Strongly agree because Technical Analysis is like a track field meet. You have someone running long distance races, another running short distance races, another jumping over bars, another throwing a shot put and so on. Then throw in the "variant" (variation) users of something...you then see all those subsets. In fact, I remember someone once posted here a very long time ago that TA had no variations or no subsets. I then challenge him to pick a topic and post how he would use it. He selected an indicator. I then started a topic with multiple different ways of using that indicator. I then asked him to pick another TA topic and he selected Japanese Candlestick patterns call Hammer Lines. I then started a thread about the topic with multiple different ways of using Hammer patterns. By the end of the thread here at ET...I had discussed multiple different ways (I think 5 - 8 variations) of trading via Hammer patterns. Simply, each category of technical analysis has multiple variations of each category and different types of traders will be attracted to a different subset (variation) even though its still under the same umbrella as in the example of Japanese Candlestick Hammer Patterns. The key is to document well the subset (variation) that's being used especially when changing to a different variation so that you'll know which one works for you and which ones does not in a particular type of market condition. That in itself is an edge in trading. You'll then know when to switch (change) to a prior variation when the same market conditions return. Then when the market condition changes back or changes to something else...you'll again know with variation to switch to. wrbtrader
Interestingly, Jack Schwager, who conducted in-depth interviews with more successful traders than anyone else, learned that, without exception, every successful trader he interviewed had to find his own way either on their own or after getting some guidance from someone else; that trying to copy someone else is bound to end in painful learning experiences. How are you enjoying your learning experiences?
i have tried that for 13 years. i now have decided to try copying Brooks TO THE LETTER....including what he wears, eats , am learning eye surgery also, I HAVE FOUND OUT THE REASON FOR LOSING IS ME....so i am becoming Al Brooks
You should join IndianStreetBets. They now have 14,000 member and growing like wildfire trying to duplicate WallStreetBets in India.
Yes. For example, a large part of my own trading system is built on a statistical model which is based on historical price data and not charts. This is vastly different than 'price action trading', but since I use historical data as input I would still call it technical analysis. Note: I'm not speaking against 'price action trading' as I do use that myself. Just saying it's a very different approach. Technical Trading Systems & Methods by Kaufman is a good overview of the various schools and approaches in TA. I like it because it's written in textbook style and without any promises of getting rich or this or that. It's just information, some backtested results and a lot of code.
I read "Trading Price Action: Trends" recently and today I finished "Trading Price Action: Reversals." I found the books a bit dry, wordy and repetitive but not difficult to read at all. They have good TOCs and were fairly well organized. There were no secrets to the markets that I came across but I can see why a beginner would be drawn to their content. I found the following ironic and they reminded me of this thread. 25. Thinking is very difficult. Losers prefer instead to look with religious zeal for a savior who will protect them from losing money. Saviors can be confident, impressive experts with outstanding credentials on TV, famous writers of newsletters, chat room leaders, indicators, or any other external idol into which traders infuse the power to protect them and take them to the Promised Land. Instead, they will all slowly suck the last dollar from your account. You will not make money until you do your own analysis and ignore all external influences that promise you success, but in fact exist only to make money for themselves and not you. The experts on TV hope to establish credibility that they can use to sell their services or get a promotion, the TV station makes money off commercials, the chat room and newsletter people sell their services, and the software company that gives you indicators does so for a fee. No one is going to help you in the long run, so never fool yourself into believing that you can make money with the help of all of those nice people. 26. Those who talk don't know and those who know don't talk.
so this is better than fib elliot Demark Gann Hansen Raschke [whose name to spell took me 5 years] Brooks.in my 30 years i have used all of them they all have one thing in common. all use stops. this is because markets move up and down but not in the same amount.....if it does not go in one direction, it will go in the other.......so put a stop in one direction enough times you will get a move that you will profit from in the other. you do not need any bloody type of analysis. that is why beginners make money until they read a book