Huh? This is completely false-- looking at charts ( TA) has nothing to do with computers ( computers do not read charts) or statistics--- in fact the art of TA is antithetical to these tools-- so what ya talking about, joe?
I have bought Al Brooks' Trading Course
- Thread starter Visaria
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Huh? This is completely false-- looking at charts ( TA) has nothing to do with computers ( computers do not read charts) or statistics--- in fact the art of TA is antithetical to these tools-- so what ya talking about, joe?
Thanks for the clarification, Debit. It's good to have someone who KNOWS what they are talking about comment on this thread. Most are very mixed up about market reality and the financial business. surf
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Our Street-leading macro research teams offer high-level insights and thematic trends across world markets as well as timely commentary about political events in an ever-changing world. The macro team is made up of our Economics, Strategy, Technical Analysis, Demographics, Accounting & Tax, Index & Alpha Strategies and Quantitative Research teams.
Macro Research
Our Street-leading macro research teams offer high-level insights and thematic trends across world markets as well as timely commentary about political events in an ever-changing world. The macro team is made up of our Economics, Strategy, Technical Analysis, Demographics, Accounting & Tax, Index & Alpha Strategies and Quantitative Research teams.
You said that everyone uses TA so the likelihood of being able to construct a workable strategy using TA is essentially impossible.
Whereas almost no one is using statistics and computer programming? That's why those avenues are so fertile?
As for TA being subjective, it can be but it doesn't have to be. You just choose for it to be so that you can knock it down. How cool it is for you to script the other guy's debate points.
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@Visaria I'm perfectly at ease with you not believing me; it's your opinion and you're entitled to it. Just like I mentioned earlier, new traders are very skeptical of anyone claiming to consistently making money in this business, and that includes you and me. However, you know that you do and have no urge to prove it. I feel the same way.
To clarify a couple of things:
i) I did not say that I get a 3+:1 on every trade. I said that the only trades that I will enter are those that I see potential in reaching those targets. Whether they do is a whole different issue.
ii) Your win rate reflects your stringent rules and discipline. I can break my rules and be less disciplined and I will get more trades, but that will be at the expense of a lower win rate. I've had 4 trades today and the win rate is at 100%. I'm done for the day, but tomorrow it may be 60%. It fluctuates on a daily basis, but I've maintained the quoted % from month-month.
iii) You find it odd in me not taking the 2:1 trades. It's not that I can't spot or take them. It's a costly business for me to do that. Most trades that have a 2:1 will either be quick scalps (which requires more searching and a higher level of concentration) or drippers that'll make it to target after 1-2 hours. For me, conserving mental, emotional and physical energy is extremely important. In taking less than 3:1s, it costs me money and so I just avoid them rather than discriminate against them.
@Visaria you've got a great thread going here, so I'll take the back seat here and let it carry on; I just wanted to clarify these thing.
PM me if you want to discuss further.
Of course banks put out piles of research, with a bit of TA mixed in. But that's much different from managing client or prop assets using TA.
This made me cringe @londonkid
. However, I'm a very ordinary guy, who does what I have to do to make a good living for those around me and I'm really not up there with the very best. Thanks for making me dream tho 
Although I'm not nearly informed enough to know the exact answer, the fact that banks need to trade in such huge volumes makes them I think by definition have to trade differently than a retail trader. What the retail trading who uses price action is doing is following the trades of all the big boys. We are just the goose flying down south at the back of the line following the leader. If I was the leader, of course I'd have to have a different plan than just following the guy in front of me since there is nobody to follow.
So keeping this in mind, how the heck can a huge fund or bank decide to start buying somewhere, when its in fact the bank that decides for whatever reason to start buying? I as the retail trader can only try and figure out if the buying is now strong enough to warrant a long, either on an initial change in demand, or on a retest.
This discussion of how big boys trade vs. the retail guys is just too apples vs. oranges IMO.