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Registered User
Joined: 6/24/2005
Posts: 38
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I am fairly new to technical analysis, and am pretty much self-taught so far. I was wondering what books people might recommend as a foundation. Any suggestions? I am looking for something pretty basic on which other, more advanced, topics could be built.
If you have other investing books you deem essential I would love to hear about them as well, even if they don't have to do specifically with techical analysis.
Thanks!
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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You may want to check out Don Worden’s recommended book list:
The Battle for Investment Survival by Gerald Loeb (republished in 1996 by John Wiley & Sons, Inc.)
Confessions of a Stock Operator by Lefevre (Wiley & Sons) (A must read novel, fictionalized biography of legendary stock trader Jesse Livermore)
Trader Vic - Methods of a Wall Street Master by Victor Sperandeo (A practical trader & an original thinker. Interesting strategies.)
Beating the Street by Peter Lynch (Gives a good feel for a fundamental approach to the market.)
How to make money in Stocks by William O'Neil (An interesting strategic approach to the market)
The New Contrarian Investment Strategy by David Dreman (An excellent book about decision making in the stock market)
The Money Masters by John Train (and any of his other books, which are fun to read and will give you ideas)
Stock Market Logic by Norman G. Fosback (Almost an investment encyclopedia in its own time)
Technical Analysis Explained by Martin Pring (Pring is an excellent technician, particularly for one who leans toward the mechanical. Any serious technician should read this book.)
Trading for a Living by Alexander Elder (Very useful tools for the trader to experiment with. Enthusiastically presented, but not a guide to making a living. Commodity oriented but still useful to the stock trader.)
Winning on Wall Street by Martin Zweig (Zweig is too successful to ignore. And this is an excellent book.)
The Market Wizards by Jack D. Schwager (More excellent insights)
Schwager on Futures Technical Analysis by Jack D. Schwager (More excellent insights)
The Mutual Fund Wealth Builder by Hirsch (Even if not interested in funds)
The Intelligent Investor by Benjamin Graham (Either this or Graham & Dodd’s Security Analysis to develop a feel for classical fundamental analysis)
The Technical Analysis of Stock Trends by Edwards & Magee (Sometimes called the "bible" of technical analysis. For serious chart readers it is an absolute must. Think of it as the "original" book on pattern chart reading. It is nevertheless replete with logical errors.)
The Technical Analysis Course By Thomas A. Meyers (A step-by-step learning program for investors and traders. Beginners respond very well to this book.)
Everything You've Heard about the Market is Wrong by William H. Gross, one of the largest bond managers in the world. Down to earth observations by a brilliant man. He specializes in bonds but has profound insight into the stock market as well. An added attraction is that this book is current (published in 1997) and much of what he has to say still applies to existing problems.
Contrary Investing by A.M. Gallea and William Patelon III. Nicely organized and covers a lot of ground. Could be a good first book for the serious beginner. Read it and you'll have a good overall knowledge of the stock market.
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
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Registered User
Joined: 10/7/2004
Posts: 264
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If you're looking for pure technical analysis I would try:
How Technical Analysis Works -- Bruce Kamich
An easy read which provides a good foundation.
Technical Analysis of the Financial Markets - John Murphy
Basicaly a TA encyclopedia.
Another good one which will help you with investing or trading is Van Tharp's Trade your way to Financial Freedom.
Good Luck.
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Registered User
Joined: 1/1/2005
Posts: 35
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I second the kamich book(How Technical Analysis Works).
Also...
Getting Started In Technical Analysis...by Jack Schwager
Trading For A Living...by Elder
Technical Analysis Of Stock Trends...by Edwards And magee
Anything by John Murphy
Note to Bruce(Worden Trainer)...
why would Don Worden suggest that the Edwards and Magee book is replete with logical errors? That is like suggesting that Ben Graham has flawed theories about value investing. Be more specific????
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Registered User
Joined: 3/25/2005
Posts: 864
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I highly recommend:
"TRADING THE PLAN" by Robert Deel
Especially, Chapters 2 and 4.
Good Luck!
memorableproducts
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Registered User
Joined: 4/7/2005
Posts: 9
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The first book that I think I bought was The Visual Investor by John Murphy. Written in a way that wasn't too overwhelming and easily understood.
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Registered User
Joined: 4/10/2006
Posts: 27
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QUOTE (JLSR) The first book that I think I bought was The Visual Investor by John Murphy. Written in a way that wasn't too overwhelming and easily understood.
I'm fairly new as well and I'd recommend the following, in approximate reading order. Skip the first two if you're not a beginner...
1 A Beginner's Guide to Short-Term Trading by Toni Turner
2 Short-Term Trading in the New Stock Market by Toni Turner
3 Come Into My Trading Room by Alexander Elder
4 How To Make Money In Stocks by William O'Neil
5 The Successful Investor by William O'Neil
6 Technical Analysis of the Financial Markets by John J. Murphy
7 Profit Magic of Stock Transactions by Hurst, J. M.
8 New Concepts in Technical Trading Systems by Wilder J. Welles
9 The Candlestick Course by Steve Nison
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 Gold Customer
Joined: 3/10/2005
Posts: 12
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Didn't see these, so I'll add...
Technical Analysis from A to Z by Achelis is a great reference as to how the different tech indicators are comprised
Point & Figure Charting by Dorsey does a great job of describing this complete methodology
Bollinger on Bollinger Bands (includes a good lesson on avoiding the "multicollinearity" trap (whew!) or simply put watch out for indicators too closely correlated)
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Registered User
Joined: 12/19/2004
Posts: 457
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Although I didn't start out using Point and Figure, I'd recommend:
Title: Point and Figure Charting: The Complete Guide
Author: Carroll D. Aby Jr. Ph.D
Another book I would have liked to have when I first started:
Title: A Short Course in Technical Trading
Author: Perry Kaufmann
You should get a copy of Pring's Technical Analysis Explained (as mentioned above). Also very good is Martin Pring on Market Momentum. It goes into the detail of calculating various momentum indicators, how to interpret them, their strong and weak points, etc.
You are better off getting a used copy of Maket Momentum.
The new 2 volume edition doesn't have much new info. A few more indicators (of little importance are added). The initial edition was a very good, and undervalued (forgive the pun) work.
I'd recommend the Edwards and Magee "Bible" of technical analysis, as well as any books you can obtain that were published around the early 20th century, particularly in regards to Dow Theory.
Some notables:
Stock Market Barometer: William Hamilton
Dow Theory: Robert Rhea
Dow Theory Today: Richard Russell
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Registered User
Joined: 3/7/2006
Posts: 244
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Dr. Elder, Trading for a living.
I can't recommend it highly enough. Covers market psychology as well as chart reading and trading.
The psychology of trading is extremely important and cannot be over emphasized. It has to be the most overlooked critical factor in trading.
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