But then an exchange needs business to make money. I the majority of human traders leave because the casino won't allow any winning bets it will then full of algos which probably means an end to the exchange. Speed anyway is not an issue for many day-traders. Speed always assumes you'll be too late but what about if being late is often an advantage? For example, trader A has the quickest execution on the planet, puts a market order in to buy and gets filled at 1.5501, for trader B it takes 3 secs to put the order in but he gets filled at 1.5500 because in that 3 sec time period the market has moved lower. Yes, the opposite could also happen but speed is overrated in my opinion, I don't give a shit about it as long as it's within a few secs. If a discretionary trader relies on speed to make money they don't really have a good trading strategy in my opinion because there will always be 10,001 people with faster speed than them.
If you spent the time and effort learning how to read charts that you do in arguing against their efficacy, you might actually develop into a trader.
You don't understand what hes' doing when you said... I have come to similar conclusions from experience as Grimes did quantitatively, that everything on a chart is random and most discretionary day trading success can be reduced to chance, risk management, psychological awareness and speed of execution. Actually, he states elsewhere at the same blog that he has found very simple patterns that are useful in actual trading. He goes on to say that a trader that can "read and analyze these patterns can quickly drill down to the essential elements of the market...the best patterns often pretty ugly, but they fall in beautiful spots in the market structure". Simply, Grime does not share your sentiment that everything on a chart is random. Thus, he stating SOME things on a chart is random and he uses support/resistance as an example of one of those SOME things. In contrast, you believe EVERYTHING on a chart is random. Further, Grime gives specific examples of how to better use chart analysis to look for profitable opportunities. I find it all ironic that YOU in other threads are very good in attacking educators that sells books, does webinars/podcasts and offers other fee-base services. Yet, you choose an educator that does all of that to try to support your belief about technical analysis. My point, he's still an educator and he does not share your beliefs that everything on charts is random and many educators do talk about random theory in the markets and so do traders. They just don't make it a big topic in their books, forum messages, seminars or whatever. Heck, I've even seen some of this forum's biggest TA users talk about random theory...they just aren't a believer in it or they believe "sometimes" the markets are random and those other times when its not random...the markets can be exploited. By the way, can't you find someone that's not selling any books and actually believes ALL of technical analysis is random instead of you using educators that sell books and that only believes SOME things in technical analysis is random ? P.S. A few years back I purchased Grimes book called "The Art and Science of Technical Analysis: Market Structure, Price Action and Trading Strategies. I highly recommend you read it...its a good read although some accuse him of getting his TA information from the strong believer in TA by the name of Linda Raschke.
Road will be long for you for profitability. Example of a short trade live right now. We are @4393 for NQM5. Resistance is clear in red. Support is clear in green. You can short right now NQM5 (double negative divergence). And short again (pyramid) if it goes below 4369. Stop loss @ 4412. This is trading with S/R and indicators. CM
what are the support and resistance? those are the areas of market exhaustions yes, they are random in a sense that we do not know in advance when and where they will develop or will be broken ( although there usually are signs of their impending development or breakage) but they can and should be used upon development, for sure
I am logging off for good and deleting all trading software / investment accounts, thanks for the encouragement. Hopefully others will carry on the tradition of warning others of the extreme hazards of day trading and exposing deception even at personal risk of abuse. It may appear that I am the only one who finds day trading to be exceedingly difficult and life-destroying for discretionary traders and that I am therefore a troll. To this I respond that losers tend to prefer not to be seen, the lack of many people on here agreeing with my statements does not mean my statements are false or just designed to illicit a cheap response, I have received numerous PMs from folks who were misled by gurus and shared my experience but chose not want to share it publicly.
Nobody ever claimed trading success is "easy". But those who claim it's impossible (especially regarding TA) are wrong.