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What is your favourite chart type for your trading entries?


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  #11 (permalink)
 
vvhg's Avatar
 vvhg 
Northern Germany
 
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ThatManFromTexas View Post
@dario1

That wasn't meant as a criticism of you ... You will hear all kinds of numbers bantered about i.e. percentage of traders who fail, number of hours of "screen time" to become a successful trader etc. ... but no one seems to know where those numbers come from ... was there a scientific study that produced those numbers... or did someone say something in jest one day and someone else quoted them making it an "internet fact" ... in that case ... the 1% of all traders use range charts thingie ... is now a "fact"

btw ... I pulled that 1% number from the same place I suspect a lot of the other statistics quoted come from....

79.43% of all statistics are made up spontaneously out of thin air.

vvhg

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  #12 (permalink)
 
Deucalion's Avatar
 Deucalion 
Calgary, Canada
 
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ThatManFromTexas View Post
@dario1

That wasn't meant as a criticism of you ... You will hear all kinds of numbers bantered about i.e. percentage of traders who fail, number of hours of "screen time" to become a successful trader etc. ... but no one seems to know where those numbers come from ... was there a scientific study that produced those numbers... or did someone say something in jest one day and someone else quoted them making it an "internet fact" ... in that case ... the 1% of all traders use range charts thingie ... is now a "fact"

btw ... I pulled that 1% number from the same place I suspect a lot of the other statistics quoted come from....


Disclaimer: This post does not represent the view point of the owners, managers, or moderators of this web site and is not intended as a slam against any moderator, board member, any banned former members whose name we dare not say, any other living person, any recently living person or any person or persons whose status we are not sure of and especially not for any platform vendor with a questionable product and a pit bull lawyer. This post is meant purely for entertainment and should not be confused with a real thought.

I am not a programmer, coach, trainer or self appointed guru and do NOT hold myself up to be a good example for anything. I do not have a book, trading room or seminar. Even though I have an opinion on every subject under the sun, I do not give financial advice. Nor should I be held responsible for feeble attempts at humor at your expense.

LOL, TMFT would make a superior stand up comic

However, Michael Hartzmark has done one such paper in the past that lists retail trader success in the 20-30% range with an 80% net failure rate - Link to abstract here. The paper more or less considered the lack of loss as evidence of being black (no matter how small the black). The largest gains in that section of traders was much much smaller, giving considerable credence to the notion that gains are very skewed towards a very small sub section of pros

And, the screen time urban legend is actually true, being compiled by Dr Anders Ericsson in The Cambridge Handbook of Expertise and Expert Performance, et al 2006

However, as TMFT would agree these stats are pointless in the end.

As is the choice of what trade chart to execute. I use 5Min for entry, with 30Min for tragets and stops in daytrading. 15Min/480M for swing trades

Chose what ever helps you spot the easiest patterns and then NEVER change a chart.

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  #13 (permalink)
 
dario1's Avatar
 dario1 
Ontario, Canada
 
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Deucalion View Post

Chose what ever helps you spot the easiest patterns and then NEVER change a chart.

Why? NEVER change a chart

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  #14 (permalink)
 
Deucalion's Avatar
 Deucalion 
Calgary, Canada
 
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dario1 View Post
Why? NEVER change a chart

Retail traders want to squeeze every trade out of the market, they are fearful of missing trades, so one naturally tends to look at several frames in order to NOT miss a set-up. This, IMO is a suckers game

A macro reference, contextual chart and an entry chart give one an opportunity to simplify. People like to complicate things. Keeping it simple is an absolute, not changing time frames is essential to simplicity. Look at the good traders here - their charts are stupid simple.

Once one can spot one's favourite patterns on a particular chart at 50% rate, then that chart must become a preferred chart. Unless there is a very very good reason to change. The rest of trading comes from identifying risk.

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  #15 (permalink)
 
dario1's Avatar
 dario1 
Ontario, Canada
 
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Deucalion View Post

Keeping it simple is an absolute, not changing time frames is essential to simplicity. Look at the good traders here - their charts are stupid simple.

Once one can spot one's favourite patterns on a particular chart at 50% rate, then that chart must become a preferred chart. Unless there is a very very good reason to change. The rest of trading comes from identifying risk.


Good point, but I think if the market conditions change, one should look for alternatives including changing the chart type and what is in it.

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  #16 (permalink)
 
Deucalion's Avatar
 Deucalion 
Calgary, Canada
 
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dario1 View Post
Good point, but I think if the market conditions change, one should look for alternatives including changing the chart type and what is in it.

INCORRECT - that is even more reason to not change. As you have not identified what the change of risk is. Market behaviour will change endlessly, that is the nature of the beast. You must not change you risk profile - you are then a boat in ocean without an anchor. You will NOT last against pros.

If the market is not giving you your setup you must refer to bigger charts, that must already exist in your arsenal. It cannot be a reaction to change. Be proactive - Create 2 sets of charts in the first place.

OR

Expand the number fo markets you look at with the same time frame. And keep it simple

The reasoning that charts must change as market behavior changes is deeply and profoundly flawed.

But what the heck do I know

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  #17 (permalink)
 Jack22 
Washington DC
 
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Deucalion View Post
Retail traders want to squeeze every trade out of the market, they are fearful of missing trades, so one naturally tends to look at several frames in order to NOT miss a set-up. This, IMO is a suckers game

Except, those of use who do use multiple time frames, successfully, might tell you that we have favorite setups when we see two of our favorite time frames in confluence and then look to the smaller time frame to take our setup.

I personally use range and modified renko charts successfully.

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  #18 (permalink)
 
Deucalion's Avatar
 Deucalion 
Calgary, Canada
 
Experience: Intermediate
Platform: Multiple
Broker: Multiple
Trading: Multiple
Posts: 428 since Aug 2009


Deucalion View Post
Retail traders want to squeeze every trade out of the market, they are fearful of missing trades, so one naturally tends to look at several frames in order to NOT miss a set-up. This, IMO is a suckers game

A macro reference, contextual chart and an entry chart give one an opportunity to simplify. People like to complicate things. Keeping it simple is an absolute, not changing time frames is essential to simplicity. Look at the good traders here - their charts are stupid simple.

Once one can spot one's favourite patterns on a particular chart at 50% rate, then that chart must become a preferred chart. Unless there is a very very good reason to change. The rest of trading comes from identifying risk.


Jack22 View Post
Except, those of use who do use multiple time frames, successfully, might tell you that we have favorite setups when we see two of our favorite time frames in confluence and then look to the smaller time frame to take our setup.

I personally use range and modified renko charts successfully.

I think you missed my post in completeness. This is what many refer to as confluence on multiple time frames.. See above. It seems you are indeed a successful trader already and therefore in a position to help others.

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  #19 (permalink)
 
dario1's Avatar
 dario1 
Ontario, Canada
 
Experience: None
Platform: NT
Broker: IB
Trading: gold
Posts: 404 since Jan 2012


Deucalion View Post

If the market is not giving you your setup you must refer to bigger charts,

Yes, that what I was regarding to -- do the entries in different time/type chart you may have under your retention.

And, thanks for your insight
D

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  #20 (permalink)
 
ThatManFromTexas's Avatar
 ThatManFromTexas 
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Deucalion View Post
LOL, TMFT would make a superior stand up comic

However, Michael Hartzmark has done one such paper in the past that lists retail trader success in the 20-30% range with an 80% net failure rate - Link to abstract here. The paper more or less considered the lack of loss as evidence of being black (no matter how small the black). The largest gains in that section of traders was much much smaller, giving considerable credence to the notion that gains are very skewed towards a very small sub section of pros

And, the screen time urban legend is actually true, being compiled by Dr Anders Ericsson in The Cambridge Handbook of Expertise and Expert Performance, et al 2006

However, as TMFT would agree these stats are pointless in the end.

As is the choice of what trade chart to execute. I use 5Min for entry, with 30Min for tragets and stops in daytrading. 15Min/480M for swing trades

Chose what ever helps you spot the easiest patterns and then NEVER change a chart.

@Deucalion

Sooooo ... they interviewed every body who ever traded and asked how many hours they stared at a screen .... nobody called me ... anyone call you ...

96% of experts say 69% of expert studies are inaccurate .... but if they include their own studies in the group ... that means 69% of experts say 96% of expert studies are inaccurate ... but if they include their own studies in the group....

I'm just a simple man trading a simple plan.

My daddy always said, "Every day above ground is a good day!"
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