Only read 1st post but....... Order Book, only shows you who is buying and selling currently, 5mins time it could all change and be going the other way.
Yes, for real. You can see the gonzo hate vibe that still exists on this thread from the stealth vendors who sell TA. Certain sponsors who rely on traders faith in TA complained, hence my banning. My logic is flawless about this subject and many started questioning their beliefs upsetting those in the business of selling you the dream. I still cant believe folks actually use computer power to draw charts to stare at when computers are perfect for analysing data in so much smarter ways.
You better stop with the accusations and unfounded claims of psychosis. In fact, you need to apologize for that one. You lack the ability to debate on the facts so you resort to personal attacks, having posters banned, and pure verbosity. Go back to selling your wares, stealthy.
Pay no mind to the verbose Canadian--- he has a vested interest in lashing out against that which threatens his belief structure. peace, surf
Market Wizards is ancient history-- markets have changed radically since those days--- HFT, the most effective trading tactic ever devised, utilizes the random walk theory as its underlying core component--- so, that should tell you all you need to know---
Yeah Marketsurfer would never use charts with lines to make decisions: http://www.elitetrader.com/et/index.php?threads/the-surf-report.285862/page-303#post-4235899
Pssst Goodboy, I think you need to sack your quant team, as you keep trading with a 50% (or worse) probability, you wasting money on randomness.
I underlined the above word diversification in your quote. Personally, I believe its a very useful tool not just for investors...traders too. I think too many traders get very "tunnel vision" about one trading instrument while diversification could help them survive drawdowns and/or bring more balance to their perspective and understanding of the markets. The profitable professional traders that use TA (e.g. Credit Suisse)...they rely heavily on other resources and that include diversification. Simply, no firm is all in on one thing only (no diversification). Thus, maybe more retail traders should be diversifying instead of getting married to one thing only. Food for thought.