This book was written by one of the most successful investment managers in Moscow today Dmitry Khotimsky. The author attempts to break down the complexity of an investment world into layman terms for the general public, especially in times of an economic slump. Overall I found the book to be a very interesting read (I believe it is available in English too).
The following is an extract from the book about application of technical analysis when deciding to invest or not to invest into a stock. So this would directly apply mostly to position traders basing their opinion on technicals. Translated by moi
"If there is in this world total nonsense, then TA is the best example of it. You are shown thousands of graphs and charts. In those they observe some sort of Japanese candles, animal figures and so on - the list is huge. On the "basis" of these analysis they decide - have to buy! Or sell.
Remember this one thing: any technical funds and actually all people, that adhere to this "religion", always lose their money. All of it.
Ta is anti-science. To be precise, it's a marketing tool to attract naive fools into the enticing world of investments.
It's clear, that to look at pretty pictures, is easier than to forecast actual profitability of companies. But it's not worth it to succumb to temptation in an attempt to make your life easier. This is 100% loss of capital."
D. Khotimsky
The following is an extract from the book about application of technical analysis when deciding to invest or not to invest into a stock. So this would directly apply mostly to position traders basing their opinion on technicals. Translated by moi
"If there is in this world total nonsense, then TA is the best example of it. You are shown thousands of graphs and charts. In those they observe some sort of Japanese candles, animal figures and so on - the list is huge. On the "basis" of these analysis they decide - have to buy! Or sell.
Remember this one thing: any technical funds and actually all people, that adhere to this "religion", always lose their money. All of it.
Ta is anti-science. To be precise, it's a marketing tool to attract naive fools into the enticing world of investments.
It's clear, that to look at pretty pictures, is easier than to forecast actual profitability of companies. But it's not worth it to succumb to temptation in an attempt to make your life easier. This is 100% loss of capital."
D. Khotimsky
