Originally posted by bihisello I think this topic is getting hijacked but since Hiteshji is not objecting, one more question...What confuses me is why there are so many roads to "success" in TA. Why not just one, the best?Have you read Vivek Patel's weekly comments on wave theorey. Every time he gives so many options of what can happen that one thinks what to do!

There are many roads to success in any field. What we have to decide is which is most enjoyable.

Regarding vivek patil, what he is trying to do is focus on elliot wave theory where there are a lot of ifs and buts and different interpretation. he has been shouting from the rooftops for a correction since the levels of 15k onwards. But time wise prediction is where most of the technical analysis guys fall short.

About the methods of technical analysis, each field has its own specialities and sub specialities and we need to focus on where we are comfortable. I am most comfortable dealing with averages and retracements and simple things like channels and trendlines. Elliot waves are a nightmare to decipher. And that is exactly what patil tries to do.

Originally posted by bihisello two times you say about comfort. Why? Isn't success more important? Or are you both comfortable and successful?I would have thought that with vast database of several stock exchanges, countries, and decades, it would be possible to point out one method clearly better than others. Also, if one method is clearly better, evolution (market force) will make that more popular. Agree? If not means all are equal (and aisa vaisa).

What is the use of success if it leads to sleepless nights? Plenty of examples of successful people ending up bankrupt. biggest example is jesse livermore who committed suicide inspite of being recognised as one of the greatest traders of all time.

Regarding the quest for one method you want for technical analysis, it is like focussing on only one aspect of any analysis say if in fundamental analysis, you focus only on eps or on book value or only roe it doesnt amount to much. One has to develop one's own system which ultimately has a higher probability of success and low risk(and here comfort comes in again )

When advice is free how to make money?

Some chronicles from the past about attempt by cartels to corner a market and how it played out...