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One of the main reasons I believe technical analysis works is because of the human element.
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Now that we have had a look at the argument against using some form of technical analysis to help gain an advantage in the market lets have a look on the bright side; the argument for using some form of analysis to help make buy and sell decisions in the market.
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Optimizing profits is the other main aim of trading, besides limiting losses.
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When you look at the price of any financial instrument as a technical analyst you believe that is the true value of the instrument as the market sees it.
There is a good argument for not paper trading first as no matter how much paper trading you do you will never get the emotional involvement that you have when you have a real live trade on.
Support levels indicate the price where the majority of investors believe that prices will move higher, and resistance levels indicate the price at which a majority of investors feel prices will move lower.
It assumes that all the known information about that stock has been taken into consideration by the market and is reflected in the price.
The bulls think prices will move higher and the bears think prices will move lower.