Jon K.: Do you have any recommendations for TA and charting books for a newbie? (I decide to buy a few books on this subject)
I often get asked to recommend books on TA and or Charting. I think I may save a canned response to disk.
I started trading/investing, for myself, in the mid eighties. I bought several software programs that came with good literature. Something you don't get now days. One of the programs was primarily a supplemental program for the other. It was to help one develop (one's own) trading formulas and strategies. It came with a book that was an informative overview of technical analysis and charting.
I am basically self taught having charted the major market indices, funds and stocks for over 12 years every single trading day. So, I defer to others recommendations as to which current books are good.
If you could also give a few good web site on this subject, that would be nice
chartpatterns.com
decisionpoint.com
hardrightedge.com
smotass.net
equis.com
angelfire.com
What I learned in school was that the market goes up and down randomly, therefore you cannot predict any better than 50/50. If this is true, obviously this site is useless. But I see such a great popularity of MDA among SI users, you guys must be doing better than 50/50 odds
What school was that? Let me tell you a little secret, if you could go to school and learn how to successfully invest, we would all have gone and no one would loose money. And, most likely if your teacher was successful in the Market he/she would be doing that instead of teaching.
If you think this site is useless why are you here? Better yet, why are you asking me to be a nice guy and provide you with all the information I just provided?
In your past experience... could you please share with me what is the % of predicting the direction of the market correctly in each categories?
- 5 min. in to the future
- 30 min.
- 1 hour
- 1 day
- 1 week
- 1 month
If you can get better than 50% on any of the above category, then it is definitely worth it to study. Otherwise I should spend my time somewhere else.
I do not have statistics on the above, obviously you are a “newbie” or you would know that. What, didn't your school teach you that at a no better than a 50/50 probability you can only break even in the market at best, right? I could post how far my portfolio is up, but that is personal, let's just say it's almost a living.
I suggest with your pre-conceived notions, that you may well be better off not wasting your time reading such a useless thread. Heck, why did you join SI?
Regards,
LG |
