For all my 5 months in trading, I'm learning only technical analysis but now everyone is talking about the concept of "Smart Money". So I think that trading is changing and speculators should stop trading based on technical analysis. Or smart money just a concept that cannot possibly work in the market,
Definitely yes, TA works and I know a lot of traders who are making big money by doing trade and analyzing the price trend. You just have to find the perfect indicators that can tell you when to buy and sell, and you’ll be good.
There is no shortcut in trading, you have to analyze and smart money will not always be there. The moment you trade without any analysis, I consider it as gambling and the risk are high if you’ll do it.
the thing with TA sometime it can be a self fulfilling prophecy which isn't a bad thing since we are trying to make money off the market but sometime also could be wrong because sometime the market can be moving on its own and even getting some manipulation.
but yeah, when there's nothing else to hold on when trading, these TA should be coming in handy, at least it gives the prediction that other people are also doing, and sometime the TA works out just better than just purely speculating.
though in my opinion i would never rely too much on these kind of analysis and would instead see whether there are good news or not in the market thats gonna be coming out and whether there are some rumours, after all, i prefer to depend on my own insight on whether some certain coin gonna be rising or not based on the real thing thats happening around the world.
this method also saves me from losing too much on USTC collapse as well.