"Why Technical Analysis is Nonsense"; Views?

[marketsurfer]

Quote from Paulds11:

Hi guys I notice here again the same old people making the same old comments that fly in the face of fact..

I believe the likes of Market surfer and perhaps employed in order to create such antagonism as to stir debate.

In almost every thread he is the antagonist to any protagonist.. its ridiculously tiresome.. we seek consensus with like minded individuals in the main, but to have his kind stir almost every thread with complete nonsense is off-putting.

as a tesult this was the first time back for me in about 3 months and at once I am reminded of why I avoided this site.

I have come to realise also that after several meet ups with people.. there are a lot of wannabe Traders who are absolutely not trading, which isn’t ordinarily a problem.. its just that they assume without proffering the same to the rest of us, that they somehow have more validity than most in their nonsensical argument.

How utterly ridiculous and soporific that we are somehow led to defend ourselves against the likes of this idiot ... because he believes that technical analysis doesn’t work?.. This is surely one stupid person or the individual has a hidden agenda.

ET is so transparent its lost its edge amongst sites..

Im not even sure many true traders frequent these boards anymore....its full or ridiculous statements, people who cannot necessarily argue their point succinctly and without bashing the feelings of their colleagues.

even Clinton and Obama have a way of keeping things above board and that should be an example to all.

I would like to see the doubters here come to a formal Professional forum or round table in person, stand up amongst us and say exactly what they have said here... believe me when I tell you theyd be laughed into submission and either leave from the shame or shut up completely as they are ripped apart with logic and redicule...

My days amongst such fools on ET AGAIN are numbered..


This thread IS DEAD...
Paul

the true believers are starting to rally. i have spoken directly with and have been published with several of the finest minds in finance, plus have traded since 1990 with 1000's of hours of screen time prior to reaching this point. my trading and market knowledge is still evolving--- how about some factual statements backing up your claims, i would be happy to change my mind. in addition, i would be pleased to take your challenge, any time, any place with any group-- i bring two people and game on--- rip us apart with logic and redicule (sic). LMAO!!

surf

 

[marketsurfer]

Quote from ProfLogic:

I know many. I travel, talk to and see the results of their labors. Can I go where or see what you can not? No! The difference is that you choose the company you keep.

If you believe it and can validate it . . . use it.
If you deny it . . . it simply doesn't exit.
If you are searching for it . . . continue the journey but keep an open mind.

happy 2008, plogic. happy to see you are well.

you should ask your friend jim rogers what he thinks of TA. certainly the wealth he has would dwarf the combined wealth of the others you mention.

these succesful TA practioners you reference, would they happen to follow your teachings? just a thought--

as i stated earlier, those who defend TA most vigerously normally have a vested interest in making cash/fame from teaching it.

best regards,

surf

 

[ProfLogic]

Quote from marketsurfer:

the true believers are starting to rally. i have spoken directly with and have been published with several of the finest minds in finance, plus have traded since 1990 with 1000's of hours of screen time prior to reaching this point. my trading and market knowledge is still evolving--- how about some factual statements backing up your claims, i would be happy to change my mind. in addition, i would be pleased to take your challenge, any time, any place with any group-- i bring two people and game on--- rip us apart with logic and redicule (sic). LMAO!!

surf

Yes, believers but more than that . . . people that actually trade with real money.
We trade, we prosper . . . we thrive.
Yes, you have spoken with some of the finest & oldest closed minded minds in finance . . . so have we. We just choose not to duplicate their failures.
Yes, you are published . . . so are some of us.
To date I personally have logged over 19,000 hours of unbiased research on the screen and I know of others that have far exceeded that.
Our search is still evolving as well but we do ours with an open mind.
We do not expect you to change your mind. The effort would be fruitless. You are insignificant to our success. We do not need to prove our prosperity any more than you have to prove yours. What you ask of us . . . first present of yourself first.
Challenge? To the winner go the spoils? This dead horse has died, decomposed and even his ashes have become the building blocks to a new life form.
Congratulations on your recent YM trade.

 

[ProfLogic]

Quote from marketsurfer:

happy 2008, plogic. happy to see you are well.

you should ask your friend jim rogers what he thinks of TA. certainly the wealth he has would dwarf the combined wealth of the others you mention.

these succesful TA practioners you reference, would they happen to follow your teachings? just a thought--

as i stated earlier, those who defend TA most vigerously normally have a vested interest in making cash/fame from teaching it.

best regards,

surf

Happy 2008 to you as well.
Mr. Rogers is an acquaintance not a friend and he isn't essential to my succcess so what he thinks is irrelevant.
TA is a vast environment of ideas and models. As in every environment there is success and there is failure.
. . . those who denied most vigorously that the world was round, never left dry land.

 

[FanOfFridays]

Quote from marketsurfer:

I have traded since 1990 ...my trading is still evolving

Wow, 18 years of trading and still evolving? Congrats, that is rare.

I apologize if that wasn't you in that blog, surf. But I swear to God I read in the past 6 months that you were either quitting trading or that you had been unable to get profitable. Wasn't that you?

A few others have mentioned that they have see you trading unprofitably as well...is it all bs?

 

[marketsurfer]

Quote from traderNik:



I apologize if that wasn't you in that blog, surf. But I swear to God I read in the past 6 months that you were either quitting trading or that you had been unable to get profitable. Wasn't that you?

A few others have mentioned that they have see you trading unprofitably as well...is it all bs?

ok, thanks.

yes, 2007 was very difficult--- but the only blog i have focused on trading is the surf report.

best,

surf

 

[marketsurfer]

Quote from ProfLogic:

Yes, believers but more than that . . . people that actually trade with real money.
We trade, we prosper . . . we thrive.
Yes, you have spoken with some of the finest & oldest closed minded minds in finance . . . so have we. We just choose not to duplicate their failures.
Yes, you are published . . . so are some of us.
To date I personally have logged over 19,000 hours of unbiased research on the screen and I know of others that have far exceeded that.
Our search is still evolving as well but we do ours with an open mind.
We do not expect you to change your mind. The effort would be fruitless. You are insignificant to our success. We do not need to prove our prosperity any more than you have to prove yours. What you ask of us . . . first present of yourself first.
Challenge? To the winner go the spoils? This dead horse has died, decomposed and even his ashes have become the building blocks to a new life form.
Congratulations on your recent YM trade.

thank you. i disagree, but i understand and apprieciate the kind words.

regards,

surf

 

[Worldcrusher]

Here is a pertinent quote from Marty Schwartz regarding TA:

“I always laugh at people who say, ‘I’ve never met a rich technician.’ I love that! It is such an arrogant, nonsensical response. I used fundamentals for nine years and got rich as a technician.”

So there is at least one!

May the Schwartz be with you.



Sincerely,
Daryl

 

[Hook N. Sinker]

These are the results of a trading simulation using the stochastic indicator and Merrill Lynch stock symbol MER. Trading is long positions only, data is 31.03 years daily closing prices, risk is 2 % of account equity per trade, initial capital $ 100000, slippage 0.10 %.

20 period stochastic
403 trades
Total profit $ 136752

40 period stochastic
277 trades
Total profit $ 80107

60 period stochastic
216 trades
Total profit $ 77660

100 period stochastic
173 trades
Total profit $ 59765

200 period stochastic
126 trades
Total profit $ 37816

 

[Hook N. Sinker]

These are the results of a trading simulation using the stochastic indicator and Countrywide Financial stock symbol CFC. Trading is long positions only, data is 20.19 years daily closing prices, risk is 2 % of account equity per trade, initial capital $ 100000, slippage 0.10 %.

10 period stochastic
388 trades
Total profit $ 16960

20 period stochastic
264 trades
Total profit $ 53848

40 period stochastic
161 trades
Total profit $ 46965

60 period stochastic
133 trades
Total profit $ 36488

100 period stochastic
120 trades
Total profit $ 15149

200 period stochastic
79 trades
Total profit $ 18225