GETTING STARTED IN TECHNICAL ANALYSIS BY JACK D.SCHWAGER PDF

Start your review of Getting Started in Technical Analysis Write a review Shelves: business-economics A reasonable introduction to chart analysis that clearly explains basic concepts and points you in the direction of more complex tools that you can explore later. The target audience seems to be people interested in creating technical trading systems for day-trading, but it is still helpful for people who want to incorporate some technical analysis in other A reasonable introduction to chart analysis that clearly explains basic concepts and points you in the direction of more complex tools that you can explore later. The target audience seems to be people interested in creating technical trading systems for day-trading, but it is still helpful for people who want to incorporate some technical analysis in other applications. There are some interesting ideas about the value and methods of analyzing price information to anticipate future trends.

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Start your review of Getting Started in Technical Analysis Write a review Shelves: business-economics A reasonable introduction to chart analysis that clearly explains basic concepts and points you in the direction of more complex tools that you can explore later. The target audience seems to be people interested in creating technical trading systems for day-trading, but it is still helpful for people who want to incorporate some technical analysis in other A reasonable introduction to chart analysis that clearly explains basic concepts and points you in the direction of more complex tools that you can explore later.

The target audience seems to be people interested in creating technical trading systems for day-trading, but it is still helpful for people who want to incorporate some technical analysis in other applications. There are some interesting ideas about the value and methods of analyzing price information to anticipate future trends.

So why do I come back again and again to the possibility of trading, and technical trading at that? On that level, it certainly did why I wanted it to do. I Given a finite sequence of numbers, how does one prove either that they follow a pattern and will continue to do so , or that they are random? I would also have liked it to persuade me away from my skepticism. On that score, I would say that it was a bit less successful.

A few years ago, I got more deeply involved in the possibility of trading. I had developed a few test systems. One of them showed a potential profit of approx. He thought I should shoot higher on individual trades. I agreed to look a bit more deeply, and offered to test a promising system that he was developing.

My testing showed that this system was not only less than promising, but that in three out of five years, it would lead to financial ruin. In my ignorance, I got scared. The truth of the matter is that a trader should be ecstatic when he finds a really, really bad system, because all he has to do is trade the opposite, and he has a good winner. At the time, however, I was simply mesmerized by the idea that my "experienced" friend could come up with such a dog. At about the same time, I realized that I could probably do well with my own systems.

But there was a small catch. It would mean giving up a few things for the indefinite future -- like sleep. So that was the end of that, but not through any conscious decision. Here are two quotes from the book about using judgment in trading: "In conclusion, the skeptics are probably correct in claiming that a Pavlovian response to chart signals will not lead to trading success. Such dreams are often right because they represent your subconscious market knowledge attempting to break through And there are lots of people who believe this, I guess But then, here he is talking about trading plans: "The more specific the trading strategy, the better.

Of course, the most specific trading would be one based on a mechanical trading system. I decided to focus completely on mechanical trading approaches in order to eliminate the emotionality in trading. He seems to think that they are both true. This problem makes it much harder for me to find many of his other points all that useful. Then, after doing this, they will pretty uniformly say that the secret to success in trading is money management and knowing where to exit cutting losses while allowing profits to accumulate.

But they pay much, much, much less attention to the areas that they say are more important. On that, this book is no different. There is the customary nod to money and risk management, but it takes a definite backseat to the "sexier" subject of when to pull the trigger.

Finally, Schwager wrote a couple of books consisting of interviews with successful traders. He summarizes some of what he learned from that experience in tips at the end of this book. Too bad he, nor anyone else, has ever written a book consisting of interviews with hopeless failures at trading. What Schwager fails to consider is that the pool of people who start trading is enormous. Given the number of people who start, even if the market were random, some of those people would end up as very big winners.

When all you do is interview the winners, you are bound to start seeing the skill and design in what they did, even if it was just a random occurance. Given the same number of people who have traded on the stock markets, a model of random success and failure over the same period of time would produce at least one person as successful as Warren Buffett. So, is he a genius or very lucky, or both?

Or who knows? Maybe I might just get lucky.

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The author of the book: Jack D. Schwager explores, explains, and examines the application of technical analysis in futures trading. Here is the one volume no trader should be without. He has presented material in a way that both the professional and layman can profit from. It PDF is a must read for traders on all levels. The book is comprehensive, thoroughly insightful, and highly educational.

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