It is embedded into every trader's mind that you need to read charts. There is no escape from doing the chart-reading no matter which asset class you are active in. Even though the high-profile fundamentalist investors shall not deny that they read charts. They'd probably tell you that their investment company installed with the cutting-edge industry gig. By that it means Bloomberg terminal. The guru investor themselves may not check out the terminal on a daily basis, their associates and the research team is dwelling on it.
Don't get me wrong. I am not chasing you out of chart reading. A doctor incapable of charts-reading is probably controversial in practice. I am talking you out of traditional chart reading. A very intuitive question pop out here — how come candle chart, built by open, close, high, low, volume is enough to make a judgement call? Such a 5-D mindset is going to blow you up into self-doubt forever. You start to mumble away the street hearsay that those guru never read charts. Perhaps, you start to whisper, that the problem is the charts, not your skills, or decision making.
It may surprise you candle chart has been around more than a century. A jump from ticker reading to chart reading is a leap of power for sure. Wait, did I miss technical indicators reading? Now here is my question for you, have you found a golden indicator that works each time? Have you lived a single trading moment, when all technical indicators tell you the same story, and you can make decision right away? Your routine is likely to shop around indicators and do the deep but random thinking in your head.
How about we make some progress on this thinking process? The answer is right at the corner — it is worth a try to use ready-at-hand data science products in the challenging investment analysis process. There are thousands and hundreds of indicators, or algorithm out there to be found. The actual market is dynamic, non-linear and transient. A data science team ready at your hand that do all the hard data work, while you remain the ultimate power to make the judgement call. That sounds more modern, right?