The myth of self fulfilling TA, and accepting mistakes
I hear time and time again that a lot of the reason that technical analysis works is because its self-fulfilling. This makes no sense to me. First of all, how did people come up with what charts they woul decide to make popular, and then make it self fulfill? There had to be some previous success before people caught on to the charts, so how did they work before they were popular? Also, if a chart bounces off support and is 3/4 of the way toward resistance, who the hell is still buying it? No technician would do that. Also, some would probably buy it even earlier, making it not bounce off of support. Plus, technicians know not to buy a stock stuck in a triangle until it breaks out. So how does it break out then? I don't get the logic that TA is self fulfilling. I am by no means a TA expert, but theres psychological reasonings behind most if not all of the charts.
A second that I would like to add to the CAPS community, because it has been ticking me off lately: when you are wrong, move on, instead of shouting even louder. 1) The world did not end in 2008, so all of the people who are calling people who invested in this bull market a fool, need to shut up and move on 2) If GMX, or anybody else (like me) was right about a china stock being a fraud, and it TURNS OUT TO BE A FRAUD, then say you are wrong. I have seen people a) debating whether or not CCME is fraudulent STILL TO THIS DATE b) people calling GMX an ass even after they were proven wrong. Also, since most of them are shaping up to be frauds, dont say "short sellers are irrationally bringing this price down" since its usually pretty rational. I am not sure why people on here feel like they are somehow superior humans for liking small cap chinese stocks. Its as if you like RTO's then you are smart, handsome, and righteous, but if you think they are a fraud you are a child molester. Its ridiculous.
Also, I have ignored it as long as I possibly could, but Alstry is finally starting to get on my nerves.