They don't even show you where price has been. If you look at an indicator at any moment in time, it can't show you the price. They are in my opinion akin to snake oil. If they worked every time then everyone would be rich. Then we are told no its not the win rate its the money management, which is true, but not to the extent that you can realistically increase gain without other consequences that will pull an account back in the red.
Risk is not fixed, it's variable to the degree of stupidity we all experience (some more than others). I have a theory on it. I see it to be a marriage of apothenia, the tendency to perceive connections and meaning between unrelated things and pareidolia, psychological phenomenon in which the mind responds to a stimulus, usually an image or a sound, by perceiving a familiar pattern where none exists.
An interesting view on this is looking at coincidence. An example is birthdays where statistically you have over 50% chance of finding someone else with the same birthday as you in only 23 people. People See patterns in indicators or price, often both, and associate previous and future occurrences with the same outcome. As in life where every moment is unique and such is the nature of the market. There are so many factors that causes the market to react as it does that coincidence is a common thing. It doesn't however have any cause and effect influence on the market.
Another interesting aspect to this is some people can actively make money doing it despite this underlying smoke and mirror cause and effect.
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Again, interesting point of view.
I actually love probability, (having read books by David Spiegelhalter and such like) and i love the fact that humans have this innate ability to spot patterns in anything, something that has stayed with us from our early origins when it was necessary to spot camouflaged predators before we became lunch. I get that.
But, i am a firm believer in indicators and TA. And the reason i think it works is due to herd mentality.
If me and 20,000 other people are making decisions based off of the same set of rules ie indicators/ trendlines/resistance/support, then at any given time the outcome of a trade is likely to be the way we anticipate.
If the RSI indicates overbought, then 20,000 of us will be getting ready to pull the trigger and exit our positions at roughly the same time. Same is true for oversold.
A single snowflake can cause an avalanche by the "snowball effect".This is why they work.
Referring to a point made earlier about Crytpocurrency, not by you, i think this effect is more prevalent in Crypto simply because you have a lot more new traders than any other market all relying on these simple indicators.
My take is that in regular stocks and shares you have the majority of well established pro's maybe not following the rule book to the letter, so indicators may not work as well? Novice's tend to go by the basics.
On their own they may well be imaginary concepts, but with people acting at the same time on them they become real.
This is just my understanding, i may be wrong.