Charts?

[DB008]

Hi everybody,
l'm just a rookie but been trading a few warrants of late.
Anyways, a good friend of my dad has been trading futures for the last 10 years and told me to look a the price of something and judge it by that only. He said that with charts, you are only analysing the past.
So, do any of u guys use charts? If so, do they work for you?? I've been reading on here and othe forums about resistance levels and so on so on....Do charts really work?

 

[wayneL]

Jack Schwager has some great comments on the topic;

Look here: https://www.aussiestockforums.com/forums/showthread.php?t=4158&highlight=schwager

 

[Freddo]

DannyBoy,

Like most things in life yes and no ...

I use a chart to identify support and resistance levels to scalp the SPI200.

Over 90% of traders go broke and I would say over 95% use charts!

Trouble with charts is you will only see what you have trained yourself or been trained to see.

I once wrote a program to detect bar patterns, the most profitable ones
shocked me, they were often the exact opposite of what I though would happen when the pattern formed.

For my EOD position trading I do NOT use a chart.

Like anything with trading prove it for yourself.

If a good friend of your Dad's is making money after 10 years trading futures
then I would be listening very carefully to him. MOst futures traders don't last 12 months.

Regards

Freddo

 

[brisvegas]

Ive pretty well been down all roads as far as TA goes and i now trade naked and do better than ever . naked means no indicators at all . i do use trendlines with a little fibonacci thrown in and a matrix system similar to andrews pitchforks . i have different trendlines for various time frames and thats it . I spent years looking at all aspects of TA and developed some profitable mech systems based on indicators but discretionary blows it all away . i do follow fundementals now and economic data and events whereas i never used to . anyone else been or going down this path ??

............... bris

 

[swingstar]

Ive pretty well been down all roads as far as TA goes and i now trade naked and do better than ever . naked means no indicators at all . i do use trendlines with a little fibonacci thrown in and a matrix system similar to andrews pitchforks . i have different trendlines for various time frames and thats it . I spent years looking at all aspects of TA and developed some profitable mech systems based on indicators but discretionary blows it all away . i do follow fundementals now and economic data and events whereas i never used to . anyone else been or going down this path ??

I've been paper trading a similar system without even looking at volume... just a certain criteria that I enter on and use patterns and discretion to exit. No sectors, indices, etc etc. So far 2.5:1 win/loss with 55% wins over (so far) ~100 trades, and that isn't with scaling in.