http://www.elitetrader.com/vb/newreply.php?s=&action=newreply&postid=2583329 Of course this is as of Tues 3:42. Tomorrow does bring another day and another "asset" class. If we had a stamp or coin section here on this board, you bet your ass he would be trading those in "real time" as well.
Quote from Kassz007: Slapping an RSI under your price chart and selling when the line crosses into overbought will not make you money. true. Too many twnds of thousands+ newbie traders usually start this way and fail. If that easy, all the investment banks and hedge funds would be doing this. Knowing and understanding proper TA and how to use it will make you money. Maybe. Any profitable method STILL has to show some kind of predicable outperformance effect on the instrument being traded. If traders stopped using things like this based on belief, opinion, intuition or feel, and instead, learned to backtest their concept over a long time and then live walkforward test it over a sufficient time period, they would either see it has no value, or perhaps is worth further consideration. Too many traders read about something like MACD, and somehow think it must automatically work.
Indeed. Which is why the 90%+ of traders fail statistics that people throw around are bogus. That statistic may or may not be true, but even if it's true, it doesn't mean anything. You have Joe Blow come into the market and sell everytime his RSI says overbought. Shockingly, Joe Blow blows out his account in a month and quits. He's considered a failed trader. Does this mean that most traders CAN'T win? Or that most traders won't put in the necessary work to win?
gary, Charts are not random, on any instrument or timeframe, u see, theres all the different players on all the different tfs...... and of all those different players some are weak and some are strong..
not that I dont believe money can be made intraday trading fx, but can you briefly explain how, without benefit of hindsight, you know which of the 100 different patterns each fx pair will respect next? There are a lot of ways to make money but I think your explanation does not really support such claim. Sure, I can look back and draw all kinds of angles, circles, and what have you, but none of those patterns may repeat itself again in the same month or even year.