there are guys I know who make cash and then say they use this proprietary "edge" system. but, in reality, it was a great lucky trade. and then I know a firm that made good money 1 year in the last 9, but managed to not lose too much and raise tons more capital. they say they now have an "edge". and I even know a guy who bought 1,000 shares of GOOG after the IPO and sold near 200. he also sells books on trading and uses his GOOG trade a lot. the funny thing is the account was in his wife's name and he wanted to sell over and over and she made him wait. he doesn't tell many people that. and one last guy who lost 1 million on a trade and says he has an "edge" because he made 1 million trading as well. he never says his net is 0, just that he made 1 million.
I met a prop trader some time ago who traded a dark pool liquidity strategy offered by the firm, but she said the edge was dissolving and she approached those of us in the chat room for some pointers on TA-based trading.
What you saw was window dressing, so that when potential retail traders walked by or even entered the offices they were given the impression that money can be made using charts and price action, its the grand conspiracy, to send generation after generation to the market with TA, keeps the edge men in the know in the money!
trading is part art, part science, part art. if you are too deep looking for truth in an endless series of 1-Minute bars you are not seeing the forest for the trees. the phrase bar-by-bar should be banned. Psychology [where the Elliot wavers get it partially right]
Attached is the explanation you need. Use the A band chart and the Modrian Table from page 2 of the "contest" thread. sorry for the delay
Please spare us with all the self aggrandizing, it makes you sound silly at best.... "I know a guy" "I have a dozen friends who" "I am in a crowd of so and so" all the same nonsense.
Charts can be used as part of a complete trading program to describe or illustrate what has happened then to fit that into the overall plan to gain context. - just because you see charts doesn't mean decisions are being made because of them. The price action TA traders claim all you need is a chart to profit in the market--- this is not true and dangerous thinking----- charts alone are deceptive --- Beware of those who claim otherwise and that all they use is a chart and money management.
No, not impossible. Heck, astrologers can make profits --- my point is no edge is gained by using just a chart to trade. And In fact, charts are detrimental when used alone, Markets are way too complex to allow profits from supposed repeating patterns again and again.