Quote from Grob109:
Commonly here, if a person cannot do something by using a market tool, they blame the tool. As a consequence a lot of people get stuck somewhere along the line in being able to realize their potential because they make "blaming" a higher priority than getting rich.
There are many many ways to make a lot of money. Blaming market tools that are used successfully by others is not a way to make money.
Years ago, a salesman came to my home hoping to sell me a high-end vacuum cleaner. Among other things, this nifty gadget could be used to dry my hair. The machine could legitimately be used to dry hair! However, if I had to dry my hair in a hurry, I would prefer to use a conventional hair dryer. It is just a personal bias. The idea of using a vacuum cleaner to do so seems a bit contrived. In my biased opinion, using indicators is a bit like using a vacuum cleaner to dry your hair. I'm not suggesting it is impossible. Rather, in my view, it is suboptimal.
I think that newcomers value indicators more than they are worth. That was certainly true in my case. I remember thinking how much more glamorous it would be to use modern, "scientific" indicators as compared to the old fuddy duddies who only relied on price and volume. What a leg up I had on those old timers! However, as time progressed, I found that, at least in my case, looking at the source itself was more useful than using a smoothed and arguably arbitrarily manipulated derivative of that source.
To each his own. However, consider this. If I told a user of say, RSI, that I do not find RSI useful at all (which is a true statement for me), he would counter with the argument that I am not using it in an optimal way. He would surely suggest that I familiarize myself with it until I own it and can use it in a way that is profitable. This manner of use may not necessarily coincide with the "conventional wisdom" in regards to that indicator.
But can I not use the same argument in respect of price, volume and, say, breadth? Perhaps the person who feels the need to use indicators has not studied the price, volume and such in a sufficient manner. Beyond that, it is a matter of preference.
For me, I prefer the source. If I wanted to know that a woman liked me, I would prefer to ask her directly (going to the source) rather than using an indirect method such as asking her friends who may or may not be on good terms with her at the moment (indicators). But that's just me.
