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More On Magical Thinking When I surf around the trading forums, it sometimes is surprising how much of what I call "magical thinking" there is. An example of Magical Thinking would be like there is some kind of relationship between the Egyptian pyramids and the way price moves on your chart.Or that there are various conspiracy theories regarding how the Big Boys move price around in order to steal your money. There is also a large pseudo-spiritual element in some quarters, where trading psychology crosses over into more mystical realms. To that end, I personally lump all of the following into the "dodgy basket" : Murray Math in its entirety Gann Theory (lines, squares etc) in its entirety Conspiracy Theories regarding the Big Dogs and what they do. Much of Fibonacci studies, except for standard fib levels and extensions (arcs, angles, timeszone etc - pfff!) Trading psychology crossovers into New-Age Pseudo Spirituality. Modern pseudo-science theories regarding "neural nets" etc. I think that covers everything I have looked into and rejected as poop. Maybe theres more. Addition: I just recalled that my own version of Magical Thinking quite often takes the form of superstitions about things. For instance, I once had a hunch that one of my accounts was 'unlucky', and that when ever I entered trades in this account, they would always go wrong etc, as if it was a cursed account. Nonsense like that. I also went through a period of thinking that if I didn't look at my trades they would go well, but if I looked at them they would go bad. Hahahaha! |
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