Crap, here we go again. Yeah look, I probably won't give it a rest, and here's why;
Firstly when I pick on a comment that's wrong, I can assure you it has nothing to do with who the person is, and everything to do with what the person has said. I often correct many different people and for the most part it's simply a thanks, appreciate the lesson, I'll try that, and everyone moves on. But every now and then I'll pick out an error, and it becomes a major ordeal. CEO was probably the last poster like that, and quite bluntly, that guy is very bad at TA, but posts a hell of a lot and has a major following. Hoots, to a lessor extent is the same. Hoots isn't a great TA, I doubt very much he would try and convince anyone that he is, because while he may not be a great TA, he is honest when it comes to his capabilities and that is something I respect.
So today Hoots made a fairly basic mistake. No big deal, it really isn't. And I gave him the opportunity to spend 30 seconds and work that out for himself, but he chose not to. So what should have been a quick, cheers ww, got it and I'm all caught up now, suddenly became an episode. Now my choices were, say absolutely nothing; but what of those that believe that his post was accurate? Alternatively I could give him the opportunity to put accurate information out there, which for me is the preferred scenario.
Last week Hoots posted a chart of a double bottom. The chart received 35 thumbs up. So here are all these people, looking at a chart of a double bottom, that isn't even a double bottom. That post could have been made by Hoots, you, or the queen Mary risen from the dead, I was always going to correct that post. Because here are a lot of people, believing this is what a double bottom looks like. Some will carry that belief forward, some may even make real life trades based on what they now believe is a double bottom pattern. All the work done by very experienced analysts, the countless hours spent creating rule based strategies based on years and years of data, is completely thrown out the window in one singular post with 35 thumbs.
Now I may not be the worlds best FA, infact I'm a very long way from it, however I am competent enough that I can identify a good numbers man when I see one. And Hotcopper is fortunate to have a number that post regularly. Fortunately they also spend time and effort, helping others and correcting mistakes that are often made - this is a good thing, and something that should be encouraged. However when it comes to TA, Hotopper is sadly lacking. There have been some great analysts here over the years. I don't impress easily but I have been impressed by some, sadly though, almost all of them have left. The number or TA's around that I do consider valuable to the forum, is very small. I wish there were more around to help others and correct mistakes, but there aren't.
So if Hoots or anyone makes a post and thinks, damn if I post something wrong then ww1 will be on my back, then great. Not only will they benefit from that and become a better analyst, but so will all the people that listen to them. And believe me when I say, I appreciate what Hoots does. He may get a bit wrong, but he is an advocate for TA and genuine in his desire to learn, and that counts for a lot in my book. But he also has a desire to teach, which is fine but with that comes a responsibility to share accurate information.
So no, I probably won't give it a rest.
Cheers
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