Suggestion needed on choosing books for Technical Analysis

[shekhar.suman]

After searching for books and reading materials for Technical Analysis on various blogs and websites, I narrowed down to following 4 books :thumb:.

a) Technical Analysis Explained - Martin J Pring
b) Technical Analysis of the Financial Markets - John J Murphy
c) The New Trading For a Living - Dr. Alexander Elder
d) Come Into My Trading Room - Dr. Alexander Elder

But I am confused about which one of them would be good to start with for building a strong and sound foundation in Technical Analysis. Till now, I have read two books on technical analysis by Indian Author(Gujaral) but I felt those books were very superficial :annoyed:and lacks in clarity of concepts in many ways. I have been into Stock Markets for last one and a half years (holding stocks for 1 to 2 months in delivery based trades) and have been following TraderJi for my learning needs:thumb:.

I am now very much interested towards day-trading but the horrible experience of many traders on Traderji and other blogs chill down my spine. Anyway, one thing I firmly believe is that with strong foundation based on knowledge, experiments and proper guidance helps a lot in making informed and rational decision in any field. Therefore, I request all seniors and experienced day-trader to guide me in choosing a book from above-mentioned books or any study-material which I could follow easily with my day-job...

Thanks in advance

Shekhar

 

[sherbaaz]

After searching for books and reading materials for Technical Analysis on various blogs and websites, I narrowed down to following 4 books :thumb:.

a) Technical Analysis Explained - Martin J Pring
b) Technical Analysis of the Financial Markets - John J Murphy
c) The New Trading For a Living - Dr. Alexander Elder
d) Come Into My Trading Room - Dr. Alexander Elder

But I am confused about which one of them would be good to start with for building a strong and sound foundation in Technical Analysis. Till now, I have read two books on technical analysis by Indian Author(Gujaral) but I felt those books were very superficial :annoyed:and lacks in clarity of concepts in many ways. I have been into Stock Markets for last one and a half years (holding stocks for 1 to 2 months in delivery based trades) and have been following TraderJi for my learning needs:thumb:.

I am now very much interested towards day-trading but the horrible experience of many traders on Traderji and other blogs chill down my spine. Anyway, one thing I firmly believe is that with strong foundation based on knowledge, experiments and proper guidance helps a lot in making informed and rational decision in any field. Therefore, I request all seniors and experienced day-trader to guide me in choosing a book from above-mentioned books or any study-material which I could follow easily with my day-job...

Thanks in advance

Shekhar

whit day job forget about doing day trading profitably.

you want to understand technical analysis none of the above books gonna help you. this is my view (people may differ from it).

without sound knowledge of chart reading (ie price and volume study in isolation and imp together ) none of the above book is useful as there are very much into indicators oscillators etc. All of them work BUT if you have knowledge of chart reading bar by bar. price volume reading is paramount.
the above books fall short on this foundation.

and once you master chart reading skills probably you dont need any thing more to trade profitably.

If interested study work of Richard Wyckoff. If possible take his course (paid not pirated as then your learning curve will be too long and you may end up giving up half up as its very tough).

Read any book by him or on his work. there are many

hope it helps you.

regds,s

 

[shekhar.suman]

thanks sherbaaz for your suggestion

i'll try to go through your recommendations in near future once I get acquainted with the nuances of basic technical analysis :thumb:...

any help/direction from veteran traders...plssss help !!! :sos::sos:

 

[cloudTrader]

thanks sherbaaz for your suggestion

i'll try to go through your recommendations in near future once I get acquainted with the nuances of basic technical analysis :thumb:...

any help/direction from veteran traders...plssss help !!! :sos::sos:

In my view if you start with this book you will have a very good start in your understanding. This book is lucid and covers things comprehensively.

Adam Grimes - The Art and Science of Technical Analysis - Market Structure, Price Action and Trading Strategies

Good thing is that Adam Grimes has his own website & blog where he has shared free videos for educational purposes.

http://adamhgrimes.com/TAAS/

Happy Trading !!

 

[TracerBullet]

In my view if you start with this book you will have a very good start in your understanding. This book is lucid and covers things comprehensively.

Adam Grimes - The Art and Science of Technical Analysis - Market Structure, Price Action and Trading Strategies

Good thing is that Adam Grimes has his own website & blog where he has shared free videos for educational purposes.

http://adamhgrimes.com/TAAS/

Happy Trading !!

yes, very nice blog, i read it regularly. Still need to go through his free course and book, next on list for me in future.

 

[shekhar.suman]

thanks a lot TracerBullet and Leonid

I googled the book you suggested and fortunately got a PDF of the same. I just glanced through the voluminous 480 pages book and I must say it has explained Price Action very minutely without focusing much on indicators. I hope it must be a good read as you mentioned and help me in learning TA. :thumb:

 

[TracerBullet]

thanks a lot TracerBullet and Leonid

I googled the book you suggested and fortunately got a PDF of the same. I just glanced through the voluminous 480 pages book and I must say it has explained Price Action very minutely without focusing much on indicators. I hope it must be a good read as you mentioned and help me in learning TA. :thumb:

While you read books, there are some nice threads in tj. You can consider them. Can start with Pivot thread from Subhadip and/or VWAP threads and follow Smart_Trade's posts. Also dont expect to become profitable trader immediately after reading few books/threads. It takes time..

 

[shekhar.suman]

thanks TracerBullet for your advise

whatever I have read from varieties of resources available to me on trading/investing ...I understood one thing very clearly and that is.... to develop a rational mindset for mindset along with becoming accountable to whatever decision I take before I start it in real....

I read two initial chapters of Dr. Alexander Elder's book viz. The New Trading For a Living....and found them very interactive and amazing...I don't know should I continue with that book or not as one of the senior here in this thread has mentioned that the Dr. Elder's book highly promote the use of Indicators and fall short on foundation of Technical Analysis...