How often do you cross reference other trader's charts before making your own trades?

[robert99]

Fellow technical traders: 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 in terms of, say, entry and exit points before making your own trade.

 

[Sonicscooter]

Never.....why would i 95% are losers................

 

[tomorton]

Each weekend I watch the relevant Youtube clips from FXEmpire.com to see their TA. They won't get me into a trade but if my analysis is the opposite of theirs, I will review my reasoning.

During the week I occasionally look at the TA by dailyfx.com in a similar way (they also give me a flavour of the fundamental factors they see as applicable, plus the economic announcements on the calendar).

I've just started receiving emails from Captain Currency to see how my system runs alongside his. Too soon to give a verdict on this.

Otherwise, I avoid anyone else's charts like the kiss of death.

 

[robert99]

Each weekend I watch the relevant Youtube clips from FXEmpire.com to see their TA. They won't get me into a trade but if my analysis is the opposite of theirs, I will review my reasoning.

During the week I occasionally look at the TA by dailyfx.com in a similar way (they also give me a flavour of the fundamental factors they see as applicable, plus the economic announcements on the calendar).

I've just started receiving emails from Captain Currency to see how my system runs alongside his. Too soon to give a verdict on this.

Otherwise, I avoid anyone else's charts like the kiss of death.

Interesting. What is it about dailyfx.com that you trust that the casual user doesn't have? ... and what would it take to have confidence in someone's charting analysis? What qualities do you look for?

I ask because I'm trying to develop a good process and currently I'm not entirely sure what to look for.

 

[Sonicscooter]

Madness.......utter nuts, this forum never fails to amaze me........

 

[tomorton]

I distrust most TA because it usually places too much reliance on indicators.

But its useful to have a look at someone else's conclusions who uses a similar charting approach. Its not good to be blinkered even over a simple chart question like is this downtrend showing continuation or basing for a potential reversal? And they're thorough on fundamentals, which I would otherwise ignore: this might make me more cautious but would never make me more bold on a trade decision.

 

[tomorton]

Madness.......utter nuts, this forum never fails to amaze me........

Not me, its an understandable error that a new trader would be tempted to make. Many text books and 'teachers' push them that way - if you don't have a system, copy what someone better does. Its a phase.