GETTING STARTED IN TECHNICAL ANALYSIS BY JACK D.SCHWAGER PDF

The efficient market hypothesis EMH is a theory in financial economics that states that asset prices fully reflect all available information A direct implication. Author : Jack D. Revered by many, reviled by some, technical analysis is the art and science of deciphering price activity to better understand market behavior and identify trading opportunities. In this accessible guide, Jack Schwager-perhaps the most recognized and respected name in the field-demystifies technical analysis for beginning investors, clearly explaining such basics as trends, trading ranges, chart patterns, stops, entry, and exit and pyramiding approaches. The book s numerous examples and clear, simple explanations provide a solid framework for using technical analysis to make better, more informed investment decisions and as the basis for mechanical trading systems.

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Goodreads helps you keep track of books you want to read. Want to Read saving…. Want to Read Currently Reading Read. Other editions. Enlarge cover. Error rating book. Refresh and try again. Open Preview See a Problem? Details if other :. Thanks for telling us about the problem. Return to Book Page. Schwager Goodreads Author.

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.

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Showing Average rating 3. Rating details. More filters. Sort order. Start your review of Getting Started in Technical Analysis. Mar 28, James Ford rated it did not like it. This book is for you if: -you love blindly following advice without any explanation -you like books that are many times longer than they need to be -you don't want to do any critical thinking -you don't mind contradictions This book is not for you if: -you want to understand the logic behind technical analysis -you don't want to waste your time.

View 1 comment. Jan 22, Douglass Gaking rated it liked it Shelves: business-economics. A reasonable introduction to chart analysis that clearly explains basic concepts and points you in the direction of more complex tools that you can explore later.

The author encourages critical thinking and developing a trading style that fits the reader's own personality and risk tolerance. The target audience seems to be people interested in creating technical trading systems for day-trading, but it is still helpful for people who want to incorporate some technical analysis in other applicatio A reasonable introduction to chart analysis that clearly explains basic concepts and points you in the direction of more complex tools that you can explore later.

The target audience seems to be people interested in creating technical trading systems for day-trading, but it is still helpful for people who want to incorporate some technical analysis in other applications.

There are some interesting ideas about the value and methods of analyzing price information to anticipate future trends. Jul 15, Duffy Pratt rated it liked it. Given a finite sequence of numbers, how does one prove either that they follow a pattern and will continue to do so , or that they are random? As a pretty thorough skeptic, I've been fairly sure for a long time that there is no proof, one way or the other.

So why do I come back again and again to the possibility of trading, and technical trading at that? I got this book to get reacquainted with the trader's way of thinking and talking. On that level, it certainly did why I wanted it to do. I wou Given a finite sequence of numbers, how does one prove either that they follow a pattern and will continue to do so , or that they are random?

I would also have liked it to persuade me away from my skepticism. On that score, I would say that it was a bit less successful. A few years ago, I got more deeply involved in the possibility of trading. I had developed a few test systems. One of them showed a potential profit of approx. He thought I should shoot higher on individual trades.

I agreed to look a bit more deeply, and offered to test a promising system that he was developing. My testing showed that this system was not only less than promising, but that in three out of five years, it would lead to financial ruin. In my ignorance, I got scared. The truth of the matter is that a trader should be ecstatic when he finds a really, really bad system, because all he has to do is trade the opposite, and he has a good winner.

At the time, however, I was simply mesmerized by the idea that my "experienced" friend could come up with such a dog. At about the same time, I realized that I could probably do well with my own systems. But there was a small catch. It would mean giving up a few things for the indefinite future -- like sleep. So that was the end of that, but not through any conscious decision. Now, I'm thinking about it again, and again I'm stuck at the start: who has it right, the random walkers, or the technicians?

And I don't think there is an answer to that question. At this level, Schwager doesn't impress me. Here are two quotes from the book about using judgment in trading: "In conclusion, the skeptics are probably correct in claiming that a Pavlovian response to chart signals will not lead to trading success.

Such dreams are often right because they represent your subconscious market knowledge attempting to break through And there are lots of people who believe this, I guess But then, here he is talking about trading plans: "The more specific the trading strategy, the better.

Of course, the most specific trading would be one based on a mechanical trading system. I decided to focus completely on mechanical trading approaches in order to eliminate the emotionality in trading. Schwager doesn't even attempt to resolve the conflict. He seems to think that they are both true. This problem makes it much harder for me to find many of his other points all that useful. Another thing I've noticed in these trading books: they all spend the majority of time talking about the set-ups for initiating trades.

Then, after doing this, they will pretty uniformly say that the secret to success in trading is money management and knowing where to exit cutting losses while allowing profits to accumulate. But they pay much, much, much less attention to the areas that they say are more important. On that, this book is no different. There is the customary nod to money and risk management, but it takes a definite backseat to the "sexier" subject of when to pull the trigger. Finally, Schwager wrote a couple of books consisting of interviews with successful traders.

He summarizes some of what he learned from that experience in tips at the end of this book. One of the things he concluded from those interviews is that, looking at the success of those traders, and looking at their consistency, the market can't simply be random.

Too bad he, nor anyone else, has ever written a book consisting of interviews with hopeless failures at trading. The sample pool is much bigger, and my guess is that there are probably many, many more lessons to be learned from people's failures. What Schwager fails to consider is that the pool of people who start trading is enormous. Given the number of people who start, even if the market were random, some of those people would end up as very big winners.

When all you do is interview the winners, you are bound to start seeing the skill and design in what they did, even if it was just a random occurance. Given the same number of people who have traded on the stock markets, a model of random success and failure over the same period of time would produce at least one person as successful as Warren Buffett. So, is he a genius or very lucky, or both? Anyway, I'm still skeptical. But if there is a skill to trading, I'm confident I can learn it.

Or who knows? Maybe I might just get lucky. Dec 28, Steven rated it really liked it Shelves: stock-trading. I first read this back when it came out in The book is part tutorial, but its main goal is to help the reader establish a trading system. I've returned to it often.

May 07, Carley Garner rated it really liked it.

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Getting Started in Technical Analysis

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