Actually, this guy thinks charts are mostly crap and laughs at people who's painting on them. I couldn't trade without a chart though. Regarding psychology, he thinks it's basically an excuse for not having a trading plan or market understanding and I fully agree. If you had a system, with 100% objective rules that's running almost automatic and mechanically with a (very) positive expetancy, you would NEVER give it away on ET. I dare say this approach is a level above drawing straight lines and scratching failed trend line breaks.
Few would. But then not many understand the concept of leaving something behind. Or they do but think it's nonsense.
Look I'm a scalper. I could've held my initial long trade until the end of the day and had one winning trade. But then on days without a nicely defined trend I'd make nothing or lose money. I scalp small intraday price swings based on favorable odds of a scalpable move based on intensive research of price action patterns in varying environments. That works for me, it's comfortable for me, it's easy for me to focus on one instrument especially when that instrument offers so many opportunities each day. Take the breakout pullback setup and put it to the test with various methods of entry/management. Also take the 1-min strong trend continuation setup I illustrated in the first three charts posted on my "Difficult" thread and study that in strong trending conditions. http://www.elitetrader.com/vb/showthread.php?t=281746 If you find something of value, see if you have the mental fortitude to trade it day after day. If you do, you're day trading material; if you don't, you're not. If you find nothing of value, look elsewhere. I don't think there's much else I can add to these conversations.
Charts are graphic illustrations of numerical data. Whether you have a computer crunch it for you and trade based on the patterns or whether you learn to see the patterns with your eyes and trade manually seems irrelevant to me.