One of the more famous replies to the question: "I always laugh at people who say, 'I've never met a rich technician'. I love that! It's such an arrogant, nonsensical response. I used fundamentals for nine years and got rich as a technician." -Marty Schwartz, as quoted in Jack Schwager's Market Wizards.
Ancient history,show me something new. Sure, it may have worked back in the old days. But that helps no one going forward--
You keep saying this nonsense, and moving the goalposts to suit: And then this from 2013: Paul Tudor Jones (Tudor Investment Corp) He emphasized his focus on technical analysis as that's the method he learned for trading commodities originally. He said, "I have one strong rule and that is when it comes to a stock if it's above the 200 day moving average, I'm gonna be long it, and if it's below it, I'm either not gonna own it or I'm gonna be short it, period end of story and I just let that govern every single thing that I do." http://www.marketfolly.com/2013/06/notes-from-virginia-investment.html#ixzz3g3VCjv00 Surf, the only thing that keeps changing is your expiry date on price action trading. As an aside, also keep in mind that Thorp rendered his assessment of TA years before Schwartz made his millions with it. Most of what passes for TA is nonsense. As astute as Thorp is, how can we be sure that he didn't throw out the baby with the bathwater? I wonder what Schwartz would say...
Despite being anecdotal evidence--- I do know for a fact that the only actively tracked money manager on your hero list -- PTJ has completely changed his tactics/ market philosophy. Schwatz, i don't know him and have no clue about his performance, likely made his money despite TA rather than because of it. All objective testing reveals this fact. Not to mention, the fact of telling the prey what they want to hear/see is a time tested rule of the jungle. You can't defend the religion of past price holding all value with me. Your ideas have been crushed. Why is this so hard to grasp? surf
It's not a question of heroes. It's a question of your abrasive and utterly contemptible arrogance. Sorry, surf, but I'm done with you. Enjoy your baubles.
How is my reply arrogant? The truth hurts true believers. Hopefully, others will think for themselves and start on the path of long term winning! surf
I've already dealt with Schwartz here, but the price action cultists didn't reply. He clearly took advantage of temporary edges and information gaps that existed in the 80s. If he were a pure price action trader, his track record should've continued since then. Yet no one knows how he's done since his book was published in '98. He probably just retired, realizing the markets were getting too hard to beat with his methods.