I have stiff neck and shoulders. I hated it when the pain acts up. It can cause me headaches at its peak.
I have contemplated seeing a chiropractor but I never did. My inaction was contributed by the mixed reviews on the efficacy of chiropractic. It has been labelled as a pseudoscience as the effectiveness cannot be proven or disproved. Ask any doctor, especially the orthopaedics, and they will denounce chiropractic as medicine.
However, that has not discouraged many patients from visiting chiropractors. For those who had no relief from physiotherapy, pain killers or any mainstream solutions, they would naturally be more willing to try out chiropractic. What’s there to lose? Maybe I can relieve my pain? For some, it might have really worked for them and they became long term clients of chiropractors.
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In short, chiropractic is widely practised but never given the recognition.
Drawing parallels between medicine and finance, I see similarities in chiropractic and technical analysis.
Technical analysis is not recognised in mainstream finance. It is easy to notice most of the analysts’ reports rely on economic or fundamental analyses. Technical analysis is almost like a taboo and a crass approach to investment analysis. An analyst who uses technical analysis to justify his call for a stock to the portfolio manager would almost lose his job immediately. The finance academics were even more critical, labelling technical analysis as pseudoscience.
Ask Aggregate Asset Management on technical analysis and this will be their reply (see No 24 of their FAQ):
“No, we don’t dabble in witchcraft.”
Technical analysis is more accepted by retail investors and I think it is due to its graphical presentation and simplicity in analysis. One does not need to learn how to read financial or economic reports to make an investment decision.
Please don’t get me wrong. I am not against technical analysis. Personally I know people who had made millions of dollars using technical analysis, although they are few and far between and I can easily count with my fingers.
The problem is that you cannot prove or disprove technical analysis. And this means anyone can easily abuse the use of it. My experience tells me there are more losing stories than winning ones when it comes to the practice of technical analysis.
What’s your experience?