I'll look at charts but I don't need them to trade. Just let the computer crunch the numbers, that's what it was built for.
Interesting. Nearly everyone who at least claims to be profitable (whether they are telling the truth or not we'll never know) seems to not really use charts. (or Depth of market, Time + sales etc). I spend all of my time trying to work out what they DO look at, or what sort of variables they are inputting in order to get a trade 'signal'.
I use charts and am currently unprofitable I like your posts, dbphoenix. You come across as a no nonsense type of chap. Should i read your threads on here or on the trading lab site?
Me too An apparently successful trader told me: ''If the vast majority advocate charts and technical analysis, and 80-90% lose in the markets, wouldn't this outcome lead a rational person to suspect that something was not right? Aiming to be better than the vast majority at employing an overwhelmingly unsuccessful approach seems to me to be a strange ambition''
Expectation is useless in trading unless it is stationary. If you can find a stationary positive expectation you make money. This is hard because of constant arbitrage. Expectancy is a term coined by V. Tharp who subsequently tried to patent it I believe but did not succeed. It is defined as the expectation divided by the average loss. I cannot see any good use for this ratio except in limited cases.
1) Some traders use charts but do not use "technical analysis". 2) Some traders use "technical analysis" but don't use charts. 3) Some traders use charts and use "technical analysis". 4) Some traders use charts but say they don't need charts. 5) Almost everyone uses a computer except for the small few that still use the telephone for trading. 6) Most traders lose regardless if they use charts or not, regardless if they use TA or not, regardless if they use computers or not...they just lose money. Simply, don't play the blame game. That's what losing traders do. You need to find something that you're willing to learn or do even if you heard others have failed via the same route. Just imagine all the great discoveries in life by those that succeeded when all others prior had failed and/or thought it couldn't be done...just imagine that person giving up. There were profitable traders long before the age of computers. Instead, its your choice to determine which of the few are doing that's profitable...the few that are such via TA, the few that are such via Charts, the few that are such via Computers, the few that are such via Telephone. Seriously, don't laugh about the telephone, I saw a few videos where some guy lived in some remote area and then would telephone in most of his trades...then occasionally go to the office and trade as if just to show his face that he was still alive. He's a a floor trader that mainly trades from home via the telephone (no charts, no computers but he does get his trade confirmations via telephone or fax). Very few can do it no matter what tools they use that most others have not been able to figure out how to do the same. +1 I would like to add that most people won't be successful not matter what method or tool they're using. We have lots of threads here at ET by programmers losing money, by TA users losing money, by Chart users losing money and so on. The trader is the key and its arguably the most important key to the equation of profitable trading.