Getting Started in Technical Analysis

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Overview

Revered by many, reviled by some, technical analysis is the art and science of deciphering price activity to better understand market behavior and identify trading opportunities. In this accessible guide, Jack Schwager-perhaps the most recognized and respected name in the field-demystifies technical analysis for beginning investors, clearly explaining such basics as trends, trading ranges, chart patterns, stops, entry, and exit and pyramiding approaches. The book's numerous examples and clear, simple explanations...

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Overview

Revered by many, reviled by some, technical analysis is the art and science of deciphering price activity to better understand market behavior and identify trading opportunities. In this accessible guide, Jack Schwager-perhaps the most recognized and respected name in the field-demystifies technical analysis for beginning investors, clearly explaining such basics as trends, trading ranges, chart patterns, stops, entry, and exit and pyramiding approaches. The book's numerous examples and clear, simple explanations provide a solid framework for using technical analysis to make better, more informed investment decisions and as the basis for mechanical trading systems. Along with Schwager's invaluable trading rules and market observations culled from years of real-world trading experience, Getting Started in Technical Analysis offers in-depth coverage of:
* Types of charts-bar, close-only, point-and-figure, candlestick.
* Chart patterns-one-day, continuation, top and bottom formations, the importance of failed signals.
* Trading systems-trend-following, counter-trend, pattern recognition.
* Charting and analysis software-price data issues, time frame/trading style considerations, software research.
* he planned trading approach-trading philosophy, choosing markets, risk control strategies, establishing a trading routine.

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Product Details

  • ISBN-13: 9780471295426
  • Publisher: Wiley
  • Publication date: 2/28/1999
  • Series: Getting Started In..... Series , #19
  • Edition number: 1
  • Pages: 352
  • Sales rank: 404,814
  • Product dimensions: 6.00 (w) x 9.22 (h) x 0.93 (d)

Meet the Author

JACK D. SCHWAGER is the CEO of Wizard Trading, a commodity trading advisory firm that has been managing client funds since 1990. He is the author of The Complete Guide to the Futures Markets, Market Wizards, The New Market Wizards, Fundamental Analysis, and Technical Analysis.

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Table of Contents

BASIC ANALYSIS TOOLS.

Charts: Forecasting Tool or Folklore?

Types of Charts.

Trends.

Trading Ranges and Support and Resistance.

Chart Patterns.

Oscillators.

Is Chart Analysis Still Valid?

TRADING ISSUES.

Midtrend Entry and Pyramiding.

Choosing Stop-Loss Points.

Setting Objectives and Other Position Exit Criteria.

The Most Important Rule in Chart Analysis.

Real-World Chart Analysis.

TRADING SYSTEMS.

Charting and Analysis Software.

Technical Trading Systems: Structure and Design.

Testing and Optimizing Trading Systems.

PRACTICAL TRADING GUIDELINES.

The Planned Trading Approach.

Eighty-Two Trading Rules and Market Observations.

Market Wiz(ar)dom.

Appendix.

Glossary.

Index.

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Customer Reviews

Average Rating 3.5
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Sort by: Showing all of 2 Customer Reviews
  • Anonymous

    Posted April 30, 2001

    Much Too Advanced for Beginners! Good for Intermediates

    Experts can make the mistake of forgetting how little people know when they first get started. That is clearly the case with this book by Mr. Schwager. If you really want to get started with technical analysis for trading, you will need to find something simpler! Then you can graduate to this overview. I have had the benefit of reading many books on technical analysis and having discussed it with many technicians. From that perspective, I found the book to be a delightful, down-to-earth, nondoctrinaire explanation. But I wouldn't have made it past the first five chapters when I was just getting started with technical analysis. I graded the book as a one star for beginners and as a five star for intermediates, and that averaged to three stars. Judge accordingly! Most investors argue strongly in favor of or against price-based analysis. Those who trade a lot usually swear by charts, and those who are long-term investors usually ignore charts. The classic debate is between the 'random walkers' who say there ae no patterns in the markets and the chartists. No one has ever proven definitively that charting does or doesn't work for investing. The key problem is nicely stated by the author, ' . . . [C]hart analysis is based on general principles, its application depends on individual interpretation.' The book operates on the principle that '[c]hart analysis provides a means of acquiring common sense in trading.' The book articulates a variety of reasons why charting can be helpful. I think the best reasons are for helping you explicitly manage the risk you want to take on. This book has a very helpful discussion on that subject. Before you are done, you will know about different types of charts, trends, trading ranges and their support and resistance levels, chart patterns, oscillators, and how people apply these analytical tools now. The book goes on to show how to apply these tools to trading issues, including what software to use. My favorite part of the book contained a set of problems to work through using the book. In that section, you can get a feel for charting and your comfort level with it. The author also explains how trend-following systems can be developed (a fairly conservative use of charting), and provides some useful trading guidelines. These last could have saved many on-line traders a fortune. So who should learn this material? I would argue that almost no one should. Long-term investors would rarely use it, and can probably rely on fundamental analysis adequately for making entry point decisions. Those who have limited skill in investing should probably be in stock index funds, and do not need this knowledge. Perhaps the best reason to be interested is simply to have a better understanding of the thinking processes that traders use. But that's a human interest application, rather than a financial one. Some people have compared technical analysis to astrology. After reading the book, you might want to think about that comparison to come to your own conclusions. Certainly, there is no proof offered in this book that these patterns do foretell the future. At least in that element, technical analysis and

    1 out of 1 people found this review helpful.

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  • Anonymous

    Posted October 3, 2000

    Great book if you have a little knowledge to start with

    I started getting into technical trading using clearstation.com, but found their education section a little confusing. This book shed light on how to read the charts, and what to pay attention to. Definately a solid (text) book though it does have a lot of charts to look at and study, some of the explanations could be a little longer. It's almost a cross between a technical trading encyclopedia and a text book. If you have a little knowledge, this will be great. If you're a total beginner, buy this when you've already dipped your toe in if even just a little.

    1 out of 1 people found this review helpful.

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