So... technical trading.
Overconfidence is a good thing - because it results in people pursuing active management, in whatever form that may take. And the more people there are pursuing their active strategies, the more significant the efficiency of the markets becomes.
Are markets perfectly efficient? No, of course not. But are they effectively efficient, thus creating the environment whereby passive investing becomes the best strategy for the vast majority of investors? Absolutely.
And every time I see someone proclaim/explain that their strategy is superior, I smile.
Edit: oh now I see you're calling it technical trading as well.
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