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Title: Technical Analysis of Stock Trends, 8th Edition by Robert D. Edwards, John Magee, W. H. C. Bassetti ISBN: 0-8144-0680-7 Publisher: Saint Lucie Press Pub. Date: 29 May, 2001 Format: Hardcover Volumes: 1 List Price(USD): $99.95 |
Average Customer Rating: 4.33 (24 reviews)
Rating: 5
Summary: A Classic work on Technical Analysis
Comment: I read Edwards and McGee, Technical Analysis of Stock Market Trends with great enthusiasm. Here was a book that was originally written in the 1940's that is equally valid to anyone trying to play the stock market in the Twenty First Century. It also gave me insights into the wild times on Wall Street in the Roaring 20's, and taught me how the pros did stock manipulation and organized "bear traps." Understanding Wall Street irrational exuberance in 1928 helps a smart investor understand the irrational exuberance in 1999. I started reading and then using Technical Analysis because I found I couldn't make money on the market just using the fundamental analysis that my accounting professors taught me in business school. I bought stocks based on detailed analysis of the firm's fundamentals and then could not understand why the prices of my "smart" investments immediately dropped like a rock. Technical analysis provides an investor with insights into the market forces (supply and demand) that affect the rise and fall of stock prices and give a rational investor understanding of the psychology of the herd of investors.
Modern web technology available from Clearstation and E-trade take the drudgery out of the technical charting, and make it easy for an amateur investor to become an experienced technical chart reader. Edwards and McGee was the book that helped me develop this skill. I can not praise the authors of this book enough.
Rating: 5
Summary: Most of the reviewers are right. Some missed the point.
Comment: Investors and traders and technical analysts who are not familar with this book are only short-changing themselves. Unless you are informed as to this material you are unable to evaluate the products of number driven analysis. This is TA 1. I am amazed to hear some people call it boring. In fact it is extremely well written. Having read it 15 or 20 times I think I am qualified to say that. Scoffers at technical analysis and traders who use only statistical technical indicators do nothing but delight me and other chartists. We need their money ... W.H.C. Bassetti
Rating: 2
Summary: Definitely a classic, but not one in the top "buy" list
Comment: Written in the 20's, this book is at least five decades ahead of its time, discussing detailedly about Dow Theory, chart patterns, volume, support and resistance etc in the demand and supply context, at a time whilst most people focused solely on company/accounting data specific fundamental analysis. However, though market psychology doesnt change, technology and the speed and means of information distribution do, leading to shorter business cycles and thus trends, inevitably attacking the weakest link of the Dow Theory which is that confirmation of the primary and long term trend almost always come too late. The situation is even worse in that "traps" in trend following are so frequent in today's highly competitive market when power traders with the help of deteriatives fully exploit the stop loss orders of mass investors.
I dont mean to undermine the value of this book. Nevertheless, considering the high price of the book and the long time to read it through, there are many alternatives that cover TA wider and deeper. This book can be a very exhaustive reference book in chart patterns. It just cannot provide a compeat course on TA. The new appendix of MACD, Stochastics etc is adequate but far from sufficient. Afterall, TA is just a tool for money making. There's no point not to take a more productive route to achieve the goal.
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Title: Technical Analysis from A to Z, 2nd Edition by Steven B. Achelis ISBN: 0071363483 Publisher: McGraw-Hill Trade Pub. Date: 02 October, 2000 List Price(USD): $39.95 |
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Title: Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications by John J. Murphy ISBN: 0735200661 Publisher: Prentice Hall Press Pub. Date: 04 January, 1999 List Price(USD): $80.00 |
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Title: Reminiscences of a Stock Operator by Edwin Lefèvre, Marketplace Books ISBN: 0471059706 Publisher: John Wiley & Sons Pub. Date: 11 May, 1994 List Price(USD): $19.95 |
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Title: Japanese Candlestick Charting - Second Edition by Steve Nison ISBN: 0735201811 Publisher: Prentice Hall Press Pub. Date: 30 October, 2001 List Price(USD): $90.00 |
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Title: Trading for a Living: Psychology, Trading Tactics, Money Management by Alexander Elder ISBN: 0471592242 Publisher: John Wiley & Sons Pub. Date: 08 March, 1993 List Price(USD): $75.00 |
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