To be specifically, he's been banned from "talking" about TA because of his psychotic behavior in which he enters TA threads to troll people but more importantly he would enter peoples threads that had absolutely nothing to do with TA just to continue the debate about TA...the latter is seen as harassment. The fact that he showed up in this thread just to say he's not allowed to talk about TA is exactly the point. Soon, within a few weeks, he'll do much more than just show up in threads to let members know he's not allowed to talk about TA...he'll start talking again because of that psychotic behavior, start trolling again and then start entering threads that has nothing to do with TA to make his anti-TA bashing commentary. He's a fanatic and can not stop himself...he'll then get banned again.
Goodboy (aka Surf, Debit, Jim Nestle, etc.) on ET is basically a devil's advocate, as his own non-TA (cough cough) PD's probability is around or even below 50% (his own words). So he supports his own method, which is basically subpar and continuously confronts any mention of TA implementation for successful trading, which may not necessarily be based on high probability outcome, just as his PD isn't. So what superior methodology exactly is he advocating? Sweet fuck all, basically.
I agree. Long term trading I use yearly, monthly, weekly, daily and two minute charts, those who don't trade long term would be saying that why use yearly or monthly as these charts are lagging. Now we should agree that is takes years to get decent at learning how to trade just about any instrument stocks, ETFs, futures, options, etc... some believe in pure charting, some believe in TA, some a mixture and some throw darts, and overall the percentages to make consistent profits is very low, doesn't matter which way you get to being profitable, so long as you are making more than losing. Vendors, I believe 99% of them lose money, whether they are selling software, indicators, seminars, chat rooms, courses. Dealing with the public to me is a pain in the ass, cause it draws in those who as on their last $1,000 and think with a little help they will be on their way to millions. If it was that easy, percentages would be higher for successful traders. If the vendors had anything of value, they be hoarding it and trading it themselves. Good traders can reap thousands most days and whatever you can pay them for whatever they selling, they should be able to make on one trade, why sell it for so little monies. Some folks thinks charts are all they need, but they didn't come to that conclusion after couple weeks of study and back testing, and patterns that charts produce, they don't predict the future but have probabilities based on back testing, same goes with TA-alone they mean little, but they develop patterns and have probabilities based on back testing. And for day trading, you generally are doing one of two means, reversion to the mean or breakout from the mean. Lagging or slower indicators can give you an idea where price is in relationship to the "mean", whether moving averages, market profile, or swings on a chart. So long as you come out profitable on the day is all that matters.
Not so, I don't even think in terms of "mean". In fact "reversion to the mean" is a misconception, its an utter nonsense despite what you may think. Its no more valid than the popular misconception of "centrifugal force" which doesn't physically exist, but it is a term in common usage. Not disagreeing with everything you say BTW.
Well, there's obviously a lot more going on here than I am aware of. Enjoying a collegial discussion of trading topics makes me blissfully ignorant in some ways.
All indicators are lagging or you have indicators that generate data on price before prices appear in the market?
Hi TSLexi, I would ask the question differently.... Why do 95% of traders use indicators the wrong way? And this question to you...are you aware of the Bloomberg terminal? It is used by Pro's in banks and other financial institutions, they pay $1500 a head for it. Now this terminal is not for newbies.... why does it have all the indicators and a lot more indicators witch you do not find anywhere since it is only for pros?