Best book on technical analysis for beginners
- Thread starter roniy1985
- Start date
People like what works for them. There is no holy grail; only what works for you. Don't ever trade your real money till you are completely ready. I suggest getting a simulator and practice trading until you're consistently profitable and you feel confident. Most brokerage platforms have sim trading; ninjatrader and tos have on demand like simulated trading. If you can code that's completely different and opens other doors.
In terms of books, elite trader has a good list of books to try out. Books in general will give you the basics from which you'll develop your trading strategy. It won't be handed to you, but each book you read will give you a little more information to add to your arsenal. Good luck!
Quote from roniy1985:
I'm a beginner with everything that has to do with technical analysis...
"Technical Analysis: The Complete Resource for Financial Market Technicians, Second Edition" by Charles D. Kirkpatrick II
http://www.amazon.com/gp/product/0137059442/ref=ox_sc_act_title_4?ie=UTF8&m=ATVPDKIKX0DER
Which of the two will do the job? I don't want to get into books from 1990 because I think they are outdated and newer books can do a better job.Thanks QUOTE
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R1985;
That one looks like it maybe OK, after study of table of contents,
moving average chapters & trend chapters....
The Bible, particularily Proverbs of Solomon is helpful ;
wisest & wealthiest man to ever live, or that will ever live. That is a true prediction-but trading is not about prediction at all.
Also from the table of contents;
he seems to like 30week moving average. I doubt if that comes close to 50 dma, or 200 day moving average in importance.
Those are the gold standard/old standard. IBD still uses them.[50,200ma]
And while the Dow Theory chapter maybe helpful;
doubt if that book comes close to any/ all 3 Jack Schwager Top traders books, in wisdom/usefull ness.
About the only things out of date in old TA books;
WIDE bid askstock spread & limit up 10 days in derivatives... not so common anymore.LOL
Wisdom is profitable to direct..............................................
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----How do you guys gather information to formulate your trading strategies?----
--by observing the markets and price action..there is no shortcuts..--
which part of sentence above you did not understand?
i mean what i mean- literally eyeballing the price chart,while trying to understand,what and why price is moving this way,why and where it's reverses.
Out of curiosity, how profitable is the "eyeball strategy"?
The first book by the Harvard dude and a chick from a dinky college looks good.
BUT, you will probably get reamed hard if you follow what the Harvard guy says.
Net net = W.O.M. Waste of Money.
You will most likely experience serious pain of the ass.
You will shit bricks while waiting for the setup to play out.
Your stomach will churn and burn.
You will experience severe mental anguish.
You will suffer insomnia.
You might be temporarily impotent.
You might break something.
You could also try using Finite Element Methods to predict price movements.
You could also apply P.D.E. and blow up spectacularly.
Heck, create neural nets, train it, and experience catastrophic failures.
here is a tip I give to rookies:
draw a trendline.
in an uptrend, buy the dips.
in a downtrend, sell the rallies.
i bet you won't do this b/c it's so simple.
pay attention to the trendline.
don't pay attention to crap like Head n Shoulders (which is a misnomer. It's really Cock n Balls formation.)
eyeball strategy is for advanced traders.
you look at price chart and action at any moment in time, and you can estimate where the price will likely go.
it took me about 10,000 hours to get the strategy to work.
once you reach elite trader status, trading becomes boring like breathing and eating.
I get more pleasure out of shitting than trading although shitting doesn't pay. Weird.