Do you really need indicators?

LongShot · Jun 24, 2003

Quote from candletrader:

I personally feel that:
a) price action in all cases is vital
b) there are positive returns to a moderate use of indicators
c) there are negative returns to an excessive use of indicators (as measured by the number of indicators being used)...

of course candle says nothing again with this post moderate and excessive are operational terms valid only in the context of WHETHEER YOU ARE MAKING MONEY.

candletrader · Jun 24, 2003

Quote from LongShot:

of course candle says nothing again with this post moderate and excessive are operational terms valid only in the context of WHETHEER YOU ARE MAKING MONEY YOU IDIOT! DOLT!:-/

Ahh Brother Pussy... errrm, I mean Brother LongThing, speaks... we'd better listen

version77 · Jun 28, 2003

I remember reading a post here at ET from bobcathy1 about an
article that Don Miller at TradingMarkets had written one day
where he said he just had his moving averages up on the chart
w/o price. So I guess all he needed that day was for the 5 SMA to
cross the 15 SMA to get his trade off. Can you believe this one?

Maybe we don't need price or volume. Just the indicators themselves...

bobcathy1 · Jun 28, 2003

Quote from version77:

I remember reading a post here at ET from bobcathy1 about an
article that Don Miller at TradingMarkets had written one day
where he said he just had his moving averages up on the chart
w/o price. So I guess all he needed that day was for the 5 SMA to
cross the 15 SMA to get his trade off. Can you believe this one?

Maybe we don't need price or volume. Just the indicators themselves...

Yes, it was definatly interesting as a concept. My trading is 99% MAs. But it is just too weird not seeing the price candles creep up and down.

Jeffo · Jun 28, 2003

Quote from Breakout:

Depends on your style...for example, if you trade pivots, support
and resistance levels, you don't need technical indicators. But, there are successful traders who depend on them. For example, here's a quote from Marty Schwartz.

I always laugh at people who say, "I've
never met a rich technician." I love that! It is such an arrogant,
nonsensical response. I used fundamentals for nine years and got
rich as a technician."

Marty Schwartz...Market Wizards...pg.265

Where does he talk about using indicators?

OddTrader · Jun 28, 2003

Is there any book teaching to trade with prices data alone?

Jeffo · Jun 28, 2003

Quote from OddTrader:

Is there any book teaching to trade with prices data alone?

Price and volume - Technical Analaysis of Stock Trends

Breakout · Jun 28, 2003

Quote from Jeffo:

Where does he talk about using indicators?

In his book...Pit Bull--lessons from Wall Streets Champion
Trader. He talks about using moving averages and something
he called "The magic T". Plus, he gives details on several outside
sources he subscribes to, that provide charts with different indicators. And, it seems like, if I remember, he subscribes to
some service that custom makes charts for him with just his
preferred indicators. I guess you can afford that when you're Marty Schwartz...hehe

It's a good book by the way...

OddTrader · Jun 28, 2003

Quote from Jeffo:

Price and volume - Technical Analaysis of Stock Trends

The reason why there are so many books of many kinds are selling in the market is because people needs to learn more than just prices data alone.

Many elite traders may not need anything besides prices data for profitable trading, but others would, unless all indicators beyond price data are poorly affecting trading decisions. I just don't know the answer as I understand not many of them.

Jeffo · Jun 28, 2003

Quote from Breakout:

In his book...Pit Bull--lessons from Wall Streets Champion
Trader. He talks about using moving averages and something
he called "The magic T". Plus, he gives details on several outside
sources he subscribes to, that provide charts with different indicators. And, it seems like, if I remember, he subscribes to
some service that custom makes charts for him with just his
preferred indicators. I guess you can afford that when you're Marty Schwartz...hehe

It's a good book by the way...

I read the book a few years ago. I didn't remember him talking about indicators. My bad. I think what he meant by techinical analysis is using mainly price though, as opposed to fundamentals. You don'thave to have indicators for technical analysis.

Do you really need indicators?

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