So guys, how did someone like Welles Wilder make money by creating RSI, I do not mean using it to trade but profiting from it by selling it or letting others use it for a royalty ?
How does this work ?
How does this work ?
How to make money if creating a new technical indicator ?
- Thread starter Streetwise
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Sell books, videos and lectures about your newly created indicator piece of shit.
Aww, triggered are we ? LOL
I think in the case of RSI the answer might be "indirectly", i.e. by enhancing his reputation, publicity, writing, etc. etc. rather than directly from the indicator by selling or licensing it.
I do not use indicators nor do I believe in them as being an effective trading tool. But if you feel you have the ability to create a new indicator that could be sold (effective or not), you might want to consider directing your analytical ability to learning and using something more practical and profitable for your own trading. Without an extensive knowledge of price movement you won't be able to create much of anything, let alone sell it.
I look at price movement as being the heart, and indicators the pulse. And I would rather have the doctor listen to my heart than just feel my pulse!
I prefer both: they wouldn't examine your pulse as well, if they could effectively learn all they needed to know about your cardiovascular system just from listening to your heart.
Neither do I.
I don't believe they're an effective trading tool for me; I recognize that they very clearly are for some others (since some of my profitable colleagues are using them successfully).
learner2007 said:
nor do I believe in them as being an effective trading tool
nor do I believe in them as being an effective trading tool
I should have said 'in comparison to more precise forms of analysis'.
Thanks, so he must have at least copyrighted the name , no ?
Well, that's highly pressumptious on your part. I have been trading for many years on and off at least and net net I am profitable.
So rest assured , I know what works for me and that is why I believe I have seen a few (new, at least to retail ) things which could be applied to TA.
The point is this guys: Yes most TA is bunk and nothing can predict the market.
However any guide we use SHOULD be created by an objective basis.
EG) Bolinger bands are a legit tool because they are calculated by moving averages and SD bands. Whereas drawing trend lines is kind of BS, why should connecting all higher lows indicate a certain trend.
Any line drawn will just be entirely subjective whether it's you, me or Ralph Elliot drawing it, It is totally unobjective.
However any guide we use SHOULD be created by an objective basis.
EG) Bolinger bands are a legit tool because they are calculated by moving averages and SD bands. Whereas drawing trend lines is kind of BS, why should connecting all higher lows indicate a certain trend.
Any line drawn will just be entirely subjective whether it's you, me or Ralph Elliot drawing it, It is totally unobjective.