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Strategies & Market Trends : AIQ TradingExpert for Windows -- Ignore unavailable to you. Want to Upgrade?

To: Don Maher who wrote (593)	6/8/1998 1:23:00 AM
From: Bruce A. Bowman	Read Replies (1) \| Respond to of 1176

Your welcome, Don. I sincerely hope no one spends what I did on s/w! The reality is that I dumped a lot of trading capital into s/w supplier pockets in the hope of automating the trading process. The only thing that got automated was the transfer of my $$$ into everyone elses pockets through busted trades! :-) On another note, and I think I posted something like this here before, another place to blow $$$ is on books. There are very few that I've read that made me feel like I got my $$ worth. Let me share my very opinionated list of favorites: Street Smarts, Connors/Raschke Day Trading With Short Term Price Patterns & Opening Range Breakout, Toby Crabel Technical Analysis of Stock Trends, Edwards & Magee (or a similar but far more readable book by William Jiler, How Charts Can Help You In The Stock Market) Trading For A Living, Elder (just the front part of the book on psychology) How To Make $1,000,000 In The Stock Market Automatically, Robert Lichello The Disciplined Trader, Douglas White New Concepts in Trading Systems, Welles Wilder Jr There are others, I suppose (I have a lot of books), but these seem to get looked at most and I was trying to keep the list compact. Here's a thumbnail of them: Connors & Raschke: this is a handbook on swing trading, very specific S/IT trades. C&R use some of the patterns in Crabel's book. Crabel: if you never trade ST, then Crabel's book is of no use. Elder: in case you haven't read his book, he's a psychiatrist and eminently qualified to talk about trading psych. Not sure about his trading. Jiler: presents approximately the same material as M&E but was a better writer imo (not so stuffy & pompous). Just his discussion of gaps makes the book worthwhile. Lichello: very wordy book about an algorithm for buying/selling that could be condensed from its present 284 pages down to 12 pages, but it works. The title is so sleasy I ripped the cover off so I could read it at McDonald's at lunch time! :-) Costs all of $6 at Barnes & Noble or amazon.com. Magee & Edwards: has very little to do with todays popularized concept of TA, but the presentation of graphic analysis of general price and volume patterns is as applicable as ever. Some of the more esoteric stuff I ignore. White: about trading psychology. In general, I think most of us read too little about that subject. Also, Cassidy's "It's When You Sell That Counts". Wilder: created many of the indicators that are in AIQ and is really the godfather of modern-day TA imo. This book introduced the world to RSI, ADX, Directional Movement Indicator (DirMov in AIQ) and many others which he created. I didn't include a basic reference on indicators because the manuals supplied by AIQ are really pretty good. Stock Market Logic by Fosback and Technical Analysis From A to Z by Achelis serve pretty well as overviews of indicators. Fosback probably has more breadth. Of course there's Murphy's "Technical Analysis of the Futures Market", but it's not for everyone. I'd skip stuff from Windsor books. That make-a-million-overnight stuff is a waste. Hope others post their lists of favorite books also. Always looking for new references. Bruce