There are many good references and their value depends upon how
readable you think they are. Not everyone likes the same style of
writing. Some I'm particularly fond of that pertain to TA and trading
are:
Author Title
------------------ -----------------------------------------------
Welles Wilder, Jr New Concepts in Technical Trading Systems
Mark Douglas The Disciplined Trader
Cassidy It's When You Sell That Counts
William Jiler How Charts Can Help You In The Stock Market
(reprinted by Fraser Publishing)
Clay Burch TechniFilter Plus manuals and reference
Connors/Raschke Street Smarts
Murphy Technical Analysis of the Futures Markets
Brown/Bently Cyber Investing, 2nd Ed. (basically a manual on
using Telescan, but includes some good scans
for Prosearch)
Toby Crabel Day Trading With Short Term Price Patterns (I
don't day trade, but this has been a good
reference for patterns to include in scans)
Fischer Fibonacci Applications and Strategies for Traders
(sort of an Elliott Wave reference, but
presented from a different perspective)
You can substitute Edwards & Magee for Jiler, but Jiler is far more
readable. This is sort of ranked by preference. Two others not
related to TA or trading that I think are important reading are:
Gardner/Gardner Motley Fools Investment Guide (has nothing to do
with TA or trading, in fact they look down
their noses at TA, but it's good for creating
screens to scan for good trading candidates.)
Robert Lichello How To Make $1,000,000 In The Stock Market Auto-
matically (presents a mechanical money
management scheme called AIM, and it cost $4
at amazon.com. Ignore the infomercial writing
style or you'll miss the message which could
be condensed to 12 pages; food for thought for
LT trade management.)
I assumed that you're already aware of Achelis' "Technical Analysis
From A To Z", which is an overview of indicators. And I already
mentioned Chande and DeMark, but they fall further down the chain in a
GET environment. Elder has some good stuff for training your head;
his recommendation about dealing with a long trend of losing trades is
excellent. The mental game is harder than anything else, imo.
Anything you read is probably worth your while because you accumulate
bits and pieces from all of it. Eventually you accumulate a
worthwhile framework in which to trade or else you give it up as a lost cause.
Bruce |
