Getting the Most Out of FreeStockCharts When You Start Trading
FreeStockCharts.com is a free website that provides real-time price charts on a wide array of assets. I used to use these charts a lot, for basic research and as a backup charting platform in case my main one went down. Since about 2015, FreeStockCharts has not kept up with the times. As of December 2017, it is only available for use on Internet Explorer (IE) and Safari, which means anyone who uses a different web browser can’t access it. Hopefully, in the future, the parent company, Worden Brothers, will once again make the charts available on more web browsers.
For those that do use IE or Safari, and IE users are dwindling since the introduction of the new Edge browser which replaced IE, FreeStockCharts is still available. Below is a brief introduction to the basic features, and video on how to use the charts.
I no longer use FreeStockCharts in any capacity, although I did use the site for many years pre-2015. Instead, I recommend using TradingView.com. Tradingview offers free real-time charts on more assets, as well a social network where you can share ideas with other traders and follow traders you like (my profile and published trade ideas here). TradingView also has more features and provides charts on way more assets. While much of the functionality on TradingView is free, I do pay a monthly subscription for some upgraded features.
Introduction to Using FreeStockCharts.Com
Free charts can be used as a substitute if you don’t really like the charts available from your broker. Free charts can also serve as a backup data feed in case your main charts aren’t functioning. New traders can also use free charts to work on strategies before ever even opening a demo or real money account.
In my Forex Strategies Guide For Day and Swing Traders eBook, I recommend that traders read through the strategies covered and then look for trades on the charts. This is the first step to learning a strategy. Look at past price movements and spot where the trades would have been. Mark the entry point, the stop loss level, and where profits would have been taken. Then, start watching the price moves that are happening right now. Do the same thing, picking out the entry, stop loss, and profit target levels.
Once comfortable with finding trades in this very relaxed way, move on to placing trades a demo account. Once successful at that, and showing a profit over several months, then consider opening a real money account. In other words, free charts are a great way to start building a skill set and strategy repertoire without ever risking a cent or even having to open an account. But back to FreeStockCharts…
The video below discusses some of the primary features of the software, and I provide some trading tips and ways to practice along the way. Here is a brief list of some of the features.
- The site offers intra-day charts, such as one, five, 10 and 15-minutes charts. There are a wide array of drawing tools including Fibonacci retracements, and common indicators like the RSI and MACD.
- Scan for assets that meet specific criteria.
- Create portfolios.
- Save different chart layouts.
- Compare the price movements of assets to each other, on the same chart or side-by-side.
- Create alerts for when the price of an asset does something specific you want to know about.
- See real-time forex prices, real-time BATS prices on US stocks, and delayed prices for Canadian stocks.
- No pop-up ads, but there is a permanent ad along the side of the chart.
- Only available on Internet Explorer and Safari browsers, as of 2017.
Getting the Most Out of FreeStockCharts
Whether you use FreeStockCharts or not, it is worth watching the video as you may learn of common chart features you weren’t aware of. Most charting platforms, including TradingView which is also free, provide similar tools to those discussed in the video.
This video was originally recorded in 2014 (by an earlier version of myself not as experienced at making videos), but is still relevant today.
In the video, I missed saying a word when I talk about Log and Arithmetic charts. For clarification, I’m saying the move from 2.50 to 5 is the same as a move from 60 to 120 on a Log chart because they are both the same percentage move. On the Arithmetic chart, these moves will look very different because the arithmetic chart has a fixed price scale, whereas the Log chart adapts the price scale to percentage moves.
In the video, I also state that I don’t usually hold trades for longer than a few weeks. That is no longer true. I hold a number of long-term investments and in addition to day trading and short-term swing trading, I also take longer-term swing trades that often last a few months.
In the video, I also state that I go through about 20 forex pairs to look for trading opportunities. Since this video was released, I have begun trading a lot more pairs. As of 2017, I watch for forex trades in about 50 different pairs.
I actively trade forex and stocks, and some futures/commodities as well. All are great markets, and with free software like this it is easy for anyone to start learning and developing a skill set.
If you are interested in learning a complete method of swing trading stocks, including how to find trades, how to manage risk, where to enter, and where to exit, then check out my Stock Market Swing Trading Video Course. More than 12 hours of video show you how to swing trade efficiently and profitably, in about 20 minutes per day.
By Cory Mitchell, CMT
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How to Screen For Strongest Stocks in Strongest Sectors (video) – Swing Trading : How to use free scanners and sites to find the hottest stocks to buy or the weakest to sell. As well as how to filter them so you only end up with the stocks that match your desired criteria and suit your strategy.