I used data-based (tick, volume, range) before and developed both trend following and mean reversion strategies. I left those strategies after I have developed current methodology in time-based because it got higher profit factor, higher winning rate and no repaint issue. The repaint issue of data-based may skew your statistics worst than time-based in live trading. The worst thing in time-based is only partial fill.
Thank you for your response. Very interesting perspective. May I ask what do you mean by repaint issue?
When using data-based chart in live trading, I found if you refresh the data/chart, the chart is not similar before the refresh. I got stable connection (monitor continuous ping to multiple destinations). I used NT8, RT Pro, motivewave, QT, QST. There are other platforms that I can't remember. The issue happened regardless of platforms. My only advice if you wanna take data-based chart approach, trade live smallest as you can and see if the issue happen on your side. Another thing that I forgot to mention, if you develop your system on time-based chart and it works on intraday timeframe and multiple instruments/exchanges/countries, there is high possibility that it will work on >= daily timeframe.
Good Morning ironchef, What's up Buddy, Please do not forget this one thing : once you get your PH.D degree, and master degree, and learn all the trading education, and become the trading knowledge base master, you still have to make ALOT of money!!! Trading is very easy, we make it hard trying get a PH.D in trading theory be the trading master. I enjoy being a dumb trader. Every time I try to be smart professional PH.D degree ES trader, I lose a lot of money.
Your increased performance with TOS tick charts begs the question if perhaps your better performance might be due to a higher number of bars per time frame than you had, say with a 1 minute chart. You might average 3 or even 5 times more bars and thereby have more granularity and better performance. Just a possibility. Most people don't feel they are nimble enough to benefit from more bars, but i suspect some can. I've tested both tick charts and 5 and 10 second bars with some success. I'm still trading with 1 minute charts but when time allows will run the 5 second alongside the 1 minute.
@SimpleMeLike, I used to think you were full of shit when you said, just click buy and sell... I now find it better to just let my instinct drives the trade which is what you have been preaching all along. My edge is my sixth sense, not intellectually satisfying but it is what it is. Take care.