What happened to the old traders

[marketsurfer]

Conviction that's based on personal experience and knowledge is reason enough to support the validity of a method.
But the lack of ability or effort is no reason to negate that at which others have been successful.

This almost sounds religious and zenlike. Nothing wrong with that, as long as objectivityis maintained when evaluating claims.

I have never seen evidence of such success nor do any peer reviewed studies indicate that it exists-- I prefer science over anecdotal evidence.

Personal feelings have no place in objective reality.

Ill take your word for it that u can do it but the evidence shows that your success is despite charts, not because of them. Money management can keep u in the game long enough to get lucky with a few big wins that will create the illussion that the success arises from your chart reading. Its truly insideous and tons fall into the trap.

 

[marketsurfer]

Surf, can you go into a bit more detail on this?

What's chart-based trading? I think it's very important to define exactly what we're referring to when making these broad, sweeping statements.

While we're at it, let's also define what non-chart-based trading is...

Your right.

Trading visually purely from price action as displayed on a price chart is how i meant it to read.

s

 

[learner2007]

Traders fail for two principal reasons. They don't put in the considerable time and effort to develop the cognition to understand price discovery in real time and the considerable time and effort to develop strategies that give them an edge based on what they see. Most will not get past this stage. Most edges are small and require consistent, disciplined application of one's edge, without which an edge disappears. This second part is where the rubber meets the road and those who skim through the first part are certainly doomed and those who put in the technical work and fail to apply an edge with focus, patience, discipline and courage are also doomed.

We have many people who come to such as ET with inflated ego's who have not mastered this and have the need to convince themselves that no one can. They are laughable to the traders, not doing themselves any good as failure provides opportunity for personal growth to which they prefer a blind eye and they discourage that minority who may be able to do what it takes.

Exactly! And Trump could surely use you as his speech writer!!

 

[lovethetrade]

Your right.
Trading visually purely from price action as displayed on a price chart is how i meant it to read.

IMO, the bulk of information you need is on a chart. Don and the 10,000 traders are wrong.

 

[marketsurfer]

Traders fail for two principal reasons. They don't put in the considerable time and effort to develop the cognition to understand price discovery in real time and the considerable time and effort to develop strategies that give them an edge based on what they see. Most will not get past this stage. Most edges are small and require consistent, disciplined application of one's edge, without which an edge disappears. This second part is where the rubber meets the road and those who skim through the first part are certainly doomed and those who put in the technical work and fail to apply an edge with focus, patience, discipline and courage are also doomed.

We have many people who come to such as ET with inflated ego's who have not mastered this and have the need to convince themselves that no one can. They are laughable to the traders, not doing themselves any good as failure provides opportunity for personal growth to which they prefer a blind eye and they discourage that minority who may be able to do what it takes.

Its not the method/system, it's YOU! Classic response -- but wrong.

surf

 

[learner2007]

Most (not all) of the chart bashers here at ET actually do use charts...many admit such. The issue for them is that they also state they don't use it to make trade decisions...its just for illustration purposes only.

Yeah, and then they go long or short because they predict the Dow will reach $XXXXX by their dog's birthday!!!

 

[marketsurfer]

IMO, the bulk of information you need is on a chart. Don and the 10,000 traders are wrong.

If you can really do it, I can't argue with that-- but i can say the evidence is overwhelmingly against you.

surf

 

[speedo]

Its not the method/system, it's YOU! Classic response -- but wrong.

surf

YOU would be expected to come to that conclusion. If you spent the time and effort required of a trader that you spend promoting yourself and illusory lifestyle and trying to convince others that their efforts are futile, you own record of "calls" might not be quite so dismal.

 

[franT]

How can a chart be wrong, when it depicts the price, time, and volume of transactions that happened?. Reality in other words.

 

[marketsurfer]

How can a chart be wrong, when it depicts the price, time, and volume of transactions that happened?. Reality in other words.

Its not "wrong". But the past is not the future and the map is not the territory. Charts don't show what happened AFTER the trade is entered-- the only thing that matters!