Edward O. Thorp on charting

Thinking about momentum led me to wonder whether past prices could somehow be used to predict future prices. To test this, I looked at charting, the art of using patterns in the graphs of stock (or commodity) prices to to forecast their future changes. I was introduced to this by Norman, a Canadian resident living in Las Cruces, while I was teaching at New Mexico State University. After months of examining his data and predictions, I was unable to find anything of value. As [wife] Vivian said at the start, "This is going to be a waste of time. Norman's been doing this for years and you can tell he's barely getting by. Just look at his worn-out shoes and shabby clothes. And you can tell from the quality of his wife's old and dated outfits that they were once better off."

-- from his new book "A Man for All Markets," page 149

 

So.... does that convince you to "ignore the charts" in your trading?

 

sounds like an interesting read. I like to hear the journeys of others.

 

Those who can't read charts shouldn't trade.

 

A chart is what you make of it, like nuclear science or morphine. You can use it or misuse it.

 

What's the point of these sort of topics?

 

Are really saying you have some kind of inside knowledge that eludes guys like this http://www.edwardothorp.com/about/ ? Surely you are not suggesting your intellect is superior, right?

 

Has Surf "passed the baton" to TrueType? Yet another "charts are meaningless"/"TA sucks" vibe. Anything and everything in the wrong hands won't work.

 

Feather, its not truetype saying this. Its Ed Thorp, one of the greatest minds ever in the market, why this is mocked tells me all i need to know.

surf

 

No inside knowledge Surf, just a great deal of effort learning to understand price action and how to gain by it. Einstein might have been a lousy trader had he tried but unlike yourself, he would have been open to possibilities beyond his skill set.