I assume you mean the downside of technical analysis, not the stock, right? Technical analysis is left up to the analytical skills of the analyst. So, you can read one book on technical analysis and still not trade very well because you are still missing obvious tell tale clues that you are not yet aware of. Occasionally, not very often at all, the price will seem to ignore all the technical indices and will seem to have a mind of it's own. But, I have found that if you learn to rely on more than one time frame chart and keep the number of indies on each chart to a minimum, that you can with a very high probability determine precisely where the price will go even in cases that seem to defy the charts. A new analyst is likely to believe that he knows enough and so, he (or she) is prone to mistakes and will overlook obvious things that he/she has not yet learned or seen in action. The markets are also dynamic and I have seen cases where if you follow what read in the books perfectly, they may work for you for a while but, then seem not to work at all. Not because the technical analytical tools are bad but because you failed to adjust to current market conditions. That can only be learned by your own due diligents and having a willingness to spend may hours doing your own research to see if what you read in the books actually does work as advertised in the real world. That is one reason why many technical analysts here at iHub will seem to disagree with me. They do not know what I know from doing my own research and they believe that my 84 Candle Exponential Moving Average (EMA), for instance, cannot possibly be valid because it's not in any of the books. But, I have absolute faith in it because I have done the research and I actually created that average by studying market behavior and determining an average that works better in a dynamic market place. I also use other strange moving averages (i.e. 20.42 EMA instead of the normal 20 SMA) and I use different base numbers to calculate my indices as well (i.e. 10.21 RSI) instead of the normal (14 candle RSI) indices that you will find in the books. I do that because I have done my own research and have made many adjustment and researched them until I have found what I know works in today's market place. Most people are simply not willing to do that and few even understand the need to do it. So, the downside in my opinion, is not really a downside. It's the same thing that stops men and women from becoming successful in any field of endeavor. That is the fact that if you are not continuously learning every thing you can about what it is that you chose to do and are not of a mind to attempt to do it better than anyone else has ever done it before, then your chances of success will be always subject to those you out pace you. This, in my opinion, is why so few people actually make large sums of money on a regular basis in the stock market. But, anyone can do it because it is truly not rocket science. All it really takes is your concentrated effort on a day to day bases and the attitude of Socrates who said: "I know nothing. But, I know what it is that I do not know." Or as it was repeatedly stated in the long running comic strip Pogo, "We have me the enemy and he is us!"
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