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Registered User
Joined: 9/2/2007
Posts: 12
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Hi,
Having downloadeded Telechart 30 day Free Trial, I am not sure if I have downloaded it too soon giving my total and complete lack of the basics. For me it is like trying to do an intricate 10,000 piece Abstract Jigsaw without having a picture to guide me. I am aware there are little snippets of information that I am learning but I have no comprehension of their relationship if any.
Is Telechart for people who have no prior knowledge and do not understand basic terms such as TSV, Moneystream, Moving Average never mind MACD? I know it is a slow learning curve and I dont expect to race through it, however I work and learn better using a method or strategy to develop knowledge that is measurable. Do you have any suggestions that I could utilise as a “road map” to guide me through Telechart that might give me a better understanding of the basics?
At this moment in time I have watched at least 16 Telechart videos most of them twice and some even 3 times but I feel I am no closer in understanding the basics. However,I don't plan on giving up regardless of how frustrating and disjointed the information may seem as I am hoping that eventually all the snippets of info might begin to gel and form a picture for me.
In your videos there are Notes/Comments written by Don/Peter Worden about the chart etc., is it possible to see these notes in full whilst looking at the chart? Are any of the videos interactive or must I purchase Telechart in order to practice editing the screens?
Thanking you in advance.
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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I am not aware of any TeleChart videos being interactive. To play along, you would need to have active service, be it the free trial or not. I'm not sure which videos you have viewed, but a very good foundation for learning how to use TeleChart can be gained by reviewing the following:
If you are new to TeleChart READ THIS FIRST!
-Bruce
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Registered User
Joined: 9/2/2007
Posts: 12
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Bruce,
Many thanks for your quick response.
I've already viewed each of those videos listed (first thing I did) several times plus other videos on your database. My problem is not a lack of understanding the tutorials in getting around Telechart - it's my lack of knowledge as to the meaning of the terminology used ie. Volume; TSV; Divergence etc.
My learning is haphazard & I'd rather it were more structured. Today I viewed many archive reports, printing some of them and making notes on various videos. But there is no real order to my method and there's no corelation to the details gathered as yet. Hence my question.
Do you have any suggestions that I could as a complete beginner utilise as a “road map” to guide me through Telechart that might give me a better STRUCTURED METHOD to gaining an understanding of the basic terminology?
Thanking you in advance.
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Registered User
Joined: 1/28/2005
Posts: 6,049
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You should keep an eye on the
"Stock and Market Talk" forum.
If there is something you find confusing.
Just ask and I'm sure someone will help you.
--------------------------------------------------------
This and the links with-in are the types of
thing you will find there:
Simplification
Thanks
diceman
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Registered User
Joined: 12/21/2004
Posts: 902
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Exfby - if I might chime in - the Telechart package comes with an excellent, easily searchable Help feature, which contains definitions and important points of the various terms and how they are used in technical analysis.
I think that Telechart would be useful for a beginner in that with a mass of easily viewable charts at one's disposal, it makes it fairly easy to see how various indicators work under various conditions - what stocks with high stotchastics look like compared to those with low stotchastics just to pick an example out of thin air.
Most of us rely upon other sources in addition to Telechart for our education. I taught myself with some basic "Intro to Technical Analysis"-type books as well as following the technical analysis portions of the Learning Center at the Investors Business Daily website, as well as just looking at boatloads and boatloads of charts. Start a thread over on the "Stock and Market Talk" forum asking for some good sources for a newbie and I'm sure you will flooded with good suggestions.
Important thing to remember - there is no one "right" way to trade stocks. Everyone has a different style and different degree of knowlege and experience. Some people *just* look at price and volume - some people aren't happy unless they've considered 10 different indicators. Get yourself an overview, and then pick 1 or 2 important things such as moving averages and support/resistance lines and use Telechart to totally torture them until you are satisfied of your feel for them, and then move on and pick up something else. It's always a learning experience - and Telechart really is a great tool to learn with.
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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efxby,
There isn't a workbook that will take you step-by-step through learning everything about TeleChart and then test your progress with short quizzes. That said, I found the order the videos were presented to be quite structured in the way it moves from simpler to more advanced topics. I'm sorry to read that you find the approach unstructured.
There are three proprietary indicators in TeleChart:
Basic Info on BOP, TSV and MoneyStream
All of the other indicators are commonly used in other programs as well. 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
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Registered User
Joined: 9/2/2007
Posts: 12
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Hi Folks,
Diceman, Hohandy & Bruce,
Many, many thanks for your suggestions I will follow up on same.
Bruce, T'Chart was highly recommended to me, I do not consider the pesentation of the videos either in content or sequence to be unstructured. My lack of the basics prompted my request to learning purely the jargon / terminology. I cannot find any HELP buttons on my screens!! but came across a link to the Help line on one of your responses to someone else - So I'm learning and do appreciate your help.
Once again, many thanks to all three of you.
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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efxby,
You're welcome. Our pleasure.
-Bruce
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TC2000 Support Articles
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