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Strategies & Market Trends : Technical Analysis - Beginners -- Ignore unavailable to you. Want to Upgrade?

To: gbr who wrote (7921)	1/21/1998 12:19:00 PM
From: Richard Estes	Respond to of 12039

My answer which I give often is "Do you think the information in the book would get you an 1/8 of a point profit on a 1000 share trade?". The book sets forth how he picks stocks and what patterns he uses for 1-5 days trades in stocks >40 and volume average less than 200,000. The book is interesting in he carries you thru a week of trading. There is nothing new in what he is doing. He just compiles some methods into the book that can be used for a small % profit in a short term. And it speaks to stocks, most books are written for futures trading. Most of the setup patterns can be done in most charting programs. I see nothing requiring TS. nearly everything can be done by the programs talked to on this topic. He trades full time - realtime, but 95% of setups are daily data.

To: gbr who wrote (7921)	5/10/1999 3:21:00 AM
From: Richard Estes	Respond to of 12039

NO, you can use his indicators in MSWIN or QPlus2. They are mostly patterns, they have been around for a long time. The exits are not covered so you have to have a means for those. the lack of exits is a weak part. His trades are 1-4 days, in his examples of a weeks activity, he seemed to trade $400,000 to $500,000 a day with a goal of 10 points a week. Is it worth it? Yes, I think from the ideas there you should make more than 1/8 point on a 1000 share trade. Nearly any book even Edwards and magee or elder is worth their prices. Some you get a bigger bang for your dollar. Be sure and have the basics down pat before trying short term trading or reading the books on it. There is nothing that is simple or everyone could do it.