Quote from RCG Trader:
If you had drawn a trendline, you would have stopped and reversed, most likely.
Quote from marketsurfer:
I can't argue with you. I based that call on info I was getting from a large gold fund-- that was highly accurate previously---- dont ask, but we lost a fortune---obviously, I was following flawed info ....The next year, the fund was up over 100%-- after my clients took a beating.
Fortunately, I was diversified across 5 non correlated strategies that year. One of which paidi off in a huge way....
Quote from Xspurt:
Hang on Surf - you are the one who claimed to use TA for years in days gone by. This is like a priest saying he is now an atheist. Did your TA never work? Were you just beating your brains out for years or did your TA stop working? If so when did TA fail you?
Show me your non working TA. Let me see the skills by which you judge TA to fail. I am not arguing whether you have discovered a better holy grail. I am saying by your own admission you jumped ship.
Either you never had a working TA method by which you have no ability to judge TA, or you have great TA skills but that level of TA proves TA doesn't work. Show us what you were doing on TA that doesn't work now and I'll believe you know what you are talking about.
Quote from marketsurfer:
I have been asked why I am so adamant about TA being the wrong road for traders to take.
The reason is that TA is insidious, it is dangerous, it is a creation of the market designed to make you lose. Unless its understood to be illustrative, then stay away.
TA attracts noobs like moths to a flame. What could be easier than following a line? Just look at this chart! Woulda coulda shoulda hindsight analysis applied in real time is seductive. Apparently, a very few folks via intuition or psychic powers claim it works. I can't argue with personal experience-- just with rationality. TA simply is a failed method overall. N
Quote from wrbtrader:
I thought I was done with this thread but I now see the exact same thing occurring that happen many years ago when surf, TraderZone, Daal and a few others demanded live calls over a small duration of time like several months.
It will be impossible to prove that TA is useful in your trading regardless if you're using it via the perspective of science or art because these guys will find a reason (prepared to use) to dismiss the reasons why you're profitable.
2) There are already existing trade journals that have live calls online and a few here at Elitetrader...some before the fact, others in real-time as they occurred, others with broker statements as proof of a few of the live calls. The problem is that the TA was not shared or only had some generic reference. That in itself pssst off surf and gang because that's what they are really after...they want to know the exact details of your TA and how you're using it. They are on record in the past via specifically saying as replies that if they don't have access to the codes of your TA...its art, voodoo or lucky.
Therefore, they will dismiss any live calls after you've done them here at ET or anywhere else online (blog, website, Othernet/Financialchat, twitter, stocktwits, another trader forum) when you refuse to spoon feed them the in-details of how you're using TA regardless if you've been consistently posting live calls a few months or many years. To them you are just lucky.
Quote from Xspurt:
But what made your gold call outstanding wasn't that is was wrong because we have all made wrong calls, it was that you persisted in claiming you were right when clearly you were like a moth to the flame. You were completely seduced by your own belief and fell in love with a losing trade. There is nothing more insidious and dangerous.
But here you are telling us TA is all this. Kinda haughty attitude.