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Posted by: Andreas Clenow. The way this field has expanded makes it very difficult to take it seriously. Professionals stay clear of the term technical analysis for good reason. There is no definition. Anyone can make up anything and call it technical analysis. The field now seem to encompass everything from drawing trend lines to astrology. Technical analysis started out with quite simple concepts, which are not all that dumb.
In the early days, it was about looking for directional trends in prices and divergences between related market indexes. Experience told traders that when prices start moving in one direction, they are more likely to continue than to reverse. Technical analysis was just a way to visualize this concept. Divergences was mostly about comparing the Dow Jones Industrial with the Dow Jones Transport, the two most important indexes at the time, and draw conclusions from potential differences.
Again, experience had taught traders that extreme short term moves are often followed by a sudden pullback. Common sense things where technical analysis was used as a tool to visualize abstract phenomena. Then the problems set it. The visual nature of technical analysis lends itself to get-rich-quick stories. Why waste time learning tough things and gaining real life experience when all you have to do is look at a chart and draw some lines?
It was only a matter of time before this field was completely taken over by snake oil salesmen. To be fair, some of them are probably just delusional and not outright immoral. There are no rules for what technical analysis is. So it became everything. In particular, everything that is easily sold. The more colorful naming and background story, the easier the sell. At first we had the indicator explosion. An easy way to get famous in the field is to create an indicator.
Especially if you manage to get that indicator included in standard technical analysis software packages. So everyone and his grandmother started making indicators in hopes of fame. Just get those parameters right. Then we have the field of exotic names. Doji, three little soldiers, spinning dragons, crouching tigers, ichimoko, harami, spanking monkeys, and tons of more colorful names. The next step is the outright lunacy. The world of utter fantasy.
You might want to drop some acid before going down this route to help the suspension of belief. Fibonacci numbers are for the mathematically challenged. Sure, you can go ahead and flame me now. With a little creativity you can fit anything you want to a Fibonacci retracement, projection etc. Instead of saying that sometimes prices move back by around a third, this silly back story would have you believe that the prices should move exactly How exactly should you adjust futures prices for term structure to be able to take advantage of this precision?
Does it work both on spot and on future, and given the term structure, is that even possible? Speaking of colorful back stories, how about a magical set of wave patterns which also govern everything in the universe? You see, everything in the universe moves up in a formation of five waves and them move down in a formation of three waves. If you can look at a chart and figure out which wave we are in you can use the magical numbers described above to predict exactly where the prices will turn.
Kinda like hailing the genius of put option premium example zelinsky stopped watch for being correct twice a day. From here it just goes down hill. Lunar cycles, planetary alignments and outright voodoo. The seeming u s forex brokers with metatrader 4 add ons of just using a chart with some indicators or lines attracts many beginners.
It would seem like such a great shortcut. Of course the pitch is going to sound appealing to newcomers. Because the supposedly serious practitioners in the field never tried to deal with the the fringe lunatics and scam artists. The major technical analysis organizations are embracing this kind of crap and even including it in the curriculum for their courses. Of course, they are in the same boat as the people making this stuff up. The technical analysis organizations make money on membership fees.
To grow membership, they need a broad base. To reach this goal, the best business plan would be to allow people to believe that there are magical numbers governing the universe and that you can get rich quick if you just learn to master this mysticism. Every member counts, even if they are impressionable marks who jack broz live trading room in numerology.
Critical thinking is not encouraged. The field has effectively turned into a religion. Most books on the topic are written in such style and the courses by the major organizations approach the subject in that manner. Still they include pseudo science, numerology and outright nonsense without question or critique. Once technical analysis was something generally accepted in the financial community.
It has a very poor reputation. Trend following, the main strategy of the billion dollar CTA industry, has its roots in technical analysis. A large part of quantitative, systematic trading is based on ideas from that came out of that field. There are even many people with the job title of technical analyst who are serious, competent and responsible professionals. These are the people who need to take a stand against the scope drift of their field. As I said, I and many others in the hedge fund business use ideas and concepts from technical analysis.
We work in a pragmatic manner, using what works. Tagged with: rants strategy technical analysis Are you telling me that the spanking monkey pattern bouncing off the You sir, are clearly the lunatic! Why try and convince someone who is closed minded and has posted an article that discredits what you see works. What it boils down to in the end is good money management anyway. Nothing works completely even for the best traders …but what does work is a good risk for reward trade with stops.
I will agree with his point that most of these people online charging money to show you how to trade are fakes. Why would someone who is a good trader and knows how to make money in the markets want to show others how to trade anyway? Think he is a but confused, and probably the reason so many hedge funds go bust. Fundamental analysts: ever read the reams of rubbish online about that? Invoice sounded academic, for those who failed to get into other professions.
And since when is a technical analyst, not a fundamentalist? Charting is simply the analysis of real time fundamentals and sentiment. We are all fundamentalists. Just different methods of dissection. I agree, some awful tech rubbish online as there is fundamentalbut I would never class somebody as professional, if not applying tech analysis to decisions.
The clown who wrote this, basically said at the end, his fund trades technical analysis. Still, what I find helps is to have MAs e. See how at a large consolidation all the short and longer term EMAs come together e. It would be interesting to remove all the candles and just trade the MAs. Sure, looking at moving averages is certainly not nut case territory. They can be great to visualize or quantify direction and change in direction and can make a valuable part of the toolkit.
Thank you for a very well written and correct article. I agree with most of what you said. However, you miss certain aspects that may give even the wackiest theories in technical analysis some credence. I also regarded most of the indicators with suspicion and found them confusing more than clarifying. However, after a considerable time, I find many of the concepts to show a considerable validity. This observation defies my rational analysis and my only explanation to it is that there are so many traders following these concepts that it has become self-fulfilling.
If this was the case, then, a trader should take these ideas in consideration. It becomes a sort of language that traders should learn to interpret and talk how forex trading changes our life of worship their trading. What do you think? The markets are not a democracy with one person, one vote. A hundred thousand retail traders dealing in lunar cycles and waves are easy drowned out by a couple of institutional money managers. If enough capital would move into new age strategies, a few hedge funds would pop up to kill them off.
If you get a hundred wavers in a room, they will come up with three hundred wave counts. One primary, secondary and tertiary each, and they will all be different. Many indicators can be useful for visualizing and quantifying price structure and direction. Very few technical analysts would be able to explain the RSI formula and logic for instance but they still use it.
That fiat currency is created out of nothing, by dead souls who have no understanding. Vast numbers of people, many of them poor, are being how forex trading changes our life of worship destroyed by people such as yourself. When you finally come to the end of your life, you will assuredly regret the diabolical harm you have brought to so many; and rest assured, unless you stop what you how forex trading changes our life of worship doing, you and all your bankster fiends will writhe in a richly-deserved Hell, where you will be shown no mercy, by Christ, just as you showed so many, absolutely no mercy.
Clearly we have already found the winner. Many of the trend following concepts such as moving averages, Donchian channels, ATR stops originate from TA and have demonstrable value and are used by CTAs and quant hedge funds. However, the wacky end of the spectrum cycles, Fib retracements etc. They are easy to poke fun at and they deserve to be debunked. Support and resistance do have value in some markets and particularly in stocks. Because a few big players often have control and can and do return to levels at which they control supply.
These might be funding levels or represents large commitments on their part. The smaller the market cap the more likely these levels are apparent. Hence trend lines horizontal do have validity. Lastly the concept of momentum also has clear validity and a vast amount of academic research supports this. Yep, I agree completely, Rick. The problem is not the classic concept of TA.
As you rightly say, most of us use these ideas in one shape or another. That might not go down very well. Someone who is young and want to get into the business would probably do best in not getting associated with the term. Having a genuine scientific background is a good thing you can then write computer code and test things — if you can see it you can code it and back test it to calculate its validity as a concept.
The problem with many TA witch doctors is they expect you to sign up as a follower, and indeed this is dangerous for retail traders. Genuine education is thin on the ground and your book and one or two others are currently one of few that make a genuine attempt to explain top-to-bottom how real professionals function. Keep up the good work! I came across this while reading another article, had to chime in.
I dont think cycles, when learned appropriately and when referring to price cycles over time, are a bad way to learn TA. Thank you I just stumbled across your site via Google — I was portfolio manager how forex trading changes our life of worship an extremely large and diverse hedge fund and now how forex trading changes our life of worship my own prop firm — I am not sure what your background is but you are completely incorrect on so many fronts here.
This is basically a hate speech, highlighted by the use of curse words. CAGR of a diversified portfolio easily beats the historical returns of active money managers over the years. This is a fact. Technical analysis is used to better time the markets, which is where many trend following strategies fail. Whipsaw reactions are the achilles heel of such, as highlighted by numerous funds over the years. I seem to have stepped on some sore toes here.
Calling my article hate speech is actually very interesting, as it conforms my view that numerology is religion. As other professionals in the field of quantitative finance, I work in the realm of science. As with most in this area, I work with multiple approaches to the market, combining many types of strategies to achieve an end result.
You need to constantly challenge your ideas and be ready to reevaluate them. This is a basic premise of science. Numerology is simply outside of the realm of science. Can we find statistical indications that How exact number is needed? Do we need to set the targets at If so, are we still using Fibonacci numbers?
Hi AndreasFirstly I must say it is fantastic that a pro. A courses ] I also note you seem to have a fairly good understanding of T. A and have tried or back tested many indicators and theories. A and how they need to be kept in context when trading. I do note some of the T. A expert teachers do combine both into trading yet it is the hardest thing to achieve. A at the link I mentioned in the heading.
Many of us post purely under the heading of charts and would always welcome a view from someone who moves major lines of stock and or lines of cash. Your eyes might also be opened to how some with limited T. A abilty like Jonny,Deb and Dick have done so well of late or some of our other quality traders like MM who rely on excellent indicators.
I always use to have a feeling that anyone could call them as a Technician if he could put a line and explain things using few buzzwords. Performance is the reality and most of these so called technicians lack performance rather sell their books using critical diagrams that are hard to believe but could be useful for postmortem.
Interesting that you include numerology, astrology and sunspots. I have to agree with your view on Fib retracements, and Elliot Wave principle. I do believe in MAs, Pivot points, support and resistance. Well I at least believe they are there and that a few make money with these. Great article to read. I will be linking to your article in a blog post over the next day or two.
So things like deviations from moving averages have their uses. Since lots of traders do use technical analysis in determing the size anddirection of their trade it is wise to use it a bit! My primary markets are commodities. All I will say is the more pros you have on a trade the more likely the outcome will be. TA is a tool it is not the Holly Grail. I remember when I first started trading I was a horrible technician, after seeing reactions day in and day out and not listen to the news and not caring what is really going on in the world my trading has never been better.
Who cares what a company is doing. Please answer me this question why when bad news comes out markets go up and why when good news come out markets go down? Thanks for the informative article. I pointed out that since any sort of pseudy-religious crap and scam artist nonsense is readily accepted as TA, the very term has lost all meaning. Looking at logical support and resistance lines is one thing, believing in magical numbers and wave counts is a whole different thing. Anything is accepted as valid and unverified anecdotes and sales material is accepted as gospel.
The field is since long dominated by scam artists with far between the few sane voices. The TA community has decided that they are some sort of martyrs. Any suggestion about critical thinking is met with aggression as if their religion was offended. I have to say I can attest to the credibility of market structure and horizontal support and resistance levels. When it comes to elliot wave theory and fibs one wonders why such successful folks as Paul Tudor Jones, Peter Borish and many big funds subscribing to Tom Demark follow it.
Keep in mind as well Rob Prechter is a mensa member and a very bright man. It would be like saying that any actor who wants to succeed needs to be a devoted scientologist, because it worked for Cruise. First, Prechter is a raving lunatic. Camping being the insane preacher who kept predicting the end of the world, and kept postponing the predicted date every time it turned out that he was wrong.
Tom DeMark is a sales guy and hardly someone to pay attention to in terms of methodology. When people claim that some ridiculous voodoo can predict the future with help of magical waves and mystical ratios, I call bullshit. No one has been able to show even the slightest indication of a predictive value of these things. This just on the same level as psychic mediums, ghost hunters, tarot card readers and every other how forex trading changes our life of worship out there.
To those who actually believe it. The use of Elliot waves, fibonacci, Gann, Astrology and such things in finance, is religion. There are plenty of similar stories out there and they are all accompanied with visuals of basement traders with subpar equipment- the visual of a poor smuck adds to the fantasy I suppose. At any rate, I enjoyed your article tremendously. I will thread carefully in the world of TA and stay centered with proven fundamentals.
Have a look at Robert Prechter, who predicted quite a few stock market crashes using Elliott wave. Then he scores interviews every time the market dips and makes good money off gullible marks who buy his newsletter. Prechter is not in finance. A how forex trading changes our life of worship day prophet. What a waste of money that was. Later he said his primary wave count was wrong and changed counts.
Perma bears on US equities were right between and but wrong at all other times for the last 15 years. There are a lot of crap out there and it is hard to distinguish between bullshit and stuff that may work for real. What is your opinion on how forex trading changes our life of worship efficient market hypothesis?
Of course there are always going to be people making high profits, but so will there be as well if you give a million monkeys access to an account. If you think it is possible, what kind of skills do these people who can do it have? Good intuition, good statistical skills, understand mass psychology or something else? EMH is one of many attempts to make economics and finance appear to be scientific, academic subjects.
These are terms used by professors to justify their their own existence. They all boil down to the same thing. Essentially, if we assume a bunch of things we all know are untrue in real life, then we can draw the following conclusions. It has as much bearing on cartography and navigation as most of Chicago School of Finance ideas have on asset management.
Economics and finance have been trying to be scientific since time immemorial. I actually think the current generation of economics graduates only know how to parrot back concepts rather than actually have a deep understanding. It is a shame that history and political Follow the Traderush Strategy for Success is not taught anymore.
Every economics graduate will be able to solve complex utility functions using complex math such as lagrangian without understanding the point and what is the philosophical reason behind utility functions in the first place! I disagree with your criticism of EMH though. I think it is a great theory. Academics even say that it is just a model, a benchmark if you will. It is not meant to be the truth. I think in that regard these concepts do have merit. These concepts encourage critical and creative thinking…the kind of thing that you are advocating!
I am a beginner to Technical Analysis currently writing a final year dissertation on Technical Indicators and Neural Networks. I am slightly concerned by all the negativity around Technical Analysis, as it is a field I have become increasingly interested in lately, and could see myself studying further. I do my own research and use what works for me. But, guess what… Then we developed tools to scientifically test it. What do you make of the fact the apparently Goldman Sachs uses Elliot Wave?
Sell side research is just advertisement to get you to trade. Sell side analysis reports is after all marketing material. Could you imagine a sell side analyst advising clients to step out of the markets and stay in cash for instance? Every piece they publish is to convince you to generate revenue for them, be it commissions, fees or whatever label. Your article is interesting but also seems a bit excessively angry at technical analysis.
Frankly trying to understand the math behind the concepts is making my head spin. I am agree that the Technical-Analysis is not a Math as well as it is limited working, but from my experience it has a high performance on the FOREX major currencies. Andreas, Somewhere on your web page just under a subscription block for Futures is a block for Equities. I just can not locate it. Where on earth is it? You mean this one? I am just starting out now as an amateur quant after having a spell in full TA world.
What I would like to ask if which TA indicators are still usefully. At the moment I only look at EMA and SMA to track trends. I stopped looking at all the rest. Which other indicators would you still consider useful? Never start with the toolbox. Start with the problem, and make a tool that fixes it. Many TA guys start by checking what they have, and find a problem to fix.
If all you have is a hammer, you start seeing nails everywhere. But for me it is even simpler: technical analysis including moving averages which for some reason are still advocated is trying to predict the future based on the past. This is ridiculous misconception continues to trap so many people. Future does not depend on the past! The only reason to analyse the past is to quantify the risk exposure based on historical data. I mean, come on… Woo Trader? The term Woo is commonly used as general term for pseudo-scientific nonsense, used to trick people into buying ridiculous stuff.
Like how they sell these magnetic bracelets to idiots by saying that the magnets have some sort of health impact by harmonizing your inner blahblah… Classic woo. It ignores the truly complex nature of exchange micro structure, and tries to predict the future using a result as an indicator you guessed it…price. Last time I checked, price was dictated by order flow, exchange dynamics, liquidity, and other quantifiable forces.
How do I know? Because I am a professional working on an actual institutional desk. That is a fact. Save your money and go get real jobs. Reading your first book now—great stuff. Also how forex trading changes our life of worship to read you comments on the Linda Raschke book! If I recall, it left me with a positive impression though. In my view, you always need to be aware of the currents.
Understanding ongoing trends, changes in trend, relative volatility, impact of term structure, changes in term structure etc. These are the primary points I try to cover in the weekly report. Even if you trade short term, you need to be aware of these factors. They have a significant impact on probabilities. Feel free to sign up chasing put options assignment the trial. No hard feels if you cancel before getting charged of course. Can you drop a note to my e-mail [that I entered in the reply frame] if you respond to this?
If someone can help me with this problem, I would be very appreciative, and excited to get started. Thank you, so much. Sorry for the late reply. I just saw that your registration was already done, so I guess it got solved. The entire process is automated, and after signing up you should get an automated email asking you to complete registration. I also have signed up now for the furthers report.
Paypal shows it as complete and registered—I have received no information about how to access the information through the premium content page. If so sorry to pester you—I am headed out and wanted to make sure there were no problems— Thanks for signing up! Sorry about the problem though. It seems like like something went wrong with the automated email.
Hmm, I wrote in the comment above how Paul Tudor Jones and possibly many other big fund managers follow EW theory. We also know that Prechter has been a perma bear for the last 20 years! I have to admit that I do enjoy his work in socionomics for instance. Even if some fund managers keep an eye on wave counts and truly believe in the theory, they also use fundamental analysis of macro trends, business cycles, sentiment measures and many other approaches in confluence alongside with rigorous money management.
Who knows which method really has predictable values in the end? One main reason I distrust Elliot Wave and other complicated charting methods is because they are almost impossible to properly backtest and verify, and most How forex trading changes our life of worship gurus I have to admit appear suspicious! It needed to be said.
It is no different than reading tea leaves, chicken bones, runes or stars as was aptly brought up. The fact that it is touted in mainstream investment circles as legitimate analysis is just scary. A skilled TA views a chart like a chessboard. He studies the current trend draws a line to visually see itchecks average numbers to see if the stock is trading above or below average, studies volume to determine excessive buying or selling support, draws visual lines under areas where the stock consolidated before moving up and down, and whatever other tool he has learned to master.
These observations precede a commonsense decision to long or short a trade based metatrader 4 dll wiki skillful analysis of the stocks past trading patterns. It does not predict the future; it allows us to analysis a stock before making a strategic long or short. The more years you study it; the better you get at it — like anything that requires 10, hours. Someone needs to lay off the koolaide.
I guarantee they use stupid shit like technical indicators, therefore we see those patterns exist, almost… easy to make money if you know what the other guy is doing, which in the end, is literally the name of the game. I bet Kasparov would have liked to have been able to guess his opponents move that easily. SP closed above its MA on March Am I missing something, because it seems that according to rules the risk is on and the strategy should go long on a bunch of stocks?
My guess is that you chose Friday in your code as your rebalancing day for portfolio The issue is whether you want to do weekly or monthly rebalancing. The book uses weekly, but I realized afterwards that most people are subject to capital gains taxes and high commissions. For those who have such taxes or deal with higher commissions than the tiny ticket fees you pay as a fund manager, it how forex trading changes our life of worship makes sense to go to monthly rebalance.
If you have cap gains taxes and such, the end result will be better with monthly. Right now, the weekly model is back in while the monthly is not. The index was below the average at the start of the month. One will win, one will lose. Impossible to tell which one. Give it a year or so, and it will even out. The monthly is slower, but also less prone to whipsaws like the one we saw last Fall.
Hi Andrew, just found this site and this particular subject matter and am reading with interest. I have been trading now for just over 12 months and have been in and out of profit trying to find a system to make money. I look at some of the charts posted by individuals on sites such as Tradingview, and find it remarkable how accurate some of them prove to be. However as has been mentioned in this discussion, a stopped watch is exactly correct twice a day.
I also have come to believe that many of the predicted fib retracements, support and resistance levels do in fact Forex Trading Live trading calls AUD USD and GBP USD self-fulfilling rather than them simply being incredibly close to being exactly correct at timesand note that you have rejected this idea based on the difference between funds at the disposal of the big players compared to the total of all retail traders.
Now what I would really like to ask you is your opinion of Bollinger Bands and Donchian Channels? Let me explain how I have started trading, and please how forex trading changes our life of worship free to rip apart or otherwise my trading strategy. Basically I am trading the Dax against the market, entering as close to possible at what appear to be reversals. If I see a big spike and watching the 10 second, 1m and 5m charts plus using Bollinger Bands and Donchian Channels plus RSI and MACD, with an eye on the Dow and USOIL, and when the index hits the upper or lower bands of at least 2 of the charts, preferably 3, then I look to enter with a small stake.
If it goes 10 points or so against me, I add to a losing position…the exact antithesis of what every trading manual and video will tell you. I use this method until it is clear that the market is not going to go my way anytime soon. If the market continues against my original bet, then my opposite trade is now in profit and once again I look for the reversal point to exit this trade at a profit and then let the original trade reduce the loss until a point at which I am either at break even or in profit.
Thus far it seems to be working, and since adopting this refined strategy I have had success on c. Most of it is statistics and it can be quite reliable, if well interpreted. That said, I would like to add that, as a technical analyst, I find Fibonacci numbers laughable. Actually, the Fibonacci series and its modified varieties, e. Too bad the typical TA use is indeed for garbage… The problem with statistics is that it usually assumes a normal distribution with standard deviation, etc but the underlying data is not coming from a normal distribution, so what exactly are you going to interpret well?
What a mind boggling topic for Technical Analyst out there. Full Stop And yes, recognized, not certified or validated or any other terms in regards to his success. Unless you have a legit point to discard this recognition. I suppose that if people invest enough time in believing these strange ideas, they feel threatened by any sort of critical point of view. You made my point for me. It has become a religion where people believe nonsense without having any ability left for critical thinking.
Gann is certainly an interesting role model. A self proclaimed financial guru about years ago, who based his financial methods on astrology, bible readings, numerology, and superstition. It goes to show just how detached much of the hobby trading community is from the real world. I just came across your lead article and I am still falling around my home office laughing. I am a retail technical trader and I use ONLY price and volume on my charts. I attended a high priced small audience seminar on trading methodologies about 3 years ago in LV.
Here, for the first time, I was introduced to the powerful FIB series by a presenter. The presenter and many in the audience rounded on me. I was spoiling the illusion. Her response was that she had a whole bunch of subscribers and THEY would not pay good money if there was no value. I decided it was best to swallow my second question. Pingback: Are you trading or gambling?
Getting Started with Python for Finance. Why I Left a Comfortable Management Career. Getting Started with Python Modeling — Making an Equity Momentum Model. A Very Different Kind of Trend Model. RightEdge Automation and Reporting. Why technical analysis is shunned by professionals. The poor reputation of technical analysis is well deserved. What is technical analysis? All you have to do is draw some trend lines, they said… Trust me. Would these eyes lie? Just get that wave count right and the world is yours!
Previous: Why I prefer RightEdge for strategy modeling Next: A Counter Trend Concept. Are you telling me that the spanking monkey pattern bouncing off the Fibonacci this — ppppppppplllllllhhhhhhh. What a bunch of horse hit. Thank you for your contributions! I just stumbled across your site via Google — I was portfolio manager for an extremely large and diverse hedge fund and now running my own prop firm — I am not sure what your background is but you are completely incorrect on so many fronts here.
Anyway, one opinion hears another, so thought I would post. Thanks for giving your views, Sean. Thanks for the read. Never do something just because some famous person did it. Clearly you have NO knowledge about the markets. What a bullshit article. Thank you for your thoughtful and well argued critique. Great response to a troll! Thanks for the great article!
Prechter is great at predicting crashes. In fact, he predicted 20 of the last 2 crashes. A few years ago I bothered to read the ellliott wave newsletters. Pay attention to sell side research at your own peril. There is no rule that I have to be a science god to use a tool, as long as the tool is working. I have just read this very interesting article about Technical-Analysis.
You are welcome to read and write a comment! Thank you about sharing with us your experience. So you are saying traders who use strictly advanced technical analysis cannot be profitable? Great article and I fully agreed with you. Tx so much for your help—D. Thanks for signing up! Maybe it takes while to get e-mailed? If so sorry to pester you—I am headed out and wanted to make sure there were no problems—.
Best R—David Dkiash at aol. Getting the names of the indicator right is not the point of the article. My guess is that you chose Friday in your code as your rebalancing day for portfolio. The issue is whether you want to do weekly or monthly rebalancing. The results in the long run when using monthly rebalancing are almost the same.
Too bad the typical TA use is indeed for garbage…. The problem with statistics is that it usually assumes a normal distribution with standard deviation, etc but the underlying data is not coming from a normal distribution, so what exactly are you going to interpret well? Pingback: Midweek links and reading - Adam H Grimes. Pingback: How does the Technical-Analyst make money? Pingback: Beware of Trading Quotes Following the Trend.
Stocks on the Move. State of Trend Following. Looking forward to meeting there, Rob. I've just arrived here in NYC. Sign up for the FREE Clenow Research Newsletter!
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