Daytrading based soley on technicals in nyse is stupid...

Discussion in 'Trading' started by Spxdes, Nov 1, 2005.

  1. Spxdes


    After all of my researching and studies, I have come to the conclusion that technical indicators in nyse stocks simply do not work. Tape reading and price action is the ONLY way to go. I have looked at nearly everything...RSI, ADX/DM, stochastics, MA crossover systems, money flow, etc.
    Am I right?? Does anyone have a profitable system that doesnt involve strict tape reading in nyse stocks??? No! I am sticking with the price action...

  2. Check Spydertraders threads.
  3. Plenty of ppl trade NYSE strictly by charts, news and/or sector action. They may or may not ignore the tape.

    As NYSE becomes more and more electronic, tape reading becomes less and less useful. Even now on many stocks it matters little what order flow the specialist has cause most of the orders are going through SDOT & Arca.
  4. To me, TA works great and tapereading s*cks.

    Conclusion: the only thing that works is what works for YOU. If you make great returns by watching the moon, just watch the moon.
    I also ask myself often when something doesn't work: is the system bad or am i too stupid to work with it? Too often people blame the system, while in reality they should blame themselves.
  5. Whoever told you that technicals is about indicators?
  6. Bingo.

    I guess he forgot or didn't know that technical analysis is much more than just indicators.

  7. You must be right, you have looked at nearly everything.
    Thanks for the laughter.
  8. lately


    I have come to the conclusion that people with one post who come to troll and proclaim that a widely used method does not work usually don't have the slightest clue as to what they're talking about.

    Technical=not just indicators.
  9. no, it's all about crystals and the tao.

  10. ifinitis


    #10     Nov 2, 2005