This quote sounds like a great wisdom to me, far beyond just trading and TA, it can be applied to anything.
It doesn't matter who said it if these words are wise. Much more important questions: is what exact problem you, Oilfxpro have with TA and day trading? You said yesterday you day traded for 5 years and it's very hard. That now you are TRYING to implement some day trading approach. Do you think negative trolling in TA/day trading related threads would make you eventually become profitable? Are you sure it's the most effective way to achieve your life goals in reality?
Of course Xspurt creates them more in fun than seriously, but there's a truth in every joke: really much depends on how you look at things, how you are motivated, your mindset. If you believe you will never succeed in using TA (or trading in general or anything else you pursue in life), better don't spend your time to even start.
I am really getting under his skin.junk science examples. Stock Market Failed Bearish Technical Setups May Be Bullish "When a market doesn't do what it should do when it should do it then it may be about to do the exact opposite in a big way". In spite of a slew of ostensibly bearish technical setups, the equities markets have refused to sell off. These technical failures may have setup a potentially powerful bullish resolution.
Technical Analysis Fails as Money-Making Strategy for Stocks, Birinyi Says http://www.bloomberg.com/news/2010-...-making-strategy-for-stocks-birinyi-says.html Diamonds are Forever Even When Technical Analysis Fails http://www.priceactionlab.com/Blog/2012/01/diamonds-are-forever-even-when-technical-analysis-fails/
Why Technical Analysis Always Fails in the End http://www.fxstreet.com/education/trading-strategies/forex-trading-strategy/2012/06/08/
Oily, you are the biggest scammer on the Internet. On one hand you claim 40,000 pips a year using TA and here you are on ET bombing the place with TA bashing threads. One extreme is as near the truth as the other. Time you wound your neck in instead of making a complete fool of yourself.... http://www.forex-tsd.com/manual-tra...s-150-pips-per-day-40-000-pips-per-annum.html OILFXPRO D T S S 150 Pips per day/40,000 pips per annum Thread: OILFXPRO D T S S 150 Pips per day/40,000 pips per annum We now use only 1 m time frame and templates and indicators in post 63 and 79 ..........from 27 th may 2007 OILFXPRO D(day) T S(slope) S(system) Herebelow are last week's results. We devised a set of rules using TECHNICAL ANYLYSIS and applied the same set of rules to last week's data. The System produced 829 pips profit from may 14 to 18 on currencies.The profit figures for oil ,dax and Dow are additional to the figures provided.The daily total profits would be 200 points approximately on currencies ,indexes and oil.Figures are after a spread of 3
Brother Oily, you are surprised that trading setups are not infallible or what? Maybe you're also embarrassed with the fact trading losses exist? Of course TA setups fail at times, which are usually great opposite setups. What's the problem I don't get... Just TRADE THE CRAP and make money already, ha. As my great old friend, who also mentored NoDoji once said "how many traders fail, because they are always seeking instead of just performing". Watch the market until you "see things" and just trade what works more often than not, how easier can it get?