I think Thorp's story is much more common that most here want to admit. There's a LOT of confirmation bias (as well as other behavioral biases) when it comes to chart-reading. I used to look at charts and think I'd found some amazingly profitable pattern. Then I'd test the idea over a longer time frame with a statistically-significant number of occurrences. It would almost always lose money or be breakeven-ish. Also, of all of the self-proclaimed successful "pure price action traders," I've never seen one with a profitable, verified long-term track record.
Maybe to keep others from going down the black hole of chartology (not to be confused with astrology or Scientology...or maybe it is).
If more traders were uninformed, wouldn't that be an opportunity for you with your superior knowledge of markets? Why stop your potential bread and butter?
Where did I claim to have "superior knowledge of the markets"? I have a few slight edges, but I'm no Thorp or Renaissance. Nor are you, chart dude.
Fixed it for you. It's not like posting results is going to give away their little trendline/hopscotch pattern methods.
This is 100% correct. it is a complete myth propagated by those who need your money and the unfortunate sad souls who cling to anything that sounds like easy money----
What about Paul Tudor Jones? He says never own anything that is bellow the 200MA. That's because he believes that price conveys useful information to make trading decisions, which is pretty much what 'price action traders' do