I’m sure that there is esoteric information that is available to a select few. We may come across some of that inadvertently but even if we did, most of us would not recognize its worth. There is information on the charts that we cannot see until someone points it out to us. Once you see it then you cannot unsee it and you marvel at the fact that it was there in plain sight all along but you were blind to it.
There are several reasons that we don’t recognize useful information when we come across it. We filter out and misinterpret incoming information due to confirmation bias.
Confirmation bias is the tendency to search for, interpret, favor, and recall information in a way that affirms one’s prior beliefs or hypotheses. It is a type of cognitive bias and a systematic error of inductive reasoning. People display this bias when they gather or remember information selectively, or when they interpret it in a biased way. The effect is stronger for desired outcomes, for emotionally charged issues, and for deeply-entrenched beliefs.
Source: Confirmation bias - Wikipedia
Another reason is that we are conditioned to believe certain industry “truths”. Examples of this would be:
- Trading is difficult
- Trading is very risky
- 5% ROI / month is a good ROI
- … and so on and so forth.
Accepting such statements as truths limits you to gaining a better understanding of the markets and trading. It confines you to these limiting beliefs and tethers you to the average, at best.
A third reason is related to influencer bias. The aspiring trader looks up to those whom he perceives to be good traders (on forums, YouTube and social media). When these influencers express their beliefs they also express their biases. Newbies lap this up and put their faith in these beliefs, whether they represent reality or not.
Over time, the information gathered from conditioned expectations and from influencers, forms a part of your confirmation bias. Read the OP’s opening post. It reeks of confirmation bias. We all suffer from it but the key to continuous learning is to recognize your own confirmation bias and work to eliminate it to the extent possible. To the extent that you succeed you will start to “see” and recognize many “secrets” made available to you.
As the saying goes: When the student is ready, the teacher will appear.