cannot see the white lines. program blasts and stopgun traps are whacking price all around. winshield is opaque, instruments help show where the actual road is. jumped the curb, hope you were fast on your feet
cute retort, bullshit answer pro golfers carry full bag of clubs for good reason. helps them handle any situation faced. veteran carpenters have a garage full of tools for same reason. ignorant golfers carry a driver and putter. ignorant carpenters carry a hammer and screwdriver. they dont know which other tools to use how, so they dismiss all else out of fear. ignorant traders dont know how to use the right analysis tools correct, so they dismiss them out of frustration. and pretend to themselves that is what pros do. false sense of superiority => smugness. still merely ignorance and fear of unknowing
The debate here is not to ignore indictors. The consensus here is an experienced trader can place an indicator mentally by just looking at a chart. A good chartist can closely place where RSI is, ADX, MACD are by chart only. Not until that happens will you be successful trading without physical indicators.
I am slowly giving up on all indicators to keep only support and resistance to do my day trading (and a Bollinger band for the volatility). what are your thoughts? Am I going in the good direction? Yes. I've been trading full time since 04 and use no indicators. Dump the Bollinger Bands and clean up your charts. GL
Maybe the ignorant traders don't know how to read a chart... There's an infinite number of ways to spin it. Why do you seem so utterly desperate to convince EVERYONE that they need indicators? I mean the thread starter asked for opinions, I submitted mine you submitted yours. I don't know about you but at the end of the day I don't care whether he uses indicators or not. Why would you?
I Very strongly disagree with this. I don't use ANY indicators at all making intra day trades - and the only MA I will look at is the 200 Daily, only because it recieves so much attention. Other than that it is all about reading the structure of the market. It IS possible to make intra-day trades without indicators or rule based entry criteria - infact, in my opinion, it is the BEST way. The indicator vs. no indicator debate has been done a thousand times over, not going to go into it here. All I will say is that you should enter trades based on what you believe about markets - what causes them to move and how they do it. Instead of thinking about where an indicator might be, I ask myself questions like "What is the sentiment likely to be today?" "What are the dominant themes in the market, and are they continuing?" "Where are we in relation to significant prices?" "what kind of market are we in - trending, range bound etc..?" "Where is the majority of the volume?" "Is the economic data consistent with the current trends? How does the market react to it?" "Where do I think the market wants to go?" (ok obvious) and so on... I am not indicator bashing, I know that some people can make alot of money using them. What I will say is that the lower timeframe you go, the more nimble you need to be in your views; and the lower timeframe you go, the easier it is to confuse meaningful (tradeable) information with the general transfer of risk that markets exist for (i.e. noise). For me, rule based indicator systems are both un-nimble (??) and and mix up good information with not so good information. ** I trade futures intra day using these techniques, alongside inter market / fundamental analysis. Don't have the experience to talk about trading single name stocks. Do trade other instruments on longer timeframes.
Good comment! It just depends on the trader. The same thing for me. I use to watch so many indicators and time frame, that it would confuse me. Thus for me, the simpler the better!
Give a pro golfer a driver and a putter and they will outscore most of the golfers in the world. Give a veteran carpenter a hammer and a handsaw and they will frame you a house. When they have all the tools they need they get outstanding results but what sets them apart is the talent they bring to the game not the tools they have to work with. I agree with you it is knowing how to use the tools that is important. An ignorant golfer with a bag full of clubs wonât score any better. He would be better off to use one club and use it well. Lets not forget about course management. Tiger in an interview this weekend said that he plays shots so that his misses donât put him into too much trouble