I suppose you could upload your video to youtube and then post the link to it here. On ET itself it appears 4 mb is the max size file that can posted.
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Is chart trading dead? (At least when it comes to ES)
- Thread starter tortoise
- Start date
@Sprout -- OMG! Combine your recommended:
"The wisdom of the crowd" video and now the
David McCandless -- "The Beauty of Data Visualization" video
These two recommended Video Posts by you are Must Watch to "Fertilize" the Trader's
Brain. YES, your points are well taken regarding the power to understand markets utilizing proper tools to do so. True, we are overloaded with way too much data input and therefore, your point is well taken -- Visuals Help. Markets are "Crowd" data sets and Visuals permit the quicker more efficient use of the Data obtained when making Trading Decisions. (One Picture is Worth a Thousand Words).
So, we get a flood of data inputs from many sources, one of which may be charts, then more input from news feeds, add indicators, add etc. and this makes for TMI and often leads to analysis paralyzes. Lack of clarity and contra or co-linear data inputs leads to losses.
Therefore, in that regard charts may help some traders in their decisions. For me, there are more concise and integrated visual tools. For Example:
View attachment 180858
This one graph which shows the trades I have open in the ThinkorSwim Live Trading account -- in one glance I can determine any management required and the present risks as well as P&L. This may be used to enter trades as well as being able to manage while open. No charts were necessary when placing the trade as the required data was simply based on the statistical probability of profit (POP). The learning curve to use this tool is less than using charts and perhaps many other data inputs. (This may require more detailed information on how to read it and if there is interest in that I will try and post a video.)
You make a very good point on how to use the visualization of data to simplify a decision.
After viewing the following video, I’m convinced the data displays of market information is transforming into something beyond the existing tools developed thus far.
The included dataviz’s in the video are some of the best examples I’ve witnessed thus far in using data to convey meaning.
One of the ideas presented - “we evolved to see things and make snap decisions.”
The insight on complexity of air travel as being beyond our comprehension is grounding - “at any given time there are over 1 million people in the air.” The scale by which this is all co-ordinated across international borders is astonishing.
The YouTube credits have links to explore the visualizations in detail. One thing that is super cool with the D3 spec is the concept of data-driven ‘living’ documents that update in real-time.
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@Sprout you continue to amaze me with your cogent conclusions based on your ability to research and digest that as it applies to trading. Hopefully traders will see the benefits to trade more informed in far less time and confusion of TMI. Please keep up your excellent contributions to ET. I learn from you. If there is such a thing as "Edge" you have improved mine. Thanks
I think it's kind of arrogant to say john grady is full of crap just because he advocates order flow trading. Not trying to defend the guy here but just be logical for a second, do people really think chart trading is the only way of trading the markets?
Also I keep reading that scalping watching the DOM is the same as competing with HFT and that is all just noise... Why you guys treat all instruments as if they were one?
It's not the same trying to scalp CL using DOM, a really thin market and easily manipulated by HFT, than trading, let's say, ZF which is a thick, liquid market and not that easily manipulated by HFT. There are also different market conditions and different types of day that come into play where you should play or stay away cuz of heavy HFT as well. Not everything is just black or white.
You have to trade the right instrument and use the right method for that instrument, and also have the right personality for that type of trading. I think that's why trading is so hard.
Happy new year
Also I keep reading that scalping watching the DOM is the same as competing with HFT and that is all just noise... Why you guys treat all instruments as if they were one?
It's not the same trying to scalp CL using DOM, a really thin market and easily manipulated by HFT, than trading, let's say, ZF which is a thick, liquid market and not that easily manipulated by HFT. There are also different market conditions and different types of day that come into play where you should play or stay away cuz of heavy HFT as well. Not everything is just black or white.
You have to trade the right instrument and use the right method for that instrument, and also have the right personality for that type of trading. I think that's why trading is so hard.
Happy new year
I don't think so.
You can't compete with the bots at their game, but bots and algos aren't smarter than those who design them (the analysts, not the programmers), so there's still is opportunity there.
Matt at Optimus Futures (a sponsor here) has a basic intro to order flow. It is useful I think for a chart trader to at least understand how an order flow guy sees things using not very specialist tools.
http://optimusfutures.com/tradeblog/archives/order-flow-fundamentals/
Beginners would do well to run through his blog archive, it has a lot of knowledge in light bites. He is not my broker however a friend sent me this a while back. Respect to a broker who tries to help educate his customers.
http://optimusfutures.com/tradeblog/
60 pages but some really nice stuff in there.
http://optimusfutures.com/tradeblog/archives/order-flow-fundamentals/
Beginners would do well to run through his blog archive, it has a lot of knowledge in light bites. He is not my broker however a friend sent me this a while back. Respect to a broker who tries to help educate his customers.
http://optimusfutures.com/tradeblog/
60 pages but some really nice stuff in there.
Yes, @Startibartfast, followed your links and the information is nicely presented, clear and certainly of value. Thanks
No disrespect -- ( I guess this is what makes a 2 sided market -- that is difference of opinion) but, I "completely disagree
