Drawing lines on charts... sounds pretty simple right? In fact it is. However, I've found this to be one of the most helpful methods with keeping me in check especially since I'm still a newer trader.
Up to now I've been basically drawing mental chart lines in my head rather than seeing them on a screen. I believe seeing the physical line in front of you whether it be support, resistance, trend, etc, is really important and helps with discipline. It makes it easier especially when planning trades out a night before. Next morning you wake up, check whatever stock you saved and boom, you know exactly the game plan already with the pre-drawn out lines.
When I traded $MRNA earlier today I had a great initial trade followed by a follow up small loss. Big reason is that the first trade I followed my pre-drawn out lines. The second follow up trade was all emotion ignoring any lines/plan; simple as that.
Yes, it takes extra time to draw out lines with charting but it's completely worth it. Take the time to identify key levels, mark them, and make a plan around them. There are no shortcuts.
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