You are misunderstanding. TA is not a scam when it comes to explaining what happened in the market. It is descriptive --- This is the legitimate use of TA. If Institutions use TA it is to create marketing letters, like the one your friend writes-- the purpose of these letters is to attract clients not predict or make investment trading decisions. Thinking , teaching, intimating that institutions use TA to make investment decisions is the scam and terrible lie spread about TA. I can't make it any clearer. Hampton
Can't agree more. Of course it would be great if we all knew what we are actually talking about. I named pretty much 90% techniques that would be part of TA yet each time I am rebuffed and told that it is not TA. When I then ask what they understand as being TA I get no response. It goes quiet. No, not quiet, silent. As if some are afraid that when they clearly define what it is they can actually be held accountable and the subject matter can be clearly discussed.
Wrb, respect, you stay cool vs these two trolls. One of them is notorious for his multiples bad calls and is an ante 2008' crisis trader (aka you got a big watch and drive a Ferrari / Maserati = clients and traders admire you. Lol). The other one could be his brother and consider everyone here as imbecile. As you mentioned, finance world has changed, but these guys still live in the 90's. Let them dream, they still wait for Santa Claus . CM
lol, you just perfectly described the TA world. 90s. In the meantime the world has moved on to automation in most execution related areas, (investing notably excluded), quants have already had their golden times, and its on to staking the claims in AI land. If anyone here is completely behind the bush, lost in the forest then it is those who claim descriptive statistics have any validity in forecasting the future.
Your explanation is clear about TA but doesn't answer my questions. For example, how do these so called TA folks get their own "quant teams" with a higher pay than the quant folks. I only talked about one person but I know a few others. As for the marketing letters...most of what I've seen isn't going to entice any potential clients. Heck, you need special reading glasses for the small fonts. Maybe the answer is that a Technical Analyst at a firm...its a person with access to more resources than the typical retail trader. Thus, they just view TA differently. Heck, some even have their own "quant teams" (sarcasm but true in a few cases). Now a reply to the other guy...the liar. Too many threads at this forum where the anti-TA folks were talking about indicators and didn't say so until 10 - 15 pages of arguing while the none indicator users clearly stated they didn't believe in indicators...didn't use it. They even clearly posted chart examples (picture is a thousand words). This thread is a clear example. Someone starts a thread about something as simple as wanting to know about "jobs" or "career"....another debate again about its a scam it works. Reminds me of the thread were someone asked about University trading rooms if they existed. Anti-TA folks practically swore on some dead person's grave such didn't exist until all were silent when I saw someone LIST 77+ trading rooms at Universities all over the world. I'm still reminded of the biggest anti-TA folks that eventually got outted for promoting TA elsewhere at the same time while they were bashing TA here at ET. It was the craziest thing I ever saw and was revealing about the games being played at this forum from some of the most hard core anti-TA folks. Also, I can say that I didn't see any of the pro-TA folks bashing TA at the same time at other locations. Just saying.
Notice the top of the book says "New York Institute of Finance". This is or was an official textbook used to teach TA. By the way the author of this book runs the biggest TA website out there. You also forgot the education I received which was from the "School of Hard Knox".
Care to post then an image of how you use TA? You keep on rambling, rambling, rambling and never talk about anything substantial, no details, nothing. Either meaningfully participate or sometimes it is better to stay silent (aka in P&R as STFU).
No matter what a Southampton or a Zzzz1 claim, there are opportunities for you to work in the field of TA. Below is a list of 221 such people with the names of the places at which they work in the field of TA. They are members of The Market Technicians Association. I hope you find this list of help in finding employment. http://symposium.mta.org/archives/2014-annual-symposium-archives/2014-attendee-registrant-list/
So basically, it is game over in finance for everyone who don't automate, code or is not an hardcore nerd? Well, I think there is still lots of room for everyone who develop his skill in fundamentals / price action / TA / behavior . Why ? Because if you understand the game, you don't need a robot to buy when a stock / index lift off or sell when people are too euphoric. You need to open your eyes, analyze and take the right action. That was true 100 years ago, that will be true in 100 years. Sure technology changes, but human nature, not. So without a Phd in AI or nuclear physics or whatever, good trader here can still make a lot of money in trading. CM