TA - Objective or Psychological Skill?
- Thread starter cornix
- Start date
No, because everyone is using a different chart setting,algorithmic or not, different data feeds etc.
why do you keep arguing with this guy. he's just fishing for methods. The only way your gonna convince him is by basically handing over a winning system.
If you can measure the results of your "subjective" TA and fine-tune it; it becomes objective. and thus suitable for decision making.
surf the kinda guy who thinks averaging down is objective....
I use three different data sources. Its not uncommon for me to see my charts of the exact same trading instrument, exact same time frame to have some intervals different in comparison to the other data vendor I'm using.
I concluded the difference due to the data vendors getting their data from different sources, difference in sending the data after receiving it and difference in how my ISP provider streams the data to me (one of my chart programs is on my backup computer via a different ISP).
Thus, some types of TA (e.g. Japanese Candlestick Analysis) should in theory have different patterns as I noted with examples in my own candlestick analysis thread here at ET many years ago when comparing my charts to the charts of others of the same trading instrument via the exact same time frame.
This isn't just a problem amongst lower tier data vendors. Its also a problem amongst top tier data vendors like Bloomberg and CQG. I've had trading pals send me charts of the exact same trading instrument and I would see a few intervals on the charts with slightly different data when comparing Bloomberg to CQG.
Different types of charts is "more apparent" in the forex industry in comparison to futures industry when comparing one data vendor to another data vendor.
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Regardless, I don't care if some TA is subjective and other types of TA is objective. At the end of the day only one thing really matters...did I profitably use the TA within my trading plan and can I consistently do such again.
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Thank you for the confirmation, WRB. Different scales on the same time frame chart will create different patterns, not even considering the different data feeds. The naivity on this board is astounding.
Do you think someone could make money using wiz etrade red light green light TA system combined with proper money management?
Do you think someone could make money using wiz etrade red light green light TA system combined with proper money management?
Quote from Eyez:
why do you keep arguing with this guy. he's just fishing for methods. The only way your gonna convince him is by basically handing over a winning system.
If you can measure the results of your "subjective" TA and fine-tune it; it becomes objective. and thus suitable for decision making.
surf the kinda guy who thinks averaging down is objective....
Well, Surf is just one of the discussion participants. And while I am not doing charity here, giving away particular knowledge for anyone (and don't think just giving away edges for free is any good for receivers in the long-term, cause it would suppress their own thinking), I believe discussion benefits all readers and participants in general, which is good.
I don't know any thing about wiz trade red/green light TA system other than to say I think you're talking about something that's an "automated system". I don't use any automation trading system.
By the way, if its an automated trading system...wouldn't the programmer input money management rules into the automation along with other variables like position size management ???
Yet, I do know that there are professional firms using automation or algos to make profits. Can retail traders do the same via wiz trade...I don't know. Is it an algo program ???
Quote from cornix:
Well, quality data of regulated markets must be exactly the same, tick to tick. If something is off it's the problem of poor data feed, not TA.
The problem exist and is very "common". Any one that has two different data sources will know such very well. As I noted, every body is different. Thus, the data may be good but ISP that streams the data to you may not be good for a few seconds or few minutes on any given trading day. On another day its the data vendor fault, on another day its something else.
Anybody expecting every data vendor on this planet to have perfect data or expecting every ISP on this planet to not have missed some data packets or expecting the internet to stream every data packet flawlessly...that person is not being realistic.
Simply, charts are not perfectly the same from one trader to the next trader regardless if its a discretionary trader or automated trader. Thus, in theory, the TA should be different depending upon the type of TA being used as in my example of Japanese Candlestick Analysis I mentioned earlier.