Does all this analysis really help?
or
Trading is a game of luck?

There is always an element of luck in trading.

There are three main aspects of trading.

First is selecting the best opportunities.

Technical analysis helps to identify the opportunities that offer the best risk-reward ratio to the trader.

Second is position management.

Here, technical analysis helps deciding exit points.

Third is money/risk management.

Here, discipline is much more important and technical analysis isn't much of a contributor.

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Suppose a stock is continuously falling after a long bull market.

Technical analysis can suggest entry points for long traders.
e.g. the 200 day EMA.

Once long, technical analysis can suggest exit points.
e.g. the 50 day EMA....(which I am assuming will be above the 200 day EMA).

Finally, comes money management. It is for a trader to decide how much money he wants to bet on the stock and for how much loss/profit he will hold the stock.

If a trader bets all his money on a single trade and loses a big part of it, technically analysis cannot be blamed for it. If a trader doesn't keep a stop-loss and the stock halves from the entry-point, technical analysis cannot be blamed for it.

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