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Title: The Visual Investor : How to Spot Market Trends by John J. Murphy ISBN: 0-471-14447-9 Publisher: John Wiley & Sons Pub. Date: 18 October, 1996 Format: Hardcover Volumes: 1 List Price(USD): $50.00 |
Average Customer Rating: 4.24 (29 reviews)
Rating: 5
Summary: An excellent introduction to technical analysis.
Comment: Murphy's book systematically introduces the concepts of technical analysis, building chapter
by chapter on application, not theory. Once the basic aspects are covered, he then shows how
they apply to foreign markets, and the interplay
between stocks, bonds and commodities. He finishes the book by demonstrating the application to sector mutual funds. A CD with an abbreviated version of Wall Street Analyst by Omega as well as five years of data is included, this was very valuable as you can read about a concept, and then
practice using it immediately. A great learning tool.
Rating: 5
Summary: Great Intro book to Technical Analysis
Comment: John Murphy was the technical analysis commentator on CNBC for the longest time and was on TV almost daily for several years. He now runs his own company, murphymorris.com.
The Bottom Line: This book is very easy to read and learn and ideal for those beginners seeking to learn technical analysis. He starts with the basics, then goes into more advanced principles and then explains linkage (how certain sectors outperform when others under perform.) He talks about commodities and equities throughout the book and it is a very good evaluation of market trends. There are tons of graphs to help the reader along.
I personally believe that technical analysis should be incorporated into just about any decision-making process when investing for any fund, stock and/or options. While fundamental analysis should be where most efforts are applied technical analysis can help people in picking entry and exit points to "avoid fighting the tape" which is a real trend in the market.
Rating: 3
Summary: Good starter book but that's it
Comment: This is a good starter book for the beginner, although it will be much too basic for the intermediate or advanced trader. But if you're just starting out, the first 133 pages will give you a basic introduction to the different technical indicators and chart reading. The next half of the book deals with the application of the indicators to mutual funds and other topics. I would just read the first 133 pages, and then go on to one of the more advanced texts now that you have some background, as this book by itself isn't enough to give you a good understanding of the subject. Murphy himself has a more advanced book, and Martin Pring also, and many others. Just be advised this is really just the beginning. The book is also a bit overpriced but I will say it's probably the easiest book I've seen recently for getting your feet wet on the subject.
Perhaps the most important part of the book is Murphy's mentioning that the head and shoulders pattern was investigated by the Federal Reserve and found to be statistically significant, and supposedly now is using the indicator to time its currency interventions. However, the real use of technical analysis is not that the patterns mean anything in and of themselves, its having the experience and judgment to know which pattern applies in a given situation that makes them truly useful, and the fact the traders themselves believe in them, so to some extent they become a self-fulfilling prophecy. So the field of technical analysis is itself a combination of art and science.
And actually, the most important aspect of trading is loss control and sell discipline, and understanding position sizing relative to risk and reward, since understanding the technical indicators is actually fairly straightforward, and many charting packages will do that for you anyway, so you don't even know how to understand how they're derived. And the charting packages will generate buys and sells by whatever indicator you want, but remember, it's knowing when to apply a given indicator that's the hard part. Finally, if you're planning on starting in on trading yourself, make sure you read up on and understand what's known as "money management" thoroughly before you set out--such as proper position sizing (not risking too much money on a given trade) and not selling your losers promply--an almost universal mistake among novice traders--and even pros who should (and do) know better. Good luck and happy trading!
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Title: Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications by John J. Murphy ISBN: 0735200661 Publisher: Prentice Hall Press Pub. Date: 04 January, 1999 List Price(USD): $80.00 |
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Title: Charting Made Easy by John J. Murphy ISBN: 1883272599 Publisher: Marketplace Books Pub. Date: 15 June, 2000 List Price(USD): $19.95 |
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Title: Study Guide for Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications by John J. Murphy ISBN: 0735200653 Publisher: Prentice Hall Press Pub. Date: January, 1999 List Price(USD): $39.95 |
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Title: Trading for a Living: Psychology, Trading Tactics, Money Management by Alexander Elder ISBN: 0471592242 Publisher: John Wiley & Sons Pub. Date: 08 March, 1993 List Price(USD): $75.00 |
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Title: Reminiscences of a Stock Operator by Edwin Lefèvre, Marketplace Books ISBN: 0471059706 Publisher: John Wiley & Sons Pub. Date: 11 May, 1994 List Price(USD): $19.95 |
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