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New Concepts in Technical Trading Systems Hardcover – June, 1978

ISBN-13: 978-0894590276 ISBN-10: 0894590278 Edition: Pristine Condition Like New

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Product Details

  • Hardcover: 141 pages
  • Publisher: Trend Research; Pristine Condition Like New edition (June 1978)
  • Language: English
  • ISBN-10: 0894590278
  • ISBN-13: 978-0894590276
  • Product Dimensions: 0.8 x 9 x 11.5 inches
  • Shipping Weight: 1.2 pounds (View shipping rates and policies)
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (27 customer reviews)
  • Amazon Best Sellers Rank: #151,387 in Books (See Top 100 in Books)

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Customer Reviews

A timeless book.
DLS
New Concepts in Technical Trading Systems, written in 1978 by Welles Wilder was- and still is- a landmark book in the field of Technical Analysis.
David Wilder
I am almost speechless that someone could write a negative review of this book....
B. Mills

Most Helpful Customer Reviews

122 of 124 people found the following review helpful By Erik C. Olson on November 30, 2002
Format: Hardcover Verified Purchase
Parabolic SAR, Relative Strength Index, Directional Movement Index (ADX) -- developing even just one of these would constitute an important contribution to technical analysis. Yet all of these popularly followed indicators and more were the work of this one man and were first popularized in this single 1978 classic.
But this book merits more than mere admiration. For traders looking for carefully presented formulas, clear discussions of their logic, and helpful discussion of indicators' interpretation straight from the horse's mouth, this book is a great asset.
I would acknowledge that for discretionary traders who do little if any backtesting or who pay no more than scant attention to indicators other than price, volume, and maybe some moving averages, this book probably won't hit your hot button.
But as a systems trader, I'm especially appreciative, since nowhere have I found a better or more authoritative discussion of ADX and ADXR, two especially potent indicators whose multi-stage calculations haven't been consistently represented in various secondary sources I've examined.
Finally, for traders who tend to enjoy tinkering with the development of their own novel indicators, Wilder's discussions of his conceptual starting points in developing each of his indicators will probably prove very stimulating.
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32 of 36 people found the following review helpful By A Customer on July 5, 2003
Format: Hardcover
You'd have to appreciate that nearly every method or tool in this book is almost common knowledge. RSI, ADX, DMI, Parabolic, volatility breakouts, pivot point reversals and so forth are all commonly used nowadays. However, back in 1978 when it was hand calculated and charted.. Wilder probably had no idea how revolutionary his work has become.
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12 of 12 people found the following review helpful By John M. Lowe on December 12, 2009
Format: Hardcover Verified Purchase
As a graduate student of beginning, intermediate, and advanced statistics in the 1960s, I became quite familiar with rotary calculators. While reading this superb technical trading systems manual by Wilder, I could imagine myself back in the calculator lab sitting in front of a mechanical wonder (a Monroe IQ-213) with a pad of columned paper near at hand. When I learned computer programming in the 1970s, I was pleasantly surprised by how quickly my old paper and pencil and mechanical tabulations could be converted into software algorithms. Modern writers of charting software for technical analysis have surely benefited by Wilder's statistical handwork from a bygone but not forgotten era. If I were still active in computer programming today, Wilder's book would be my mentor. His book will take the reader who loves statistics, as I do, from awareness, to understanding, to mastery as quickly as keyboard skills will permit. Do you want to comprehend what Average True Range, the Relative Strength Index, Directional Movement, Parabolic Stop & Reverse, Pivot Points, and Volatility are really all about? Then read this book. It is foundational.
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13 of 14 people found the following review helpful By J. Chesnulevich on March 16, 2007
Format: Hardcover Verified Purchase
I bought this book mostly for the Directional Movement System. I have been trying to figure out the best way to use this system for some time, and could not get a handle on how to effectively trade with it. I found the explanation of the way the system is constructed to be very helpful. There is not a lot of text explaining how to use the different systems. but,if you understand the concept of what is being measured and how the indicator got there, the rules of applying the system is quite easy. Only time will tell if I am on the right track, but today I feel more confident when making a decision on when to take a position.
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10 of 11 people found the following review helpful By James Kowalick on January 10, 2011
Format: Hardcover Verified Purchase
This classic trading-systems book is superb and unique - it is for those who know, or want to know, the important details of trading systems (admittedly, few traders have the goal of developing a deeper understanding of the important, win-based details of trading systems). Wilder wrote his book in pre-computer days, when the chief way of keeping track of one's investments was `pad and pencil' calculations.

His book is full of innovative and highly creative trading concepts for use in trading systems. In Wilder's time, just like today, several `conventional' trading systems were/are available. Wilder added to these and at the same time expanded traders' possibilities through his brilliant thinking.

In this fully-illustrated book, Wilder begins with the basics, and then takes the reader behind the scenes to explain, in significant detail, the how-to and the why about trading systems, including his famous Parabolic System, the Volatility System, Directional Movement, Wilder's own Relative Strength Index, and other systems as well.

Welles cautiously explains the technical limits of parameters that comprise each system. He is careful to point out that no one trading system works for all market conditions - traders must select and apply the appropriate `tool' for the market conditions.

This book is for cream-of-the-crop traders who want assurance - through thoughtful understanding - that their trades will be winning trades. Such traders do not rely on self-proclaimed experts (who themselves might not even think of trading on a regular basis), but who are quite willing to take traders' money for their advice. Winning, cream-of-the-crop traders want to understand their own trading in order to avoid the pitfalls.
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