Price Action v Indicators

[tortoise]

Quote from TL Trader:

You'll get a lot of different opinions and ultimately of course you'll have to decide for yourself. I've read time and again that very very few successful professional traders use "indicators" (RSI, MACD, STOCHS, CCI, ect.). No doubt somebody somewhere is successfully using them. Personally I think you would be better off in the long run if you concentrate on simple price and volume action.

Paul Rotter says he uses CCI. Whether he actually DOES or not is another question.

 

[Reaver]

Quote from RedDuke:

Hm let me see. You just talked about probabilities of professinal traders. Now what you call dogma is probability actually. What are the chances that service/chat room that cost thousands are really worth it. From probability stand point almost no chance. Thus it is no dogma, bur a really low probability scenario.

You're missing the point, he was referring to the fact that psychology is the part where most drop the ball....

There are quite a few methods out there that can work....you just have to have the balls to trade your method properly.

The key to trading- Don't be a dumbass.

 

[BSAM]

Quote from Anekdoten:

.....The only expensive anything required in profitable trading cannot be bought because it is a product of time, and this is called screen time.


Anek

Some things are worth repeating.

 

[BSAM]

Quote from TL Trader:

.....Personally I think you would be better off in the long run if you concentrate on simple price and volume action.

Like I said.....

 

[BSAM]

Four things most new traders find hard to grasp / sort out:

#1 The market is random.

#2 Trading is simple.

#2 Everything works some of the time.

#3 Nothing works all of the time.

 

[RedDuke]

Quote from tortoise:

Paul Rotter says he uses CCI. Whether he actually DOES or not is another question.

Reading that interview of his about 2.5 years ago is what made me look at cci.

 

[Anekdoten]

Of all the commonly known indicators I tested CCI was possibly the best.

Still did not find any edge that justified the usage. Interestingly enough many say they have, but to this day no one is willing to prove it In summary, it is either an illusion that is fooling the trader in thinking there is superiority or the edge is kept secretly guarded and I failed to realized it during my testing.

Anek

 

[BSAM]

Quote from Anekdoten:

Of all the commonly known indicators I tested CCI was possibly the best.

Still did not find any edge that justified the usage. Interestingly enough many say they have, but to this day no one is willing to prove it In summary, it is either an illusion that is fooling the trader in thinking there is superiority or the edge is kept secretly guarded and I failed to realized it during my testing.

Anek

Hmmmmm.....It just couldn't be that the price action was causing the CCI to give a signal.....Or could it? ;-)

Most likely it is an edge that is "kept secretly guarded" by Little George Bush, Dick Cheney, and a very select few here on ET. I'm guessing they've all used it to trade Halliburton.

 

[Anekdoten]

Quote from BSAM:

Hmmmmm.....It just couldn't be that the price action was causing the CCI to give a signal.....Or could it? ;-)

That was my conclusion of the studies, yep.

Anek

 

[ozzietrader]

Quote from TL Trader:

You'll get a lot of different opinions and ultimately of course you'll have to decide for yourself. I've read time and again that very very few successful professional traders use "indicators" (RSI, MACD, STOCHS, CCI, ect.). No doubt somebody somewhere is successfully using them. Personally I think you would be better off in the long run if you concentrate on simple price and volume action.

Hi TL Trader,
What do you suggest for forex traders where volume is basically rendered useless?