275 sats \ 1 reply \ @kepford 1 Feb \ on: Are Technical Analysts Just Fortune Tellers? bitcoin
I feel ya @kr. Right there with you. A few years ago I watched a guy teach lay people how to read charts. The whole double bottom, new low, typical stuff you see people do when they draw on charts. But, he was very honest about it. They cannot predict the future. There is always something that isn't predictable.
What I took away from this as I was doing some minor trading at the time was that if you do this long enough you could get good at recognizing patterns. You could use that knowledge of pattern recognition coupled with access to information to make informed predictions. But, I suck at it.
Now, we have the people on TV, Twitter, and elsewhere that are always making bold predictions. To me most of them are just snake oil. But, I don't doubt there is some skill and pattern recognition in it. Its not just magic or guessing.
I landed on @ODELL's advice. Stay humble, stack sats. I'm not a gambler. I'm not looking to become rich by some sly trick. I wanna see a better world where we can save the rewards of our work in something that will not be diluted into nothing.
They cannot predict the future. There is always something that isn't predictable.
Obviously.
You could use that knowledge of pattern recognition coupled with access to information to make informed predictions. But, I suck at it.
Because that isn't it. What you build a strategy according to the signals you get from the TA tools, and you decide what you are going to do (long or short) depending on what happens next, and you do it and then update the strategy.
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