You are right about all of the above. People who state the opposite are right too. Every one has his one trough.
Personally, I like facts. I personally know a few people who made fortunes, trading manually. The use indicators, they use other instruments, but still, they make the disiscions.
I don't personally know any people who made the same ammount of money using an automated system, this is why I think that computer and all that is connected to it is an instrument in humans hands.
The market is just a bunch of people trading. Actually thousands of people trading all over the world. Some of theese people are joined in institutions some of them are trading on their own. So the market is a huge pile of discissions made every second, and the price or it's movement represents the majority of theese desiscions.
Again, I don't know a computer who would understand human behavior, this is why I think that human element (this makes me a little sad actually) is essential in trading.
But this has nothing to do with the automated systems, because what I belive, doesn't mean something is not possible, and this is why I think every one should keep an open mind about their belives and be ready to admit that they are wrong.
This why it is interesting to follow attempts people make to create a fully automated profitable trading system, so please, keep us informed about the results and your observations.