Technical Analysis tools

Any T2W members made money in the Stock Market using technical analysis tools, if so, give me name of those tools. I look forward for your reply.

Perry

Charting software mate - you can pretty well take your pick. There isn't a program out there that can pick the trades for you reliably, so like any tool it's about as good as the person wielding it - you can take courses (usually quite expensive, and how much the average attendee improves after most of them is a bit debatable) or you can read a bunch of books on TA until you get the basic ideas... you won't actually WIN at that point, but you will have some idea of what 'progressing towards winning' is likely to entail. A decent charting program PLUS effort would improve the odds somewhat.... check the software reviews out here, real live traders have commented on the more popular packages.

Trading with TA takes quite a lot of study to get the hang of, and it's darn impossible for many... probably due to insufficient effort as much as anything. There's doubtless the odd beginner who takes to it like a duck to water, but if ever there was a field of endeavour where even obsessive, diligent study didn't necessarily pay off then this is it. Fundamental Analysis, in contrast, is similar but performed blindfold to make it difficult.

Oh, and the survivors get to eat those who don't make it <g> It's JOLLY interesting though!

Dave

DaveJB is correct.

Technical Analysis tools or any other tools will get you nowhere without a monumental effort.

You have to be prepared to put in literally hundreds or thousands of hours of effort in observing how the market behaves.

When you have determined your set-ups ( based on technical analysis or a wing and a prayer ) or whatever it is you trade off - then you have to develop an extraordinary level of patience in looking for your exact set-ups or trading criteria. Too many people trade when something approaching or resembling their set-up(s) occurs and then they lose because the market doesn't do what their exact set-up suggested it might do. Been there and been guilty of pulling the trigger too fast on too many occasions. It takes ages to sort out that problem if you are not a naturally patient person.

Then when you do see your exact set-up (s) you need to have the b*****ks to pull the trigger without messing.

Bang, you're in.

Then it is all down to trade and money management - I reckon that's the easy part but you still need to learn it.

And when your exact set-up occurs there is no guarantee that any trade resulting from it will be profitable. The market is like that - quite unpredictable and you need to mentally adapt to accept the unpredictable nature of the market.


Yes and the survivors are doggedly determined and have great strength of character. Balls of steel also come in handy on occasions because the guys you are competing with out there like to play hard ball..

It's the premature ejaculation that's held me back.
Just too keen to shoot anything that moves, that's my problem.
Perhaps I should look for work in the Middle East.