If you are a daytrader, and you don't really use charts, what do you use?
The only thing i'm really aware of is Time+sales/Depth Of market / order book type stuff.
From my years on trading forums it seems clear that nobody is actually able to make money from trading charts.
Most lose money before your eyes, and the very few who claim to be able to do so are usually selling books/courses etc.
The successful ones claim not to use charts, but are fairly guarded about what they do use.
I never understand why, though.
It would suggest that what they use is so powerful, that by simply telling me what it is, i'd have the keys to the kingdom. Surely just knowing what that 'thing' is wouldn't be enough. There's still be work to do!!?
I did try the DOM/Time+sales route for about 3 months, but I didn't learn anything.
I guess I didn't know what I was supposed to be looking for.
It just seems like random movement on the ladder, and I couldn't see any patterns in the various things I was noting, such as bid/ask size.
If you are a successful daytrader and don't use charts, do you use the things mentioned above or something else?
If something else, can you shed any light?
The only thing i'm really aware of is Time+sales/Depth Of market / order book type stuff.
From my years on trading forums it seems clear that nobody is actually able to make money from trading charts.
Most lose money before your eyes, and the very few who claim to be able to do so are usually selling books/courses etc.
The successful ones claim not to use charts, but are fairly guarded about what they do use.
I never understand why, though.
It would suggest that what they use is so powerful, that by simply telling me what it is, i'd have the keys to the kingdom. Surely just knowing what that 'thing' is wouldn't be enough. There's still be work to do!!?
I did try the DOM/Time+sales route for about 3 months, but I didn't learn anything.
I guess I didn't know what I was supposed to be looking for.
It just seems like random movement on the ladder, and I couldn't see any patterns in the various things I was noting, such as bid/ask size.
If you are a successful daytrader and don't use charts, do you use the things mentioned above or something else?
If something else, can you shed any light?
