Just Because Everyone Else Does it Doesn’t Mean It Works

I hear this a lot from Fib traders:

“Well if enough people are using Fibonacci lines then they will become a self-fulfilling prophecy and work!”

First of all, are they working for you?  No?

They’re still missing it.

If hundreds of thousands of people use it, that doesn’t mean it isn’t outside the realm of trading. “if everyone does it it must be right.” No.

If millions of people use tennis scores to trade, that doesn’t mean tennis scores are related to trading.

Fibonacci sequences are outside the realm of the financial markets.

Are they a real math thing?  Yes.

Might they exist in nature?  Sure, maybe.

Does that mean they have anything to do with trading at all?  Of course not.

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