How Often Do You Cross Reference Other Trader's Charts Before Making Your Own Trades?

[robert99 10]

Just starting out over here...question: how much do you rely on the research/charts/analysis of other traders before making your own trade? Curious as to the degree and amount of cross referencing and time you spend. How much do you value their insights versus your own intuition?

[jpennybags 11]

Just starting out over here...question: how much do you rely on the research/charts/analysis of other traders before making your own trade? Curious as to the degree and amount of cross referencing and time you spend. How much do you value their insights versus your own intuition?

 

Never is the easy answer...

 

It depends a great deal on how much you trust their advice, and the reason for why you would want to. I mean... if you don't currently have the skills to make your own decisions, following the advice of others is probably not wise. How can you discern the good from the bad if you don't know yourself?

 

If you are considering the notions that are broadcast on CNBC or some other venue... everyone talks their own book... not much help. If on the other hand, you have a trading buddy or someone who understands how you trade, then it's probably not a bad thing to get some feedback on trading decisions (can't hurt). Ultimately, the decision is yours though. I would never take a trade unless it made sense to me, regardless of whom ever put the notion in my head.

 

Often times, if you are looking for someone to agree with you about a trading decision before acting on it, you aren't asking the right questions of yourself (and the trade). Keep that in mind, and always seek out the reasons for not taking a trade before acting on it.

[odysseus11 10]

Never is the easy answer...

 

It depends a great deal on how much you trust their advice, and the reason for why you would want to. I mean... if you don't currently have the skills to make your own decisions, following the advice of others is probably not wise. How can you discern the good from the bad if you don't know yourself?

 

If you are considering the notions that are broadcast on CNBC or some other venue... everyone talks their own book... not much help. If on the other hand, you have a trading buddy or someone who understands how you trade, then it's probably not a bad thing to get some feedback on trading decisions (can't hurt). Ultimately, the decision is yours though. I would never take a trade unless it made sense to me, regardless of whom ever put the notion in my head.

 

Often times, if you are looking for someone to agree with you about a trading decision before acting on it, you aren't asking the right questions of yourself (and the trade). Keep that in mind, and always seek out the reasons for not taking a trade before acting on it.

 

Guess I will have to switch my tactics on this. I had been a regular watcher of CNBC till now, and as per your advice will divert my learning channel.

[Ammeo 10]

I dont usually see other trader's charts cause i have my own chart strategies + i am more of a Global Macro person that i am a chart person.

[jpennybags 11]

Guess I will have to switch my tactics on this. I had been a regular watcher of CNBC till now, and as per your advice will divert my learning channel.

 

In a similar vein... if it's working for you, don't pay any attention to me.

[zdo 20]

My ‘short answer’ would also be NO - especially at first.

 

An important early and crucial stage in the development of any proficiency is simply ‘playing around with it”. Don’t corrupt that stage for yourself . Referencing others’ “insights”, taking lessons, modeling others, etc. etc. comes later... when your ‘brains’ know (not necessarily consciously) what exactly they need to learn.

"All things vibrate, and they vibrate at their own frequencies. When you understand this...your eyes will open to things you never seen before-things previously pushed to the back of your consciousness ..."

~Dr. Emoto

It is vastly more important to ‘see yourself seeing’, to ‘see how you are seeing’ than it is to learn what others are seeing.

 

(Further unsolicited but related bzarnes and going against the grain of 99% of the voice of trading ‘teachers’ out there, I have also always encouraged noobs to trade live right out the gate... tests you and your match to trading quickly... ultimately saves a lot of your life / time. )

 

hth