{"id":22165,"date":"2020-05-11T12:06:14","date_gmt":"2020-05-11T11:06:14","guid":{"rendered":"https:\/\/traders-paradise.com\/magazine\/?p=22165"},"modified":"2020-07-20T07:09:34","modified_gmt":"2020-07-20T06:09:34","slug":"technical-analysis-myths-demystified-completely","status":"publish","type":"post","link":"https:\/\/traders-paradise.com\/magazine\/2020\/05\/technical-analysis-myths-demystified-completely\/","title":{"rendered":"Technical Analysis Myths Demystified Completely"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/traders-paradise.com\/magazine\/2020\/05\/technical-analysis-myths-demystified-completely\/#There_are_a_lot_of_great_tools_and_methods_that_can_improve_your_trading_But_first_youll_need_to_clear_away_some_myths_about_technical_analysis\" >There are a lot of great tools and methods that can improve your trading. But first, you&#8217;ll need to clear away some myths about technical analysis.<\/a><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/traders-paradise.com\/magazine\/2020\/05\/technical-analysis-myths-demystified-completely\/#By_Guy_Avtalyon\" >By Guy Avtalyon<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/traders-paradise.com\/magazine\/2020\/05\/technical-analysis-myths-demystified-completely\/#The_technical_analysis_myths_TA_will_provide_you_a_profit\" >The technical analysis myths: TA will provide you a profit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/traders-paradise.com\/magazine\/2020\/05\/technical-analysis-myths-demystified-completely\/#Is_technical_analysis_simply_a_reading_charts\" >Is technical analysis simply a reading charts\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/traders-paradise.com\/magazine\/2020\/05\/technical-analysis-myths-demystified-completely\/#Can_technical_analysis_give_valid_price_predictions\" >Can technical analysis give valid price predictions?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/traders-paradise.com\/magazine\/2020\/05\/technical-analysis-myths-demystified-completely\/#The_winning_rate_is_higher_when_using_it\" >The winning rate is higher when using it<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/traders-paradise.com\/magazine\/2020\/05\/technical-analysis-myths-demystified-completely\/#Technical_analysis_software_can_make_you_rich\" >Technical analysis software can make you rich<\/a><\/li><\/ul><\/nav><\/div>\n<h4><span class=\"ez-toc-section\" id=\"There_are_a_lot_of_great_tools_and_methods_that_can_improve_your_trading_But_first_youll_need_to_clear_away_some_myths_about_technical_analysis\"><\/span><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-22166\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2020\/05\/technical-analysis-t-1.jpg\" alt=\"Technical Analysis Myths Demystified Completely\" width=\"800\" height=\"578\" \/><br \/>\n<strong>There are a lot of great tools and methods that can improve your trading. But first, you&#8217;ll need to clear away some myths about technical analysis.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h6><span class=\"ez-toc-section\" id=\"By_Guy_Avtalyon\"><\/span><a href=\"https:\/\/www.linkedin.com\/in\/guy-avtalyon-67941b54\/\">By Guy Avtalyon<\/a><span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p><span style=\"font-weight: 400;\">What do you think, do technical analysis myths exist?\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some traders and investors criticize technical analysis as a &#8220;shallow&#8221; reading charts and patterns without any precise, final, or useful effects. Others think it is a Holy Grail of investing. Their misconception is that once learned will provide them constant profits. These <\/span><a href=\"https:\/\/traders-paradise.com\/magazine\/2020\/05\/trading-mistakes-and-how-to-avoid-them\/\"><span style=\"font-weight: 400;\">conflicting aspects<\/span><\/a><span style=\"font-weight: 400;\"> have led to the wrong using technical analysis.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the world of stock trading, technical analysis is a controversial system. Many traders claim that there is no value, it is inefficacy. But on the other hand, many traders are strong supporters. Common misunderstandings come from traders that only use fundamental analysis, for example. Such will be cautious with technical analysis. However, a great number of traders across the world use technical analysis to <\/span><a href=\"https:\/\/traders-paradise.com\/magazine\/2020\/04\/day-trading-stocks-most-profitable-type-of-trading\/\"><span style=\"font-weight: 400;\">make profits<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But put all these disagreements aside, and let&#8217;s take a look at the myths which come along with this.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_technical_analysis_myths_TA_will_provide_you_a_profit\"><\/span><b>The technical analysis myths: TA will provide you a profit<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">This myth comes along with technical analysis courses. All of them are promising great success, high profits, excellent gains. Moreover, many claims that just one indicator is quite good enough to enter the trade and profit a lot. That simply isn&#8217;t the truth. To be able to use technical analysis you&#8217;ll need to learn a lot, you&#8217;ll need practice, discipline, and <\/span><a href=\"https:\/\/traders-paradise.com\/magazine\/2020\/04\/risk-management-strategy-for-buying-stocks\/\"><span style=\"font-weight: 400;\">risk management<\/span><\/a><span style=\"font-weight: 400;\">. To become a successful trader you&#8217;ll need time, experience, and dedication. Technical analysis is just one part of it, just one tool. But you&#8217;ll need more. TA used as only one method doesn&#8217;t have super-power. It cannot provide you easy money. All the hard work you have to do, the analysis will never do it for you.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Technical analysis myths are that this method singly can give you a deeper insight into trends or patterns and provide you gains. You&#8217;ll need more tools and analysis to make profits.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That is one of the technical analysis myths.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s a rookie illusion to believe that anyone can enter the trade armed with one method. This myth can catch everyone especially if you\u2019re a novice. They use the lovely KISS rule extremely to explain the technical analysis. But this will never lead you to be profitable. Technical analysis will show you what has happened and what is happening. This analysis will never tell what will happen in the future.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Real knowledge requires time to build.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Is_technical_analysis_simply_a_reading_charts\"><\/span><b>Is technical analysis simply a reading charts<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It would be nice if true, but it isn&#8217;t. Actually, this is an idiotic opinion. Charts are useful tools but you cannot find in them everything you need to be a successful trader. The point is that you cannot step into the trading field with several simple setups or indicators and make a profit. This is one of the biggest technical analysis myths. But that&#8217;s nonsense!\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Technical analysis is helpful to understand the market\u2019s behavior in a simple way. It is crucial for understanding market psychology. Based on TA you can make informed assumptions about future price movements. However, just a few <\/span><a href=\"https:\/\/traders-paradise.com\/magazine\/2020\/02\/how-to-read-stock-charts\/\"><span style=\"font-weight: 400;\">lines in the chart<\/span><\/a><span style=\"font-weight: 400;\"> aren&#8217;t sufficient.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The truth is that you&#8217;ll need time to build competence in trading. You&#8217;ll make a lot of mistakes, you&#8217;ll have losses, and stress before you understand how to make decisions based on knowledge, math, and logic. Keep in mind, all that line you can see on your charts are worthless without context.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, the signals have the same value but have one big difference &#8211; the context. That&#8217;s why it is important to recognize the context in which signals appear. To repeat, the signal without the context is worthless.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You have to understand this character of technical analysis to be able to make recognize the way in which signals turn into results. For example, some signals acted fantastic several weeks ago but today could fail. Yes, the past performances do repeat, but never exactly. So, why is that? The answer is simple &#8211; the context is changed. Hence, the result couldn&#8217;t be identical.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Can you understand how dangerous this kind of technical analysis myths is? If you rely on the charts only you&#8217;ll ruin your <\/span><a href=\"https:\/\/traders-paradise.com\/magazine\/2020\/02\/calculate-portfolio-performance\/\"><span style=\"font-weight: 400;\">portfolio<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Can_technical_analysis_give_valid_price_predictions\"><\/span><strong>Can technical analysis give valid price predictions?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">This is also one of several technical analysis myths. Of course, never expect that all clues could be 100% accurate. That is the wrong expectation, especially rookies use to have it. If you see the exact future stock price in some predictions, go away. Don&#8217;t read it anymore. Real and qualified technical analysts normally avoid quoting prices so precisely. They will give a predictive range &#8220;from&#8221; and &#8220;to&#8221; which isn&#8217;t the exact number.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Technical analysis is all about probability and possibilities. There are no guarantees. When you put your money following some of the technical recommendations, understand them as the range of stock price. Keep in mind, if some stock works better more often than not that still doesn&#8217;t mean it will work all the time. But yet, that stock can generate profit more often than some other.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_winning_rate_is_higher_when_using_it\"><\/span><b>The winning rate is higher when using it<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Really? The truth is that you don&#8217;t need a high percentage of winning trades for profitability. That&#8217;s the myth.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let&#8217;s assume you made 3 winning trades out of 4, while your friend makes one winning trade out of 4. Who is more profitable? Don&#8217;t say that you are because it isn&#8217;t quite correct until you have more info to show us. Hence, we have to know what your win-rate and risk-reward ratios are. For example, you made $40 on your winning trades but you lost $120 on your losing trade. What is your profit? Zero! Your friend had one winning trade and made $100 on his win and lost $80 on losing trades, so his profit is $20. Who is a more profitable trader now?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The winning rate in the technical analysis is higher is also one of the common technical analysis myths. You can be profitable even with fewer wins.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Technical_analysis_software_can_make_you_rich\"><\/span><b>Technical analysis software can make you rich<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Maybe we should ask some successful traders this. What do you think, what has made you rich? Which software do you use? The answer will probably be: Are you kidding me?\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">No such software could be effective if you aren&#8217;t a good trader. Unfortunately, that is also a technical analysis myth. Also, misunderstanding of trading software. The internet is overflowed with a lot of software, they are cheap or expensive but all will promise you that it will perform all necessary analysis for your profitable trades. They will guarantee a profit. Just be smart, technical analysis software will provide you data about trends and patterns, but couldn&#8217;t guarantee profits.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It&#8217;s up to you to properly evaluate trends and all other data.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can hear very often that technical analysis is suitable for short-term traders. That is also one of the technical analysis myths. Moreover, you&#8217;ll find it is useful for algo-trading, or <\/span><a href=\"https:\/\/en.wikipedia.org\/wiki\/High-frequency_trading\"><span style=\"font-weight: 400;\">high-frequency trading<\/span><\/a><span style=\"font-weight: 400;\">. It simply isn&#8217;t the truth. The truth is that technical analysis advanced along with the development of technology but traders used technical analysis much before computers appeared. Traders monitored trends by using moving averages 20-day, or 50-day, and some still do the same.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Technical analysis works based on the theory that past tradings and stock price changes can be worthy indicators of future price movements. But only if used along with relevant trading rules. Use technical analysis in combination with other methods of research. Also, you shouldn&#8217;t limit your research to fundamental or technical analysis when you have plenty of others. The main goal is profit. Remember it.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>There are a lot of great tools and methods that can improve your trading. But first, you&#8217;ll need to clear away some myths about technical analysis. By Guy Avtalyon What do you think, do technical analysis myths exist?\u00a0 Some traders and investors criticize technical analysis as a &#8220;shallow&#8221; reading charts and patterns without any precise, [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":22167,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1017,1012],"tags":[1919,1918,1920,377,1916,2419,2417,1917,2418],"class_list":["post-22165","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-how-to-start-trading-beginners","category-traders-secrets","tag-higher-winning-rate","tag-possibilities-of-technical-analysis","tag-price-prediction","tag-technical-analysis","tag-technical-analysis-myths","tag-technical-analysis-myths-demystified","tag-technical-analysis-software","tag-technical-analysis-tool","tag-the-technical-analysis-myths"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Technical Analysis Myths Demystified Completely - Traders-Paradise<\/title>\n<meta name=\"description\" content=\"Technical analysis myths exist and that causes many traders to have bad trades. 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