StockFetcher Forums · General Discussion · My brain is exploding.<< >>Post Follow-up
MomsLegacy
34 posts
msg #62616
Ignore MomsLegacy
5/14/2008 6:41:15 PM

I'm on technical analysis overload. Can somebody please direct me to a respectable book or instructional series that offers easy to understand information on technical analysis? I would really like to make myself a filter, but I don't know where to start.
I realize there is work to do and I'm not afraid of that. I'm afraid of wasting time. I'm going from this book to that book to this dvd and it's all getting to be too much.

Anybody??



13th_floor
724 posts
msg #62618
Ignore 13th_floor
modified
5/14/2008 6:53:02 PM

Try Toni Turner's books if you haven't already.
They are pretty easy to understand for a newer trader and don't talk down to you and don't go overboard with the TA junk.
Plus women make great traders.

Sorry guys,but they do:)

P.S.
I have probably 1/4 of a brain so I don't share your problem!
See, being dopey sometimes has it's advantages.

slotmarket
59 posts
msg #62619
Ignore slotmarket
5/14/2008 7:50:34 PM

To make a filter, there's no need to start from scratch and reinvent the wheel. There's already plenty of great filters available to you posted by their creators.
Try modifying one to your liking for starters.

If you want to use a filter to make money, you don't even need to create your own filter to do that. I've never created a filter all my own. I just put my own tweaks on other's filters and Ka-ching. As The Wise One always likes to say "It's not what you trade, it's how you trade it". Hint, hint, learn how to trade first and foremost.

MomsLegacy
34 posts
msg #62644
Ignore MomsLegacy
5/15/2008 1:33:37 PM

Thank you very much for your input. I have been through a trading course called better trades, and have many dvd's by darlene nelson, Markay Latimer, but it always seems they are there just to try to sell you something else, and I'm starting to get over it. I have gotten some good info, but starting not to like the instructors.

Also, I have gotten some very good filters from this webiste, and have gotten really good results, but merely knowing what they are for and not what they do bothers me a little, and I don't really know how to read the "code" So I guess I haven't learned enough about TA yet.

The one DVD I had regarding Moving Averages is stuck. dang it. Could there be a more important indicator to learn?? LOL. So anyway, I just thought I would ask. Right now I"m reading TA for Dummies. It's actually a good book!!

I'm a stay at home mom, and I have gotten an inheritance, so I thought I would take part of it and try trading.. "Not investing" The rest is "invested" Since I have limited time during the day to stress on the market I have figured out a system that works for me.

I like to get in at the very end of day, for bullish moves, and put orders to buy at market at the open for bearish moves. My goal is a measley 1% of the stock movement. (I'm buying options) I set a stop loss and a take profit limit the night before. I use TOS so they let me do this. This way I don't have to look at it until end of the trading day. I usually leave a lot of money on the table but that's okay with me, cause I just don't have the time to watch the charts. I'm looking for my small pop in the morning and I'm out.

It's really been working, but I'm just not sure that my filters are all they can be cause I can't read them. Backtesting comes up good, but.. . (I'll say it again) the "not understanding" is making me anxious. I don't go in for just anyting the filter puts out there, I anayize the charts of course, looking for my patterns, supports, resistance, I use the indicators that I know about, still need to learn more about indicators that are more used for such short term, but it's those dang filters!! LOL. I hate not knowing what EXACTLY they are searching for. It's like going to buy the first computer you see without knowing what it does. You figure oh it's good enough for me, but could I have gotten a better one for a comparable price had I known???

Do I just need to know more about TA in orer to figure this out???

Sorry about the novel...



jhoffmann
9 posts
msg #62647
Ignore jhoffmann
5/15/2008 1:52:42 PM

MomsLegacy,

My opinion is to first understand what type of trader you are and then fit the TA to your style.

Trend Trading - ADX( by far my favorite), MACD
Swing Trading - RSI, Williams%, Bollinger

Learn, for example, how a stock moving up/down makes lower ADX values thereby indicating a peak in price is approaching.

One of my favorite scans is to combine Bollinger, MACD for Long/Short trades and use RSI for controlling both entry and exits.

TA can be very overwhelming and I've had the same problems you list.

nikoschopen
2,824 posts
msg #62651
Ignore nikoschopen
5/15/2008 2:39:48 PM

I too read a ton of trading books over the years and, frankly, I feel that most of them are plain garbage. There are only a few that I care to re-read, which I will share with you here.

bpmiller1
26 posts
msg #63069
Ignore bpmiller1
5/27/2008 7:05:16 PM

If there was a way to read all technical info to have winning trades there would be no market. One system is as valid as the next giving day and market atmosphere etc. Its a dynamic climate so what ever system you feel comfortable with will lose you money as well. Learn a system you feel comfortable losing with or change it. Feel comfortable with that and you will be a sane trader.

miketranz
671 posts
msg #63073
Ignore miketranz
5/27/2008 8:17:53 PM

"Hardrightedge" is a great site for ta and its free.Click on" 7 bells" for the daily action.There is also a section for tech info explaination on the 7 bells.A great read is "How I made $2000000 in the stock market by Darvas.Ck out the charts on the last pages of the book.Those are the patterns of success,if your into longer term trend trading."Hit and Run Trading" by Jeff Cooper is a good read for day trading patterns,plus some great insights into the market in general from someone who actually trades for a living.98% of the books on trading are basically useless.Do what works for you.Log all your trades,winners and losers.The market will give you an education as to what you need to do to succeed.Good luck........

StockFetcher Forums · General Discussion · My brain is exploding.<< >>Post Follow-up

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