"There's no use for any technical analysis."

in finance •  7 years ago 

"There's no use for any technical analysis, fundamentals, core evaluations, blah blah blah" - Takashi Hiroki, chief strategist at Monex Securities, as quoted in the Wall Street Journal today.

monex.jpg

Indeed the markets are way down everywhere - not just in crypto but in the global markets overall. It's got many people in a sour mood, although for me it is just another day lol I mean I'm earning the same amount of steem as I was yesterday.

Or as @erodedthoughts eloquently put it in Steem Chat the other day: "1 BTC = 1 BTC"

Personally I have to agree... For anybody who is trying to predict the future, they can just keep guessing until they get something right then they claim victory... but eventually even a broken clock is right, you know?

What do you think?

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I certainly don't believe in technical analysis. I think the success people have with it depends on the fact that so many people use it. As for fundamentals I believe they are important. The problem is that we don't always know what all the fundamentals are.

In this space I think it is important to support the projects you believe in. Try to know what fundamentals you can. Ignore the FUD. Ignore the price action.

Fuck yea we are on the exact same page here. I find all of the technical analysis hilarious because it seems crystal clear to me that the skill of writing & promoting finance content, is completely unrelated to the skill of actually earning money via day trading (only possible for A-list teams of PHDs/savants, basically).

Amateur day traders are like first week basketball players playing against a preschool team, then heading into an NBA game expecting the same level of competition, lol

They are the meat and potatoes for the brokerage industry. They get slaughtered and the brokers and analyst still get paid. Also, with the advent of high frequency trading they stand less of a chance than they ever did.