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RE: Bitcoin at all time highs, whats gonna happen? and let's look at Small Account Building trades
Hey Luc, thank you for your helpful videos, I created a steemit acc just to follow you.
Anyway, I was wondering if you could do a video or share your opinion about technical analysis. I know you are hardly using anything else than bases in your videos but I think many people tend to believe in "line drawing and predicting future" stuff.
I am not sure myself which parts of TA could be useful (RSI, MA,...) and which parts are complete bs.
It would be really nice to hear an opinion from a professional trader.
Best regards
Hey Luc and Cenox, first post here as well :)
I think Luc already gave some hints about what he thinks about traditional TA in a few videos, that he is not trying to predict, but instead reacting and evaluating the probabilities.
When I got into crypto I tried to learn some TA as well and it didn't feel right. All these methods are trying to predict the future based on past data, which is most of the time irrelevant in front of news or market makers movements. It did look convincing for a while, so many books and serious people trying to act all scientific talking about it, cool kids on twitter making charts and slack channels... But then you notice how these people are anything but scientists, their systems work until they don't for some reason. They will celebrate loudly when they have a winning prediction, and will forget quickly about all the wrong ones.
It's also clear that a lot of these people's main objective is to make money out of books, training seminars and paid telegram private channels.
I am really thankful to Luc for taking an opposite approach and taking the time to explain and demonstrate something that to me, makes much more sense: looking at the past, learn to read a chart, and thinking in probabilities before taking a position.
Still I would be curious as well to know if Luc thinks some part of TA are more or less useful, or if he has used some in the past and got over it for some reason. Some people are saying that TA is useful just to anticipate what other traders using it are thinking...