Book Name: Technical Analysis For Dummies 4th Edition
Author: Barbara Rockefeller
Publisher: For dummies
ISBN-10, 13: 9781119596554,1119596556
Pages: 387 Pages
File size: 8 MB
File format: PDF,EPUB
Technical Analysis For Dummies 4th Edition Pdf Book Description:
The technical analysis industry is expanding at an exponential pace. A few years ago, an Internet search for the term “technical analysis” returned 206 million responses. Now it returns 1.36 billion responses. Even after weeding out duplicates and mismatches, it’s still a huge amount of material. Don’t be intimidated by the sheer size of the available material. In this fourth edition of Technical Analysis For Dummies, I cover the core concepts, most of which you could apply today with no further research. If you were to explore the most advanced entry in the 1.36 billion entries, most of it would be familiar to you from reading this book. Technical ideas range from the super simple to the tremendously complex. I cover the core concepts that are the building blocks of all, or nearly all, of those tremendously complex systems. It’s up to you to choose to stay with one of two simple ideas or forge onward to the complex. There is no single best technical idea or combination of ideas, for reasons I explain. Technical analysis is not only a set of tools. It’s also a mindset, a way of looking at securities prices and how they wag and what wags them. The first principle of the technical mindset is to throw conventional wisdom out the window and trade what you see on the chart. Technical analysis is an evidence-based method of making trading decisions, which means you won’t be consulting earning per share, cash flow, management quality, or any of the other fundamentals that lead to an assessment of value. Technical analysis isn’t value investing. Value investing would have you continue to hold a high-value security despite a big drop in price.
The technical analysis trader will sell it, knowing he can always come back after the price bottoms and starts recovering. Try to think like a 10-year-old as you read this book. In fact, go find a 10-yearold, if you have one handy, and ask him, “Which is better to hang on to: a thing that has already let you down (losses) or a different thing that’s delivering exactly what you wanted (profits)?” See? That doesn’t mean you may not prefer to keep only high-value names in your portfolio and winnow the portfolio for changing value. It does mean your focus is not on the intrinsic value of the securities you’re holding, but rather on the gain you expect to make in each security. Beating the system is fun and rewarding. The market doesn’t know you, your age, gender, ethnicity, good looks or lack of them, singing talent, or anything else about you except whether you’re a successful trader. The market is blind. In fact, the market is indifferent. It’s the one place you can go to be judged solely on your merits. Use this book to help you find your way. The good news is that For Dummies books are designed so that you can jump in anywhere and get the information you need. Don’t feel that you have to read every chapter or even the entire chapter. Take advantage of the table of contents and index to find what you’re looking for, and check it out.
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