Technical analysis - A scam for beginners?
Is it time?
I suggest that the author post his own. Not for the fun of it, but purely as an introduction.
.....
I personally don't claim TA doesn't work... But my story is the same, I was doing TA for 4 years and didn't get a cent from the market. When I gave it up and started to do everything else (intermarket analysis, fundamentals and I got out of forex) the money went right away...
I don't claim TA doesn't work, but I can tell you from experience that there are much easier and more reliable methods than TA for making a profit. And this is, of course, IMHO.
Ah yes. The levels do work :). But even that prevents me from using them.... The price reacts to them, but it's different every time...
This is the conclusion I came to after spending 4 years studying TA and developing my own systems. Besides, I am well acquainted with several traders who have been trading for 7-10 years. Their conclusions about TA are the same as mine: you won't make money on Forex market with technical analysis.
I propose to those who do not agree with it, as follows:
Post in this thread the performance of EAs on real or demo accounts that meet ALL of the following conditions:
1. Testing period - at least 3 years;
2. Work with fixed lots (no increase of lots);
3. Duration of each transaction - not less than 1 hour. (Pipswise positions, like those mentioned by Slava, are not taken into account);
4. Absence of methods of trading based on "cunning" capital management - martin, anti-martin, avalanches, etc.;
5. Lack of "peeking" into history.
I suggest that the hams and "clowns" of this forum should "LEAVE" on this thread. I will not respond to any "rejoinders" and flooding - no time or desire. I'm not interested in the stats of those who earn money teaching TA, writing books on TA. I will come back in a week and make final conclusions. For myself, of course.
+100
This is exactly the conclusion I came to after spending 4 years studying TA and developing my own systems. Besides I know well several traders who have been trading for 7-10 years. Their conclusions about TA are the same as mine: you won't make money on Forex market with technical analysis.
I propose to those who do not agree with it, as follows:
Post in this thread the performance of EAs on real or demo accounts that meet ALL of the following conditions:
1. Testing period - at least 3 years;
2. Work with fixed lots (no increase of lots);
3. Duration of each transaction - not less than 1 hour. (Pipswise positions, like those mentioned by Slava, are not taken into account);
4. Absence of methods of trading based on "cunning" capital management - martin, anti-martin, avalanches, etc.;
5. Lack of "peeking" into history.
I suggest that the hams and "clowns" of this forum should "LEAVE" on this thread. I will not respond to any "rejoinders" and flooding - no time or desire. I'm not interested in the stats of those who earn money teaching TA, writing books on TA. I will come back in a week and make final conclusions. For myself, of course.
If you were writing custom EAs you would know that technical analysis is the last thing newbies do.
The technical analysis works if it is used by an experienced trader, but the technical analysis by itself gives nothing. When trading based on technical analysis one cannot use a clear algorithm, everything happens in the trader's head. And everything depends on the trader's talent.
Same question: Are you willing to pay or do you want it for free?
Although it looks like
I'll come back in a week and draw final conclusions.
Still the same freeloader.
If you were writing bespoke EAs you would know that technical analysis is the last thing newbies do.
If an experienced trader uses it, technical analysis will work, but it gives nothing by itself. When trading based on technical analysis one cannot use a strict algorithm, everything happens in the trader's head. And everything depends on the trader's talent.
Exactly right. For example, if a fast MA crosses a slow one from bottom to top, is it not a bullish trend?
How to use it is another matter. The main thing here is not to fall into dogmatism. I remember I was once genuinely surprised by the fact that price
The price of a daytime cloud of 400-500 p. and a flat boundary, like a butterfly, in 5-10 minutes.
Same question: Are you willing to pay or do you want a freebie?
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This is the conclusion I came to after spending 4 years studying TA and developing my own systems. Besides, I am well acquainted with several traders who have been trading for 7-10 years. Their conclusions about TA are the same as mine: you won't make money on Forex market with technical analysis.
I propose to those who do not agree with it, as follows:
Post in this thread the performance of EAs on real or demo accounts that meet ALL of the following conditions:
1. Testing period - at least 3 years;
2. Work with fixed lots (no increase of lots);
3. Duration of each transaction - not less than 1 hour. (Pipswise positions, like those mentioned by Slava, are not taken into account);
4. Absence of methods of trading based on "cunning" capital management - martin, anti-martin, avalanches, etc.;
5. Lack of "peeking" into history.
I suggest that the hams and "clowns" of this forum should "LEAVE" on this thread. I will not respond to any "rejoinders" and flooding - no time or desire. I'm not interested in the stats of those who earn money teaching TA, writing books on TA. I will come back in a week and make final conclusions. For myself, of course.