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Using only my own experience, I can't add much to this discussion, since I only trade with charts, and always have. I have wondered about the non-chart alternatives, and I know that there are traders who do not use them and who are successful. Maybe someday I will understand what they are doing and will change. Someday.
Which is a point I would like to make. Trading is not that easy, but there are successful traders using totally different methods. I can trade fine with charts (well, sometimes ), and I understand that there are traders in this thread who basically say that trading with charts is the wrong way to go. But that's not the case for me, sorry.
On the other hand, there are traders who do not use charts, who find the dom or order flow a clearer and truer portrayal of what is happening in the market -- or something they can utilize better -- and who do well with them. This is very interesting and it is important to know there are other ways to do things. As I said, I may find out more about them someday.
Basically, I think that anyone who is saying something like, "There is only one way to trade" is simply saying, "There is only one way that I have found to trade," and if they are making money with it, then that is what matters. But there is always more than one way. That's what makes a market.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
I think Ed Thorp or one of those guys built a chartless system where he calculates daily and weekly closes, up or down, and it tells him what orders to submit into the cash open in the morning. Completely automated and no charts.
Trading without charts is certainly possible especially if your strategy does not depend on it. Any strategy where you trade off of levels, like ORB (Opening Range Breakout) or IB (Initial Balance), previous HLC, etc., you would not need a chart. After staring at a DOM for a while, you'll also start to see support and resistance levels as price stair steps up or down. You could also mark important levels ahead of time with a chart, formulate your trade plan with those levels, and trade those levels without a chart.
Agree with the other trader. Use charts but rely HEAVILY on S&R levels MORE. This market IS working well with those. But trust is key in trading with them. Trend, breaking levels, Time & Sales order flow and size in the moment increasing and decreasing. Charts are after the fact and late for the most part. As long as you can plan ahead with what you are using you are all set. Great trading.
Well yes and no... Depends on how the trader uses charts I guess. If trader works off testing of bar ends, entries can get to surgical precision but man it takes balls to be able to trade like that. Starting to read how the bars are forming up in real time becomes much like reading the tape or the DOM I suspect. Every time I trade to trade off a DOM I just get all wigged out by how fast and jumpy it moves, I can't get a damned thing out of that mess personally. I wish I could though.
Really there just is no easy fool-proof method for trading intraday in real time at least none that I have been able to find. Definitely by far the hardest thing I have ever tried to do in my life bar none.
Exactly ....don't have the BXXs But know it takes mind management. You just got into a formula one car and expecting to win the race 1st time out....practice practice practice...wins the race.....and LEVELS. Best of luck. BUT isn't this fun! Like no other business.
), and I understand that there are traders in this thread who basically say that trading with charts is the wrong way to go. But that's not the case for me, sorry.