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Technical Analysis (TA) can be both a time-saving tool and an extension of
a trader's own abilities. Unbeknown to some, it is not an effortless
shortcut to profitable trading, its is not an ATM, and nor is it the Holy
Grail.
TA is a tool like any other, useful only to those that can put it to good
work. Often, sweeping statements are made such as "TA doesn't work".
What I read there is, "TA doesn't work for *me*, because either I don't
understand it, and/or I don't have the skills or experience to put it to
good use, and/or I'm waiting for someone to do my homework and explain it
all to me".
For an analogy to TA tools, take the building tools of a good tradesman:
hammer, saw, nails. Given enough experience and skills, there is a good
chance this person could build a simple house with his tools. I see this
where I live.
Now, along comes anonymous amateur handyman Blow Joe, and saturates a tool
forum with sweeping statements such as "building tools don't work, they
cannot be profitable, you cannot build a house with them, they've been
fail-tested by professionals, the saw doesn't work anymore, blah, blah,
blah."
TA does work.
It works for those who are prepared to put the time and effort to
understand the tools and use them appropriately. Beware of charlatans
that come to a TA forum and claim otherwise.
jose '-)
http://www.metastocktools.com
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