Quote from Andrew1090:
Just because you can't trade TA doesn't mean it doesn't work. You guys are treating it like there is only one "right" way to trade. There is more than enough proof that TA and FA work to their own extent depending on how strict or loose the trader is with his money.
The difference between Surf's camp and the TA/PA camp here is that Surf's camp believes their method(s) are the only way to profit consistently (or they believe that only institutional level traders can profit), while the TA/PA camp believes that TA/PA is only one of many ways to profit consistently.
Although I trade purely based on the technical analysis of price using two intraday time-based charts, I believe that it's possible to be consistently profitable based on fundamentals, arbitrage, HFT, counter-trend fading, range or volume charts, time & sales/DOM only, buy and hold strategies, swing trading strategies, option strategies, etc, etc, etc.
Just because I failed to end up with net profits over time using some of these strategies, I have no basis upon which to tell the ET community that the strategies employed by ammo, atticus, bone, TJWinston, or even Surf's price drivers, are fairy tales designed to lure in noobs that flock to ET.
Quote from galvinlee888:
What I hate is they pull up some chart, begin to draw some BS lines - S/R, channel and etc, starting their story on how to buy or sell on those lines with the "high probability" setup and etc. Most of the beginners are fall into this trap.
If most of the beginners studied high probability setups, developed a trading plan around them based on careful research, and then followed their plan, there wouldn't be a very high failure rate.
Quote from toolazy:
Yes, there is serious computer power available to detect any relationship in markets way before you will.
That's where my edge comes from. The programmed trading, implemented by the large traders that move price significantly, creates certain recognizable patterns. Since the human brain is still the most powerful computer known, it can learn to recognize these patterns and find high odds/low risk entries based on them.
Quote from nitro:
I have seen [but never tested myself] a couple of strictly TA/PA patterns that are uncanny and appear to give some statistical edge on entry, but I have rarely seen it discussed on ET.
I utilize three of them and I've discussed one of them on ET several times.
Quote from nitro:
THINK FOR A SECOND: If I could make all this $ with TA/PA, why do the true players continously spend fortunes trying to shave off MICROSECONDS of their datafeed handlers and execution gateways? Are you kidding me?
The institutional traders who have to put millions or billions of dollars to work are the ones whose actions create the price patterns that the small retail traders can profit from consistently.
If I had to manage millions of dollars of other people's money, I absolutely could not do it via day trading the way I currently trade, because my methods are based on the price action footprints created by those who manage millions or billions of dollars.
Why is it that you and Surf and many others who post along these lines have such difficulty differentiating between the methods a retail day trader or very short term swing trader uses, and the sort of methods that fund managers, market makers, locals, hedgers, and investment banks use to trade? Fund managers, for example, don't even have to have a profitable year to be considered successful; all they have to do is meet or beat averages.
