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Getting Started in Technical Analysis Paperback – Feb 4 1999
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"competent introduction to technical analysis." -- Shares, 28th June 2001
From the Publisher
Technical analysis is the art and science of deciphering chart patterns in order to better analyze and predict prices of a given security. Jack Schwager demystifies technical analysis for investors, introducing them to oscillators, price-and-time charts, on-line charting applications, and much more.See all Product Description
Inside This Book(Learn More)
Top Customer Reviews
Schwager uses the first seven chapters to define many of the technical factors that novice traders should know before they can trade in today's active market. Part One illustrates a wide range of basic technical-analysis tools and how they are (or should be) used. Chart patterns, oscillators, trends and the like are explained concisely with easy-to-follow sample charts. The reader can quickly absorb these basic ideas before moving on to Part Two.
In Part Two, the reader gets his/her first taste of the "how" of technical analysis. The author delves into topics like pyramiding, stop-loss points and exit signs. This is also the part where the author's "Most Important Rule in Chart Analysis" is laid out. Part Two can easily make a reader anxious to start (or get back to) trading.
The third section of Getting Started in Technical Analysis approaches trading systems and software. The author describes the most pertinent options that a trading software package should contain, leaving the legwork to the reader. In the discussion of trading systems, there is no magic formula here, simply guidance to develop and test a trading system of one's own.
Part Four is vital to the trader...novice or otherwise. The author (who is CEO of Wizard Trading) offers practical trading rules and market wisdom.
Getting Started in Technical Analysis is an excellent source of information for the soon-to-be, novice, or expert trader. This book should have a reserved shelf space in every trader's library.
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.Read more ›
I would recommend this as a good beginner's book. Read this before you undertake Martin Pring's book on technical analysis, for example, as his exhaustive analysis of chart patterns will be too dense and forbidding if you're just starting out. Schwager strikes a good balance between getting the concept across and inundating the beginner with too many details. Most technical analysis methods aren't that hard to understand, even the ones based on more sophisticated math; it's the application to the real-world charts that takes some skill and experience.
For me the best chapter was the 82 Rules of Trading, which contains 82 short statements about trading principles, including such classics as never selling a stock that is making new highs (probably as close to an "absolute" principle as there is in the markets). This chapter may be most useful to someone with more trading experience in the market who's experienced what happens when you violate these principles, but they're there anyway, and it won't hurt you to get exposed to them right off. Overall, a well written, clear, and concise introduction on this aspect of trading.
Most recent customer reviews
Jack Schwager's book has good content. He knows what he is talking about. This book has a terrible physical layout and printing format. It is noticeably a bad layout. Read morePublished on June 13 2004
This is the kind of book that you should keep as a constant reference. With many trading computer programs that will do all of your technical analysis for you. Read morePublished on March 20 2003 by Review Monster
The prevailing guidance of the book is that traders "need to experiment to see what works" (this phrase is found numerous times in the book). Then why read the book? Read morePublished on Aug. 29 2002 by B. KENNEDY
A good TA basic but not a balanced treatment of the subject. Jack concentrats on chart patterns analysis and only a few indicators are mentioned. Read morePublished on Feb. 24 2002 by Robert Goodman
An extremely good introduction to TA analysis. If you are going to be serious about getting the foundations of investment desisions correct right from the start then you should... Read morePublished on Feb. 10 2001
This book is true to its title. For any one who is is new to self directed investing, this book is a must. I found the book easy to read, with lots of examples and charts. Read morePublished on Aug. 7 2000
It was a little difficult to read and took a couple of months to finish. It's not what I expected from a "Getting Started In...." book. Read morePublished on April 20 2000 by dsfa
If you want to trade commodity futures (and who doesn't?), there's no better place to start than with the "Getting Started..." series, and this volume in particular. Read morePublished on Feb. 28 2000 by Rufus M. Lee
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