Tom,
I'm not trying to stir up a hornets nest, but just wanted to add my 2 cents on TA. I don't believe 95% of it, maybe even more.
No one ever agrees, everyone figures their TA is better than the others. Market depth and watching how a stock trades, fundamentals of a company are what I use.
Mind you I have had my ass kicked big time, but I don't think TA would have made one bit of a difference. The stocks I lost my ass in were fundamentally unsound and I bot at 52 week highs, and I kept on buying the stories the company was feeding me.
I have flirted with TA over the last 4.5 years, and figure, use whatever system works for you.
I also believe that TA, and for the ones it works for is basically a tool for a talent. The talent to pick / trade stocks. You can try and mass sell a product of TA and charting programs to try and help people make money, but these remind me of these get rich quick schemes. They may work for a few, but most will not make it.
Just like some Realtors who are extremely wealthy, they are so good, they can sell ice cubes to Eskimos, yet other Realtors can't make a living at it.
I think most TA is not accurate. Some people doing market analysis are now combining Astrology into their TA.....now that is scary. I heard one guy I use to follow admit that last Saturday A.M. on the radio. I will never listen to him ever again, he now has ZERO credibility because of the Astrology factor.
Another thing when it comes to any system, program, whatever to make money or give you that *supposed* edge, it's people's nature to tell you their successes, not their failures.
Talent , some people are great doctors, computer programmers, web site designers, artists, musicians, some are great, and most are not, the reason is talent. I think the same goes for the market, that's why there are professional money managers, it could make the difference between financial success and homelessness.
IMO |
