Those who claim TA is useless do not know what is TA. Their definition for TA is charts, indicators, etc , tools known to public. Of course those tools will not works. Anything known to public will not work. When we say TA works , we mean the tools that are based on price analysis, but never exposed to public, yet 100 times better than those public known tools.
37 pages of people responding to a troll? This guy said that he's never heard of anyone notable getting rich off of charting but I guess guys like Paul Tudor Jones, Steven Cohen, Richard Dennis and Stanley Druckenmiller don't exist. I know what his response is going to be: "That's just a few guys." But, his post says that NO ONE has gotten super rich off of charting. Of course, there are many more guys as well who aren't well-known. I know some people personally who are mostly chartists and have gotten rich. Heck, I'm a chartist and I turned a $2000 account into a 6-figure account.
I agree 100%. I use TA exclusively and have the CMT designation but what I do looks nothing like what anyone else is doing in public. But even once you get a good TA approach, you have to make sure your mindset is right -- because you can end up getting in your own way.
The real problem is that they CAN'T MENTALLY allow themselves to rely on their "tool, indicator, system". They let a slight move against them exit or even reverse. A simple moving average system can be traded profitably with the right mental discipline. BTY the actual percentage is 99.4376892348947534276520975382%
I hate it when guys mention fund managers as super successful and intelligent, genius traders. They all averaged like 14% or 8% per year. Nothing profound or amazing. They got rich by recruiting a ton of money into their fund, and collecting the standard 2% management fee, and 20% net profits performance fee. Just letting that sh8t grow and compound throughout all those years, decades. Are you able to grow 2K into 100K over and over and over and over again? If not, that was a fluke. If so, you must have a net worth in the tens of millions, What time frame was that, how long did it take you on that journey from 2K to 100K?
Sounds like you've progressed from MT5. What can we infer - you've programmed a system from the bottom up or that you've gained entry into an insider crowd? https://www.elitetrader.com/et/thre...or-futures-just-released.304080/#post-4356817
What you infer from a post 6 years ago that I was using a MT5 demo? But I infer that you need to see a doctor and take an IQ test.
You made a statement, it was interesting enough to research more of your perspective. It was a conversational way to ask if you built a method from the bottom up or had asymmetrical access to information. If you want to troll me about it, ok.
Thank you for your proving my point. When someone mentions people who made money using TA, you come with a cop-out — as I knew you would. What it shows is that no matter what anyone says, you’ve got your mind made up. And, even if you feel that we shouldn’t mention fund managers (even though Richard Dennis made his fortune before managing money), anything else is more than likely going to be an anecdote and we know what the response to an anecdote is going to be.