The following observation or question was posted @ EliteTrader.com
Quote:
Quote from drukes1234:It seems like the vast majority of ET trades mainly on TA. Does anyone here trade based on actual news flow? Upgrades/Downgrades, chatter, other news? That's 95% of what I trade around and am always looking for other similar traders to share ideas with and help each other get the news and understand the news as quick as possible.
http://www.elitetrader.com/vb/showthread.php?s=&threadid=228703 Reply to Question There are traders that are consistently profitable trading news flow without charts. There are traders that are consistently profitable using charts. There are traders that are consistently profitable using both.
If you can't do one of the above...it's
naive to believe nobody else can do it.
Regardless to which of the above the few profitable traders are doing, there are other arguably more important variables being used by any consistently profitable traders
not being discussed when threads like this are started (e.g. market experience, psychology of the trader, discipline, money management, proper capitalization, position size management, proper trading instrument for your trade strategy, stress management, proper broker platform, proper trade workstation, proper trade environment and so on)...sometimes known as
trading plan.
Therefore, next time you meet someone that say he/she
only uses NEWS and nothing else as a profitable trader. The other variables mentioned above are just as important but the trader just didn't want to mention them for whatever reason. Thus, that trader is using something else.
Same is true for a profitable trader that say he/she
only uses TA and nothing else.
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