Chart Colours - Psychology

Discussion in 'Trading Psychology' started by prophetable, Feb 26, 2015.

  1. prophetable

    prophetable Forum Newbie

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    Im a changed man!

    After 5 years of using Green/Red, Blue/Red combos of candle colours i've watched a few videos from Denise Shull (pretty much THE trading psyche expert) and have changed my colours!
    RED is pretty much the worst candle colour out there and play havoc with your mind after long periods.

    Man it takes some getting used to but i would like to encourage all to check out the effects that colours may have in your subconscious and on your trading.
    I always thought that trading is mainly technique/methods/control - but he more i experience this game the more i realise that trader Psychology is vastly under explored and has a genuine bottom line effect on your profitability.
    Anyway do a search and you will find there are free vids that you can watch from Denise Shull - do yourself a favour and check some of them out.

    Cheers
    Matt aka Prophetable.
     
  2. TheForexGuy

    TheForexGuy Forex Mentor

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    Thanks Matt.

    I know colors are a big factor in website design, if a websites color is dominant with red it subconsciously screams danger to the viewer and scares them away.

    So what chart colors have you decided to roll with?
     
  3. prophetable

    prophetable Forum Newbie

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    Gday Dale.
    Well according to the experts Green stimulates and blue calms. This may be a double edged sword though.

    Im currently trialling a pale light blue for bullish and a darker mid blue for bearish.
    But there may actually be some downsides to using all blue. I'll give it a go for a while.
    One thing i fully agree on is the use of bright red candles. Really draining on the mental faculties after a day at the charts.
    I wasnt sure if linking was allowed - but wanted to find those vids i mentioned so that people could watch them if they were interested?
    Must be me getting old mate - when i was a young buck i couldnt give a stuff about this sort of thing. However i've matured a tad now and can see the importance of trading psychology.
    I like that you have a Psychology section in the forum - I'd like to see more posted in it.

    There's a whole new frontier happening in this field.
    Emotions - used to be the bane of traders but now they are very much being harnessed to make traders lives easier and more profitable.

    Snapshot of my charts now:
    GBPUSDH4.png

    Cheers
     
    #3 prophetable, Feb 26, 2015
    Last edited by a moderator: Feb 26, 2015
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  4. TheForexGuy

    TheForexGuy Forex Mentor

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    Please feel free to post any helpful resources like that video. I would be interested to what they have to say.
     
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  5. erebus

    erebus TFG Forum Legend

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    for relaxing trading I use this
    :cool: relax.png
     
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  6. TheForexGuy

    TheForexGuy Forex Mentor

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    ^
    50 shades of grey ;)
     
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  7. prophetable

    prophetable Forum Newbie

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    Haha!
    Nice one guys.
    Thats actually quite a mellow scheme Erebus.

    I will find the video where Denise Shull goes through emotions and also mentions the chart colours.
    Now - contrary to the old opinions of trading without emotions (suppressing all feelings) she recommends that emotions are a traders best friend and helps profitability big time. BUT - its how we use them properly that counts.
    E.g. we should vocalise our feelings out loud and talk ourselves through our thoughts before acting. "Price is moving down strongly and about to hit my stoploss. This is contrary to why i entered the trade in the first place and the initial price setup now doesnt exist. This will lose 1% of my account but its a good trade and i'll be ready for the next one" - instead of moving your stop further away to "see" if it reverses etc etc.
    There a heap of stuff on this blog:


    "The rethink group" : https://therethinkgroup.net/our-thoughts/psych-capital-blog/

    I loved this piece on Nailing better Exits: https://therethinkgroup.net/nailing-better-trade-exits/

    Denise Shull Interview : How Emotions can be a Traders Best Friend :


    Cheers
     
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  8. robert

    robert Forum Newbie

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    Hi, I'm currently reading:

    Rande Howell - Mindfull Trading. Mastering Your Emotions and the Inner Game

    I hope it helps with my trade management!
     
  9. craigus

    craigus Forum Newbie

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    Rande Howell is rally amzing eh Robert?
     
  10. robert

    robert Forum Newbie

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    Yeah, I'm still studying and practicing. The last couple chapters are the useful parts.
     
  11. james.kensington

    james.kensington Forum Newbie

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    Hi All

    I have been trialing different colour schemes.


    1: Black and White (Simple) - I find this scheme to be easiest to interpret data and I feel neutral on market movements :cool:





    Number 1.PNG

    2: Red and Blue (Industry Standard) - I find this scheme makes me on edge allot especially the red I tend to be more sharper on my decisions

    Number 2.PNG Number 3.PNG


    3: Dodger Blue & Medium Turquoise (Chilled) - This one is my favourite makes me feel relaxed and chilled.. I have started using this one of late and loving it. . I was going to upload the template files however .tpl uploads are not on the acceptable list.

    Number 1 & 3 are my favorites

    Thanks Prophetable, im finding the more relaxed theme to actually make me feel at ease :) .. Being an experienced trader myself I agree 100% on the psychology side . Trading is Holistic on many levels.
     
  12. tjenarvi

    tjenarvi TFG Forum Junkie

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    I am using black and white, and I feel it made me trade better a lot compare to my last color theme....
     
  13. mang_ncep

    mang_ncep Forum Newbie

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    I was quite cautious when I approached FXB Trading and I was doubtful of achieving quality results; All I can say now is that my fears were totally unfounded as joining them is one of the best things that has happened as it has made trading very easy for me. Its platform, which is color coordinated, has given me all the essential information I required for predicting and indicating different currency pairs.
     

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