trading without charts...suicide?

Discussion in 'Trading' started by cashmoney69, Feb 23, 2006.

  1. I was talking with a day trader in yahoo chat the other day, and he said that he has 10+ years experiance and does not use charts at all.

    I was can you not use charts? charts give you patterns, trends, s/r.. entry/exit points.

    even though this can be done, is it a wise thing to do even if you do have 10+ years behind you?

    -- who knows...that guy could have been a fake --

    thanks for all posts

    - nathan
  2. I could have sworn that I heard that Warren Buffet doesn't use charts either. If you investing off of fundamentals, then I guess charts don't matter but did he say he was trading? Maybe he just uses time and sale and level 2.
  3. sure. its done all the time. remember, charts can be extremely deceiving.

  4. Maybe he just has a real good feel for price action and can visualize the chart in his head?

    Im a propenent of keeping things simple, but I cant imagine being able to trade w/o a chart at my level right now. I agree that too many indicators can be problematic but a simple chart I wouldnt think would get in the way. What do I know though :D
  5. Hes no fake i have seen it/ done it before. That person is trading the pattern/orders he sees in the box. My best runs from years ago was with no chart at all. I had to change my trading style and use charts now but it can be done. P.S traders who use no charts are usually the best traders.
  6. Does George Soros use charts when trading foreign exchange!

  7. Can you verify that statement?
  8. buffet doesnt even use a computer.
    A Warren Buffett Workstation
    Unless you are a die-hard expert on Buffett already, you might find this description of Buffett's office organization interesting. I was surprised that he has a TV tuned to CNBC, and I cannot imagine working without a PC. I suppose, we might as well throw in making $100 million dollar investments as well. This excerpt is about a month old, from the Saturday WSJ. - Ed

    On that recent Wednesday morning, at just before 9, Mr. Buffett pulled his slate-colored Lincoln Town Car with vanity license plate "THRIFTY" into a parking garage in downtown Omaha. Mr. Buffett, exhibiting no apparent signs of reduced vigor, walked swiftly toward Berkshire headquarters, which occupies a single floor of a nondescript office building. Recently, on the advice of his doctor, he adopted a three-day-a-week workout regimen with a personal trainer. "I always feel good," says Mr. Buffett, whose diet is heavy on hamburgers and soft drinks.

    He chatted briefly with his assistant, then hurried into his modest-size office and shut the door. There is no computer in there, nor is there a stock-quote machine or stock-data terminal. He keeps a muted television set tuned to CNBC, the financial-news network. Although he occasionally carries a cellphone on the road, he does not use one in Omaha. He keeps no calculator on his desk, preferring to do most calculations in his head. "I deplore false precision in math," he says, explaining that he does not need exact numbers for most investment decisions. On the cabinet behind his desk are two black phones with direct lines to his brokers on Wall Street. ...

    Last year, Mr. Buffett says, he began buying Korean stocks for his personal brokerage account, investing a total of $100 million in roughly 20 Korean companies. He says that the investments were too small to be appropriate for the Berkshire portfolio. "These were not Berkshire-size remotely," he says. ...

    Mr. Buffett deliberately keeps the outside world at bay, believing it is the best way for him to remain "rational" as an investor. If he is interested in investing in a company, he studies the financials himself. "I've created a good environment," he says. "All I have to do is think and not be influenced by others."
  9. Commodity pit traders do this all the time. But pit traders are bookies that know the odds at all times. I don't know or understand how a retail trader could survive.
  10. dac8555


    warren buffet has a different style all together. he is the original private equity firm. Buffet buys shares in such large numbers that he buys his way onto the board of companies, so he can control them, and some of their operations....different deal.
    #10     Feb 23, 2006