Are Moving Averages Most Profitable Technical Analysis?

Thanks to Craig for this interesting post:

Here is an interesting research paper you might like to read (http://reports-archive.adm.cs.cmu.edu/anon/2003/CMU-CS-03-123.pdf).
This
guy did statistical studies on the major TA's which everybody uses &
used genetic algorithms to try and breed trading stratergies using TA
combinations. Some interesting results, e.g.

1. MA's are by far the most profitable TA
2. Some common strategies are so bad that turning the buy signals into sell and vice versa produces quite good results!

Seems
to me trading is a bit like surfing, you watch the ocean and learn to
pick the good waves, but you can't ride a wave until it has actually
developed.  But experience allows you to size up the good rides
early. This analogy also applies to timeframes, beginner surfers spend
a lot of time thrashing about in the shorebreak fighting over slop, the
old hands wait patiently for the big ride out back.
Nothing more or less.

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