Technical Analysis = CRAP
- Thread starter Frits
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I genuinely hope that im wrong, but after a few years of trading, I think that TA/chart reading will only lose you money.
Although, it is great for people to show you in hindsight what you should have done after the fact.
I say I hope im wrong, because im fresh out of ideas as to what may work! I've tried the depth of market/time+sales stuff. I've tried trading stocks based on fundamentals (most successful method so far, but that's probably because the market is always going up!!)
I guess that there are people who have made money trading from charts alone, but there are also people who have won the lottery. Doesn't mean its a good way to make money.
Like I say, im not putting anybody down at all. Im simply talking from experience. I honestly hope that im completely wrong and that consistent money can be made from looking at charts.
Although, it is great for people to show you in hindsight what you should have done after the fact.
I say I hope im wrong, because im fresh out of ideas as to what may work! I've tried the depth of market/time+sales stuff. I've tried trading stocks based on fundamentals (most successful method so far, but that's probably because the market is always going up!!)
I guess that there are people who have made money trading from charts alone, but there are also people who have won the lottery. Doesn't mean its a good way to make money.
Like I say, im not putting anybody down at all. Im simply talking from experience. I honestly hope that im completely wrong and that consistent money can be made from looking at charts.
Eddie--- read Altucher's book for a few ideas. Good luck! "trade like a hedge fund".
Larry Connors " how markets really work" is another one full of tested, strong tactics.
Larry Connors " how markets really work" is another one full of tested, strong tactics.
If you had any reading skills you'd quickly see that I didn't compare TA to flying a plane. I compared learning to <b>read and interpret</b> TA to <b>learning</b> how to fly a plane, in that, it takes about the same length of time. Not surprising a failed trader couldn't understand the analogy.
Eddie, I appreciate your 3 years experience and hard work but speaking strictly for myself, I'm a singularly focused technical trader that has been trading the technicals for going on 2 decades. I was marginally profitable after 5 years, improved through year 8 and have been consistently profitable since then. Three years just isn't enough screen time but don't feel bad, most traders don't last as long as you did before giving up on it.
thanks.
I haven't actually given up though. I've put so much time into it that I refuse too - although at the same time im quite convinced that im fighting a losing battle. I do sometimes feel silly to expect to be able to make money from looking at pretty charts. I think there is other 'information' necessary which probably falls more under the FA umbrella than the realm of TA, I just dont know what though, and feel that its info reserved for people in a privileged situation.
I simply trade at a small size now and lose a little money each week rather than a lot of money!
I agree with the OP.
But, there are a few things to consider:
- Not everyone uses the same indicator
- If anyone had a holy grail indicator, they would keep it to themselves (so the market would not become saturated with people using it)
- Some people may use TA in a way that works for them. If they do, more power to them
- There are likely many, many people who will pretend like it works for them while posting on a forum so they can feel good about themselves. You've already seen some posts like that i this thread. Don't let them get you down. They're the same as people on weightlifting forums who talk about how they can bench 315 for reps, but IRL if they even go to the gym, they could maybe unrack 225 and do half a rep with it. Like this one:
But, there are a few things to consider:
- Not everyone uses the same indicator
- If anyone had a holy grail indicator, they would keep it to themselves (so the market would not become saturated with people using it)
- Some people may use TA in a way that works for them. If they do, more power to them
- There are likely many, many people who will pretend like it works for them while posting on a forum so they can feel good about themselves. You've already seen some posts like that i this thread. Don't let them get you down. They're the same as people on weightlifting forums who talk about how they can bench 315 for reps, but IRL if they even go to the gym, they could maybe unrack 225 and do half a rep with it. Like this one:
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