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when i first started out as a trading newbie, i watched real time gold
and silver prices quotes because they were the high fliers of the day.
i guess you might call it "reading the tape" since charting software
would only come years later.
fast forward to cqg and stock index futures. for someone who is a
visually oriented trader, cqg was a godsend at the time. this is when
i learned how to read price on charts.
learning price is simply watching price tick by tick, observing its
interaction with support and resistance levels, opening and closing
ranges, previous highs and lows, intraday pivots and cycles, and so,
when new trader wannabes ask "what should i do to get started
trading," i tell em to watch price and learn individual market
characteristics and patterns for at least 6 months before even placing
their first order. sure, it's tough. but the ones who finish this
"commodity bootcamp" have the confidence to interpret price action and
anticipate future price movements in the markets of their choice.
now if you're a 100% system trader, this study program may be useless.
but for discretionary or visually oriented traders, it's critical for
trading success.
i don't eschew all systems or indicators. i use them to interpret
market structure. but i don't follow em 100% of the time if my
experience database dictates it.
TJ
just doin what works for me
---Neil Harrington wrote:
"best to learn 'price'" sounds like a deep zen saying. It also sounds
like what Bill (T-BONDTRADER) was referring to as "reading the tape".
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