Technical Analysis Book Recommendations?

[Baker 10]

I've just recently started looking into trading and I'm interested in buying a book about technical analysis. There are hundreds of books on technical analysis, but I have no idea which one would be best for me. Aside from reading posts from a few websites and reading Trading for a Living, I really don't know much about technical analysis or trading for that matter. Could you guys recommend a good technical analysis book for a beginner to pick up?

[r4bb1t 10]

'Technical Analysis of the Financial Markets' by john murphy is the textbook of TA. others are just quoted piece of it.

[wrbtrader 10]

I've just recently started looking into trading and I'm interested in buying a book about technical analysis. There are hundreds of books on technical analysis, but I have no idea which one would be best for me. Aside from reading posts from a few websites and reading Trading for a Living, I really don't know much about technical analysis or trading for that matter. Could you guys recommend a good technical analysis book for a beginner to pick up?

 

Use Traderslaboratory book "reviews" @ TL! Reviews

 

Next, do the same at other trader forums (read their book review section) and then go to something like Amazon.com and type in the name of the book you're interested in to get more active/current reviews of any of the recommended books.

 

Yet, just be aware that profitable trading involves more than just "technical analysis". Thus, depending upon what you want to be doing with your trading (hobbyist, part-time, trading for a living et cetera)...it will determine other types of books you should be reading/learning that has nothing to do with technical analysis.

Edited January 16, 2012 by wrbtrader

[Baker 10]

Use Traderslaboratory book "reviews" @ TL! Reviews

 

Next, do the same at other trader forums (read their book review section) and then go to something like Amazon.com and type in the name of the book you're interested in to get more active/current reviews of any of the recommended books.

 

Yet, just be aware that profitable trading involves more than just "technical analysis". Thus, depending upon what you want to be doing with your trading (hobbyist, part-time, trading for a living et cetera)...it will determine other types of books you should be reading/learning that has nothing to do with technical analysis.

Alright, will do.

 

Yes, I'm aware that technical analysis makes up only a fraction of trading. Currently I'm not close to even trading and I'm just trying to read up on the different aspects of it. Thanks for the advice though, I really appreciate it.

[JSChicago 10]

I've just recently started looking into trading and I'm interested in buying a book about technical analysis. ...

 

You can download Technical Analysis A to Z.

 

Also, I liked Technical Analysis by Charles D. Kirkpatrick and Julie R. Dalquist. I mention this book because the authors are very objective in evaluating the effectiveness of different indicators.

[Mr_You 10]

Evidence Based Technical Analysis for a statistics-based analysis of T.A. indicators.

 

Generally speaking, from what I've read, there's only a handful of indicators used by most folks (in no particular order): SMA, EMA, ADX/DM, RSI, MFI, CCI, Bollinger Bands, Fibonancci, MACD, VWMA, VWAP.

 

Most seem to "get back to the basics" by "trading naked" (without indicators) and using price action only or only rely on indicators that can help analyze price action.

Edited January 17, 2012 by Mr_You

[ratmpower 10]

There are some great Technical Analysis Books listed at Books on stock trading, fundamental analysis and technical analysis

[Handlowiec 10]

I have ready many TA book over the years. I recently read the classic "Technical Analysis and Stock Market Profits" written in 1932.

 

That book by Richard Schabacker was one of the most complete book on TA and psychology I have ever read. I soon found out where many folks such as John Murphy pulled their ideas. It cam from Schabacker. Murphy does cover indicators but chart patterns the originator of it all was Schabacker.

 

Schabacker's book Technical Analysis and Stock Market Profits was first written as a course and sold to traders. The book is a complete course. It does not focus on any technical indicators since there were none.

 

I would recommend his book to get started looking at chart patterns, then you can start looking at indicators. I did the reverse. Over many years of trading I would rank Schabacker's book as #1.

 

To get a traders overall mindset my favs are.

 

1. Technical Analysis and Stock Market Profits (Schabacker)

2. Trading in the Zone

3. Jesse Livermore, Reminiscences of a Stock Operator

4. Trader Vic: Methods of a Wall Street Master

5. Technical Analysis of the Financial Markets

6. Technical Analysis of Stock Trends by Robert D. Edwards and John Magee (they give credit to Schabacker) This book is required reading for CTAs and was written in the 30-40's.

 

#2 and #3 are books to read again and again when you find that you are fighting more emotional battles than trading battles in the market.

 

I used to think Elder's "Trading for a living" was really good until I spent many more years trading, now it seems gimmicky to me.

 

I will finish with a wonderful quote from Schabacker.

 

"But it is this very faith in the efficiency of stock charts that leads to an introductory warning against over confidence and mistrust. There is nothing like the thrill that

comes to the beginner when he once commences to master the rudimentary principles of chart reading and sees his first few forecast analyses turn out correctly.

 

The greatest danger for the beginner lies in just this primary awakening to the value of his study.

 

With his first few successes he is likely to mistake a probable forecast for a certain one, to become overconfident, to overtrade, and suddenly find himself involved in a disastrous quagmire of heavy losses and, what is perhaps more important, in a hopeless state of indecision, mistrust, skepticism, and bitter disappointment." -Schabacker

Edited January 30, 2012 by Handlowiec

[Obsidian 10]

3. Jesse Livermore, Reminiscences of a Stock Operator

taught me a lot about leaving emotions behind and seeing things as just numbers