I don’t understand why on earth anyone that has followed a couple of tutorials, read one or two books, could proclaim themselves as “technical analysis experts”. If you compare to any other profession, you will see that most requires at least a five-year course in order to be recognized, by society, that you are a professional at what you have studied and that you are now, able to make money out of it.
Many neophytes get in the market expecting to make a killing in the first year of their technical analysis career. Then, when they don’t duplicate their money in their first three months, they put their tail between their legs and run for the hills. Technical analysis work as any other job or profession in the world: you need to give it some time to really see some good results.
The problem is that you do not have a set course that is mandatory for you to take in order to be able to use technical analysis to bet on the market. If you want, you could read what a spinning top candle formation is and then go out there and bet all your money on that with the help of your home broker. The internet makes it far too easy to get in and get out of the market at any time. While this could an amazing and good fact, sometimes and for the majority of the population, this actually acts as a hindrance rather than an aid.
Don’t believe me? Just take a lot at the statistics and see how many people are able to profit CONSISTENTLY for a long time. I don’t believe it gets even at 10%. 5% seems like a more real figure. Sure you can earn now and then, make a killing tomorrow, but the problem for the majority is that they win only to lose it few days later. Winning consistently is the key and there are not many people who are able to do that.