I never claimed that, but the clock ticks and times pass, people move on. Do you know how many MDs at hedge funds and banks were let go (and never re-hired) in NY, LND, HK since 2014? A massive amount. That implies that a lot of the less useful folks, TAs, are definitely not around anymore. Of course can good traders make money still today and tomorrow. Who refuted that? And you are equally throwing around the TA term without having ever defined it. What is TA for you? Care to enlighten me? So far nobody of your crew has mentioned a single concept that he/she believes is part of TA. I will probably shut up and disappear from this thread the minute I see a clear definition and when it turns out it is not not just backward looking and descriptive.
I know you were not talking to me but here you go..... https://www.elitetrader.com/et/posts/4378648/ https://www.elitetrader.com/et/threads/amzn-long-764-42.305209/ https://www.elitetrader.com/et/threads/long-micron-mu-target-price-22-50.304966/ https://www.elitetrader.com/et/posts/4304913/ https://www.elitetrader.com/et/posts/4371075/ There are several others out there. Some of those others were losses and some were breakeven. And these are just the ones I chose to publicize.
Thank you, https://www.elitetrader.com/et/posts/4378648/ This is more like a filter, and many claimed TA is way more sophisticated than indicators, how is EMA(39) not an indicator? And why would the market care whether price drops above or below EMA(39), SMA(102), WMA(15.5)? Answer: It does not care. https://www.elitetrader.com/et/threads/amzn-long-764-42.305209/ "...its a major support." What support are you talking of there? Supported by what? Yesterday's low? Yesterday's high? The fact that it touched that price level 2 or 3 or 7 times before? What if it touched the price level 2 times before, how do you know it will touch the price level a 3rd time and not cut through it? https://www.elitetrader.com/et/threads/long-micron-mu-target-price-22-50.304966/ No rational provided, other than a chart with moving averages (how you use them in that trade you dont explain) and a rising channel which basically means nothing else than that price has been rising while volatility dropped. This can be quantitatively and statistically described without a single chart. https://www.elitetrader.com/et/posts/4304913/ Same as above only that you now added a MACD. I thought TA is more than indicators? So far all you showed is indicators, descriptive backward looking summary metrics. https://www.elitetrader.com/et/posts/4371075/ Those are Bollinger Bands, if you ever tested the bollinger band indicator over, lets say 100 assets you would have found out that it is one of the worst performing indicators out there. Regardless of whether you go long when price its the upper band, or short when it hits the upper band. With all due respect that you at least offered something to work with, those are all indicators and even most TA fans in this thread ruffled their noses at indicators and laughed out loud claiming that their TA is so much more sophisticated and worthwhile. Most any of the indicators you perused in the above examples are neat as a descriptive measure, but they have zero forecasting power as many academic papers have proven that ran over thousands if not tens of thousands of different indicator combinations with all sorts of parameterizations.
Blah, blah, blah.....my account would say otherwise. Just because you can not build the same beautiful piece of furniture a carpenter can with standard carpentry tools does not mean the tools are useless.
The old school TA that has stood the test of time for over 100 years. Yesterday I gave you what you should look into before you make judgement. If you care not to do so, fine. As the ol' saying goes 'You can lead a man to software, but you can't make him click'.
We heard the same story over and over, so at least you admitted TA is ALL ABOUT INDICATORS. Thanks for confirming, I was open to consider alternatives but seems the same snake oil from the 90s is still paddled today. Well, if it works for you, then go for it, I doubt it, but only you know. No need to reply.
you gave us nothing, not yesterday, not today. Only generalized statements that mean nothing. @eganon69 was the only one who provided concrete examples. And I laud him for doing that at least...
Successful traders can never convince unsuccessful traders that something is possible and working. The reason is simple: the unsuccessful traders don't have the needed qualifications to become successful. So every attempt the unsuccessful traders make, will comfirm that they are right and things don't work. A loser stays a loser. They also miss the needed intelligence to understand that other people can achieve things that for them are eternally unachievable. It is like an idiot who thinks that he is not an idiot. They are too idiot to understand they are idiot. On top of that, what they think is irrelevant. Reality is relevant. This posting is clearly too difficult for the idiots to understand. Past postings from them confirm this continuously. And all the others don't need this posting as they already understand things. So basically this posting has no value because, those who it was ment for, are too stupid.
hmm, how is this related? Or is your conclusion: TA disciples = successful traders, all else = unsuccessful? Unless you are just posting to agitate I am afraid you are on the wrong path.
Thank you so much for your time and info wrbtrader. The info you have given me is probably more than what I've tried searching on the net haha The company I intend to work for is also listed under 'the technical analyst' and they have won awards for a couple of years. What I hope is that there is some form of career progression and I'm starting see where this may branch out to. I hope the time at the job will be a fruitful one that adds further value to me on top of taking my CFA. Behavioral finance seems interesting and I will look further into it. No matter what, your insight has been more than valuable and thank you very much for it! Merry Christmas to you! Cheers!