Schwager question to Michael Masters

[ceasar73]

Question to Michael Masters (J.Schwager - Stock Market Wizards)
Do you use technical analysis?
We use technical analysis not because we think it means something,
but because other people think it means something. We are always
looking for market participants to take us out of a trade, and in that
sense, knowing the technical points at which people are likely to be
buying or selling is helpful.

WTF...any thoughts?

cheers,

ceasar73

 

[Timmy]

Re: Schwager Question to Michael Masters.

Just quickly - as an example you can be pretty certain of stops below support / above resistance etc. - in that way you will have sellers / buyers to take you out of positions at these points / zones if you need them.

 

[chrislp]

Re: Schwager Question to Michael Masters.

Question to Michael Masters (J.Schwager - Stock Market Wizards)
Do you use technical analysis?
We use technical analysis not because we think it means something,
but because other people think it means something. We are always
looking for market participants to take us out of a trade, and in that
sense, knowing the technical points at which people are likely to be
buying or selling is helpful.

WTF...any thoughts?

cheers,

ceasar73

That's fair enough, knowing where people are buying & selling is a large part of T/A.

I can't remember if the guy in your quote is a fundamental trader but here's a great quote from Marty Schwartz in "The Market Wizards".

"I always laugh at people who say, "I've never met a rich technician", I love that! It is such an arrogant, nonsensical response. I used fundamentals for nine years & got rich as as a technician."

 

[ice]

Re: Schwager Question to Michael Masters.

So what's the problem?

Or to put it another way, what's the problem?

ice

 

[Timmy]

Re: Schwager Question to Michael Masters.

Marty Schwartz in "The Market Wizards".

It is a good one. Have you read Schwartz's book, Pit Bull? Great book.

 

[chrislp]

Re: Schwager Question to Michael Masters.

It's definitely one book I would like to read if i come across it. His interview in the Wizards series is one of the best IMO.

 

[kam75]

Re: Schwager Question to Michael Masters.

It is a good one. Have you read Schwartz's book, Pit Bull? Great book.

You mean Martin 'Buzzy' Schwartz's book. He wrote Pitt Bull. A legendary book by a legendary trader.

 

[Garpal Gumnut]

Question to Michael Masters (J.Schwager - Stock Market Wizards)
Do you use technical analysis?
We use technical analysis not because we think it means something,
but because other people think it means something. We are always
looking for market participants to take us out of a trade, and in that
sense, knowing the technical points at which people are likely to be
buying or selling is helpful.

WTF...any thoughts?

cheers,

ceasar73

May I just say that this guy is not me , gg, and I have asked him to change his avatar and also asked Joe.

gg