need to come up with a trading system and spend hours every day searching for new signals.

Autochartist removes that whole problem. It automatically finds your trade opportunities, in real time.

How to get started with Autochartist

Once you’ve opened your live trading account, it’s easy to get started with Autochartist – just follow these simple steps:

1. Open Autochartist as an MT4 plugin or through web based access.

• Download the MT4 plugin here.

• For web-based access, you must first install the MT4 plugin above. Once that’s done, go to http://app.autochartist.com/otp/ to enter your unique One Time Pin (OTP) code (you can get this code by clicking ‘Where do I get a one-time pin?’ link at the above link, or follow the instructions in the video below)

2. Once you’ve downloaded the executable file and applied the plugin to your MT4 account, you’ll see it appear in your Navigator window under the ‘Expert Advisors’ folder.

 

3. Click and drag it over any open chart.

4. The main Autochartist alert window will appear and you’ll see all the various patterns across each instrument that Autochartist has identified.

5. Click on the View button on any pattern to dive into the full trade setup and information about each pattern.

Handy links:

1. You can download MT4 plugin and read the Installation guide here.
2. To access the Autochartist web-based application, click this link.
3. Access the Autochartist manual here.
4. Watch a video manual on Autochartist here.

Getting started with Autochartist as a new trader

Autochartist should be used as a tool to help you follow your existing trading plan. Here are some basic guidelines to help you incorporate Autochartist into your daily analysis routine.

1. Get active by installing Autochartist and looking over as many trading signals as you can.
2. Find your preferred trading setup, starting with one of the many signals provided. For example, you might want to focus on Ascending Triangles.
3. Define your risk parameters and work out how much you’re willing to risk on each trade in your live account.
4. Start taking each signal as they appear.

Your initial goal is to risk a small amount on each trade, just so you’re in the market and executing trades. This will build familiarity and confidence around each signal.

Next, get into the mindset of testing each signal for a minimum of 20-30 live trades. The reason for this is you want to get a large enough sample size that removes the chance for hot streaks or losing periods.

Keep a trading diary on each of the completed trades, including your thoughts on entry and exit. This diary will help narrow your focus towards the signals that resonate the most with your trading style and timeframe.


Ready to go live with Autochartist? Click here to download the Autochartist MT4 plugin and get started today.

Don’t have an account yet? Open a free account with AxiTrader to access the world’s top trading products and award winning service.

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