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You are reading charts in the wrong way.

December 13, 2008, 6:57 PM Przemysław Radomski , CFA

One of the most important tools that we use to make short-term predictions is the technical analysis. TA (technical analysis) is more of an art, than science, thus being totally subjective, it is often affected by particular analyst's bias (more information). I try to be objective in my analysis, but I am only a human, and therefore I will fail to do so from time to time. My trading account says that I do quite well, but please remember that it is ultimately you, who makes decisions regarding your money, and therefore you are responsible for the outcome. In order to make the best decisions, you need to have valuable resources. My charts, commentaries, essays, and tools all fall into this category and should be viewed as such. This means that if you don't agree with a particular chart or essay, simply don't follow the suggestions that it contains. You will still benefit from analyzing/reading it, since you will be aware of the points I make.

Even if you won't agree with my interpretation of a particular chart, it can still give you additional information. Perhaps I noticed a support/resistance level that you missed at the first glance? You could therefore decrease the size of the position that you are about to take, as the likelihood of realizing gains would be smaller. Summing up, yes, your way of reading charts is always superior to mine - for you. I consider the results of my speculative transactions as satisfactory, nonetheless you are responsible for your decisions, so you should do what you believe is right - and position yourself accordingly.

Please note that you are responsible for your investment decisions. Please read the disclaimer on the bottom of the page, if you haven't done so already.

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