Technical Analysis = CRAP
- Thread starter Frits
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Quote from luckybastard:
Hehe, you've got SCAMMER written all over youI don't really care though, if people are stupid enough to pay for books or take courses, then that's their own fault. I know they do though. Those classes at Vaccaro's and Velez's scam companies always are full. At least they were, I think they overdid their scam the last time, LOL, after they took everybody's money this board was full of angry victims.
There's something 'magical' about all this techical blah blah. People believe it, or they WANT to believe it. Smart scammers like Velez and Vaccaro literally make millions just selling useless crap for big money.
Even if it goes against all logic, they don't care. It's almost like those people WANT to be scammed. And that's why I don't really care. If they were smart, they'd join a bank, prop firm or a hedgefund and learn there. The losers buy books and take courses
What do you do full time?
Smart scammers do make good money I imagine but smarter traders make a ton more money and don't have to look over their shoulders as they walk down the street.
You can always tell the intelligent posters, they test the free information to see if it holds water of not. The lazy ones will simply turn up their noses at a little effort and start screaming, boogyman!
I guess attending a college class is for loosers (not losers), huh?
3 things:
1) It's very difficult to make good money trading. When I traded prop at Swift Trade, I saw probably hundred people try, only a handful succeeded.
2) Those scammers don't need to look over their shoulders. Why should they ? You think this is a case for the police ? No. All the victims can do is sue you. And they won't (in most cases), since the odds of winning the case are dim and the costs are extremely high.
3) Don't mistake the kind of money we're talking about. 3 day classes at $5000 each alone, add up very quickly. Then, like said, if people expand their scams with getting traders to churn shares, they make good money on markup fees. And if you even take all their deposits, you can easily make millions in a few months.
I'm not american, I'm dutch, so please excuse any mistakes I make, though I'm sure I'm better at English than you are at Dutch.
Like said before, I started as market maker on the Amsterdam Options Exchange, then became prop trader for Swift Rotterdam, then started my own prop firm and currently run my own trading company with only 2 others. No clients, just us trading for ourselves.
Its quite funny seeing guys make these outrageous claims in the face of true hardcore traders. I have also been close to multiple fund managers, funds and prop traders over the years. The market simply does not work the way the chart artistsy believe--if it did it wouldn't exist. It's very clear by now what makes sense and what does not--- after seeing everything, the hyperbole is easy to spot as is the scrambling to "make it sound believable". Then comes the I'm more or better educated,next the personal challenges, next the personal attacks and finally the threats. I believe Covels new book may touch upon some of these tactics by the objective TA cult here on elite--in their own words and naming names.
As I said previously, there may be a few savants who can eek out a living via subjective, intuitive TA. However, programmable objective TA simply doesn't work and if it does, it won't- very quickly. I listed several books that are must reads earlier if anyone is looking for a legit way out Of the TA trap.
Surf
As I said previously, there may be a few savants who can eek out a living via subjective, intuitive TA. However, programmable objective TA simply doesn't work and if it does, it won't- very quickly. I listed several books that are must reads earlier if anyone is looking for a legit way out Of the TA trap.
Surf
And we return back to the beginning, which is kind of always the way these "my method is better than your method" threads work, where no one learns anything, but people sure do spend a hell of a lot of time on their virtual soapboxes.
No method, in and of itself, puts you at an advantage or disadvantage. Everything depends on the individual trader implementing the method and always will.
Yes and no. I completely agree with you regarding subjective methods. They are completely cued to the skill of the trader. However, objective methods that can be programmed--any monkey should be able to use effectively.
"no method in and of itself puts you at an advantage or disadvantage"
I'm sorry, but this is ridiculous sounding. I guess you don't know about arbitrage and the host of other objectively testable edge creating methods-- true edge is a bet on the horse, not the jockey.
Real world trading success entails much more than looking at pretty charts , guessing direction, then hoping it continues after entry. There are exploitable market edges but they often change and never last long. The market herself makes certain of this.
Surf
1. I absolutely agree. Prop shops don't promote research though so a trader can only be as good as the instruction and support they get. Some traders do have the ability to "think outside of the box" and can excel there too but most of them head out on their own. There are some good prop shops out there but not many.
2. I guess it is all based on how one was brought up. Let me give you an example. It is between a $500 & $1000 fine for chewing gum in Singapore. Is it easier not to chew gum while walking down the street or is it worth the fine, lost time, aggravation and court appearance to chew a stupid piece of gum. I prefer to trade to make my money. If others prefer to sell worthless material and information or stuff you can find for free on the internet, that is their prerogative but they are up for the consequences.
3. To net just 1 million dollars one would have to teach a class or classes of 220 to 250 people. In order to achieve those numbers one can't do it without some type of name recognition. One doesn't achieve name recognition and fill seats if they don't have past students that have achieved good results from the information they provide.
I can guarantee that your English is better than my Dutch. I will say that I am half Dutch (Mom's side) and half French.
I repeat, when you or your author buddy test what I do for yourselves, you will then be qualified to judge the validity of what I do and what I say my method can do.
Until then you are talking out the cleanest orifice on your body, the one in your pants.
Are you scared to test it or what?
To stupid?
To computer illiterate?
To narrow minded?
Pick one and let me know.
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