easymon1, I do not like automation trading because I personally think it is a waste of my time trying to compete with highly intelligent programmers who get paid $XXX,XXX per year just to program and back test strategies all day long. The time and effort it takes to think of an idea and program it, was waiting my time. Also, the time it take programming strategies, is time taking away from watching the charts. I program like 30 strategies and all losses and then you have to pull trade managements styles out of thin air. It is like me trying to compete against 1 million programmers. If automation was the key to making money, we all be rich. Just my personal experience.
Nothing wrong with this. To each his own. As a side note to this entire thread. Automated programing systems done by individual traders is the one of the real gems of elitetrader. This site is fully packed with info regarding the steps to take your individual system into an automated format using code. The site also has constant info and detail regarding off the shelf software, the best charting services, services offering decades of market data, coding languages, back testing, best brokers for utilizing automated methods, best books on the subject, in detail discussions regarding all the different methods of charting and analysis, past performances of developed automated systems ect... So, don't be surprised if people encourage automated methodology and encourage you to explore automating your system once it preforms well manually.
You can find a lot of videos on youtube to learn Price Action and also forums are also very helpful to ask questions and participate in discussions there.
price action = watching a chart naked and or as opposed to tape reading = watching quotes and envisioning the market action in your head.
On the contrary my dear friend, if you have a good rule-based trading system then your best bet is to automate it and let the computer buy/sell for you (even if you are sound asleep). The ultimate dream: making money while you sleep, thanks to the computer and the internet...
Speed is definitely an advantage since there will exist a group of manual traders (for a long time I guess) which naturally have a decent lag between receiving, digesting market-important information and acting. You are able to take their bread thanks to speed. For some not-so-competitive markets it works pretty well
Learn one SIMPLE Price Action Pattern, from a few good online websites. Work out from there. Double Top, Hammer at Resistance are not too shabby. https://elitetrader.com/et/threads/...at-right-here-baby.343012/page-6#post-5321176 When it comes to keeping a clean chart, consider this ... www.youtube.com/watch?v=KB_lTKZm1Ts