100% true. In a way, charts are the crutches. It has something to do with how your mind remembers key numbers. I think it has more to do with the fact that you are actually forced to concentrate more intensely. And that's how you develop better intuition. I have the same experience.
Ideally, one wouldn't even need to look at the tape or the price either. One should just know where it will be and act as if there is no concept of time.
I am not sure but if you are being sarcastic and think that not utilizing charts is some kind of shortcut, try for one day instead of glancing at charts occasionally to really focus on numbers and always be aware of the action. You will see what's harder to do. If you are not being sarcastic I don't know what you mean.
Who needs charts? Who needs quotes? Who needs Level II? All I need is my little ol' 8 ball. You remember those don't you? It works just fine. It has the magic intuition that I need. Only oost about $10 at Walmart. Saves on charting costs...
After a few weeks/moths you "develop" your own market feeling,you dont need charts for scalping neither long term investing used L2 in stock and its similar like in futures...in real fast market its faster to watching only market depth then compare it with charts....but depends....
I am agree with those who said successful traders don't use charts. I also know couple day traders who only use open books. And now I am going try this style myself. Good Luck,
I primarily use Open Book to trade and while I suppose I would characterize my style as scalping, I often have a longer holding time than most other scalpers. I also get into more size. I also am more profitable than most in my group. If you have a system that accurately identifies levels, then the chart is just there to put it all together. I mark levels, but I have also scripted esignal to write the price above (in the case of support) and below (in the case of resistance) all lines that I draw. Once I know the price of signficance, I use Open Book to get involved. So the answer is that using charts to guage second-to-second movement IS a losing proposition, but using a chart to discern patterns IS helpful. You just need to know when to do one and not to do the other. This is primary reason why I think that most retail investors (who don't use open book) get killed. They put on a trade at a level and wait to either get stopped out or put in the money. Using Open Book combined with a chart will tell you whether to get involved and in which direction at that price the chart highlights as significant.
Silk, Are you willing to forward an opinion as to why some great traders don't use charts? I am curious as to your thoughts on this topic. i.e. do any of the below ring a bell? 1) it biases interpretation of the current tape 2) it is a memory crutch, that decreases your commitment to the current tape 3) simply takes up too much attentional real estate, that could be otherwise better allocated 4) simply takes up too much screen real estate Also, do these same traders use Time of Sales? I think it is a shorter timescale kind of crutch.