Ok, whatever you say. I guess there are always wizards, savants and mystics in the market. I can't argue. surf
As part of that dialog and in a constructive way, your reference draws a false conclusion. What you read in that book is an incorrect inductive proof. (such as a coin flipping type mistaken arguement). Naturally, since I am contributing to the dialog, I must add that I have done the deductive proof and reached the opposite conclusion. One aspect of my proof is not making the mistakes made in the book. The book serves an important purpose; it shows the state of the art as seen by the CW myth believers.
CW is stardard Financial Industry terminology for Conventional Wisdom. YVW thanks for asking. My bad.
There are many types of TA folks. You'll be surprise about how many TA folks you've been debating and arguing with all these years actually do use TA with Real Information. My point, most do not use TA on its own and certainly not the profitable TA users you've been arguing with. You've been arguing all these years with most folks based upon an assumption you get from a few that say they "solely use TA alone" when in fact most are smart enough to know they are not "solely using TA alone". To do the latter would imply they are automated and not discretionary. By the way, I do remember you once stating that folks that reply in defense of TA via saying it's not the only thing they use...you said then the trader consistent profitability was then due to luck. Probably worth your time to question someone the next time you here them say they are profitable and uses TA. Ask that simple question...You Automated ? If the reply is no...then you know they are using other tools with their TA and possibly using what you label as "Real Information".
I don't disagree with you. We are not far apart in ideas--- Except, the TA users I argue with such as NoDoji, Cornix, EXspert, Hershey, Russian RR, claim to only use PRICE and VOLUME charts solely to make decisions. So, that's my beef with TA-- as I KNOW this is impossible. If it was possible, things like WISETRADE would work. surf
I know for fact that NoDoji and Cornix do not "solely" use TA alone as if nothing else has any impact on their trade decisions based upon what they've said elsewhere in other threads about money management, broker platforms, discipline, trade management, trading experience and so on. I do not put any weight on such statements unless they're using some serious automation trading. That's why I say there's only "a few" that make statements as such. Yet, you debate with many others that say they are profitable and use TA without you asking for any clarification if they use TA with any thing else especially those that clearly define themselves as discretionary traders. My point, most traders do not discuss discipline, money management, position size management, capitalization, trade management and so on because these are not popular topics at trader forums. In error, most see such as boring discussions. In contrast, they primarily discuss their TA only especially if they're trying to gather an audience of readers. Anybody that doubts the above can do a very easy test here at ET. Start two threads here at ET. One thread about trade management and the other about TA with charts. You'll quickly see which thread gathers the most replies and which one gathers the most arguments. This is an issue from the foundation of trading. Every newbie that gets their first charting software...that vendor (e.g. eSignal, CQG, Sierra, Ninja and so on) talks about the bells & whistles of their charting programs...lots of TA stuff. Yet, do you see those charting vendors discussing "money management" to sell their products. Simply, most traders are brainwashed or hypnotized into what they should be concentrating on out of the gates and eventually "some of them" will assume its the only thing they use...there lays the beginning of these debates about TA. Another proof of the issue. Take a look at many of the trade journals here in the journal section...as soon as someone has a trade problem or ask for help...most of the replies are about tweaking the TA, tweaking the entry signals or whatever. Very little replies about all that other stuff that's arguably just as important or more importantly on any given trading day depending upon the trader.