Are you sick of technical analysis? I am...
- Thread starter retaildaytrader
- Start date
I once got showed a bunch of GDP charts by a guy who was arguing with me on a forum about how the U.S was apparently coming out of a session. After explaining to him the reasons why it wasn't he then proceeded to bicker with me about the definition of a recession because he couldn't come up with any responses. After that I just called him a moron and then decided to ignore any posts he wrote towards me after that. The ridiculous thing was the charts that he had shown me only showed a slight rise in the amount of GDP for the U.S and it didn't even go to 2010 or past November and he was banking his ENTIRE belief on that.
The amount of blind optomism that comes from people who attempt to understand the economy is amazing. I don't claim to know everything about the economy or trading I'm still learning and hell I haven't even had the chance to test whether I can trade yet because I'm still having to work on getting a job but. I think it's stupid that there are clearly middle-aged to old adults out there who can normally think perfectly well for themselves are having such a hard time even accepting that their government and their banks have screwed them over.
The amount of blind optomism that comes from people who attempt to understand the economy is amazing. I don't claim to know everything about the economy or trading I'm still learning and hell I haven't even had the chance to test whether I can trade yet because I'm still having to work on getting a job but. I think it's stupid that there are clearly middle-aged to old adults out there who can normally think perfectly well for themselves are having such a hard time even accepting that their government and their banks have screwed them over.
imo I think a trader absolutely must be open minded and able to adapt to the current feel/dynamics of the market when using ta. An example would be to compare equities from the days of the late 90s and 1st quarter of 2000 to say the second quarter of 09 to the present. Ten years ago when tech was going parabolic, a move 10 points above say an upper bollinger band could be followed up for days with continuous large point moves whereas today, from my observations, the corps that hold similar fundamentals to those a decade ago move much more cautiously with tighter, more realistic valuations. My point being is that 'rules' governing the interpretations of indicators have to be shaped to the current market, and the trader must be able to break free and adapt to the changes.
How about old style Price action ...............that is a new idea!
try it you will like it, I promis it will never let you down
Is is not the Easiest for newbie's to learn but it truly is the
best
Happy Trading,
Joe
try it you will like it, I promis it will never let you down
Is is not the Easiest for newbie's to learn but it truly is the
best
Happy Trading,
Joe
A successful trader doesn't necessarily need to be a chartist, a tape reader, or an intuitive speculator.
A successful trader, however, must find his or her own way and leverage their skills, through discipline and practice, with an instrument they must know better than themselves.
A successful trader must know how to take a loss and be courageous enough to admit that, and move to the next position.
There are many, many professional analysts but very few successful traders.
Ignore the herd, disregard the news and play your hand.
A successful trader, however, must find his or her own way and leverage their skills, through discipline and practice, with an instrument they must know better than themselves.
A successful trader must know how to take a loss and be courageous enough to admit that, and move to the next position.
There are many, many professional analysts but very few successful traders.
Ignore the herd, disregard the news and play your hand.
Congratulations. You just joined the 3%. 
I never get why anybody would behave in candle chart patterns in the first place. Its a completely stupid pursuit. Depending on what time you start the bar/candle and what frequency you look at you get completely chart patterns, sometimes opposing patterns. I dont see the point at all...
Quote from TheAngryHermit:
Agreed. I gave up on candlestick patterns and stopped bleeding cash.
If a stock is going up briskly, it behooves you to buy it and vise versa. Sounds simple (and it is), but it works...or you could have a drunken beggar flip a coin for you.
I did not say "This is hard". In fact, I understand it perfectly. All I am saying is that it doesn't work. In fact, when I looked at the statistical studies it seemed like most chart formations are a 50-50 coin flip. So I can flip a coin and come out with the same results as technical analysis?
I also read that slope blog (and many other blogs). I see these guys post charts time and time again with great conviction and they always seem to be wrong and on the other side of the trade. I have concluded that they probably do not use real money to trade. If they did, then their accounts would have been blown away a long time ago. All those guys are selling something and want you to buy what they are selling. In the case of the slope blog, I found out that he was managing money on the side and selling subscriptions to that charting program. So all of the fancy analysis gets people to take out their wallets.
The other thing about complex theory and analysis is that it is oftentimes clouded by emotions and prejudice. If you swing the lines by just a degree or less or press that "log" button at the top, then another picture emerges. The trader oftentimes does not want to see that other picture and they desire the market to fit their perspective.
Well, I don't want to write an essay. Let me put it like this. If mastering the market was as easy as subscribing to a technical analysis site, dont you think everyone would be making millions by now?
I really believe dumbing down and looking at things very simply is the answer versus complex not easily understood theories...
I also read that slope blog (and many other blogs). I see these guys post charts time and time again with great conviction and they always seem to be wrong and on the other side of the trade. I have concluded that they probably do not use real money to trade. If they did, then their accounts would have been blown away a long time ago. All those guys are selling something and want you to buy what they are selling. In the case of the slope blog, I found out that he was managing money on the side and selling subscriptions to that charting program. So all of the fancy analysis gets people to take out their wallets.
The other thing about complex theory and analysis is that it is oftentimes clouded by emotions and prejudice. If you swing the lines by just a degree or less or press that "log" button at the top, then another picture emerges. The trader oftentimes does not want to see that other picture and they desire the market to fit their perspective.
Well, I don't want to write an essay. Let me put it like this. If mastering the market was as easy as subscribing to a technical analysis site, dont you think everyone would be making millions by now?
I really believe dumbing down and looking at things very simply is the answer versus complex not easily understood theories...
Quote from maxpi:
I guess this is what happens, a whole quarter of a year exposure to TA and that's it, end of discussion... you do not have a clue how happy this is making me feel... if that is typical of thousands of traders, wow, my future is so bright I have to wear shades..
I think this is typical of thousands of traders actually. There are all these people on ET from time to time that really feel strongly about TA and how it's useless and boring.. they would rather roll the dice THEIR WAY... they must have spent time with it, not enough to get started really, said "THIS IS HARD!" with a big whiny voice, and moved on... otherwise, why would they hate it so much? If they never looked at it but were convinced it didn't work, they wouldn't feel so strongly about it... :eek: