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New Concepts in Technical Trading Systems [Hardcover]

by J. Welles Wilder
4.3 out of 5 stars  See all reviews (25 customer reviews)

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Book Description

June 1978 0894590278 978-0894590276 1st Ed.
Be a top trader after reading this classic and efficient book.

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New Concepts in Technical Trading Systems + The Wisdom of the Ages in Acquiring Wealth + Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications (New York Institute of Finance)
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Product Details

  • Hardcover: 141 pages
  • Publisher: Trend Research; 1st Ed. 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 (25 customer reviews)
  • Amazon Best Sellers Rank: #274,692 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews
117 of 119 people found the following review helpful
5.0 out of 5 stars An original work of enduring value from a true innovator 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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31 of 35 people found the following review helpful
5.0 out of 5 stars A classic July 5, 2003
By A Customer
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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11 of 11 people found the following review helpful
5.0 out of 5 stars I keep this volume handy for reference 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
5.0 out of 5 stars New Concepts explains it perfectly 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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9 of 10 people found the following review helpful
5.0 out of 5 stars New Concepts in Technical Trading Systems May 1, 2009
As a CPA who wants to understand stock trading systems and set up stock trading systems. I found this book to be one of the best I have ever read. I purchased a second book for my son to read as I hope he could learn to invest and trade in the stock market also. I did not want to give up my copy.
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8 of 9 people found the following review helpful
5.0 out of 5 stars Superb Classic Book on Trading Systems 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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Most Recent Customer Reviews
2.0 out of 5 stars Too many pages on how to calculate.
The book was written when computers were not available for a lot of people. I expecyed more discussions on the indicators but there ween't any.
Published 13 days ago by Takamas Akiyama
4.0 out of 5 stars Good start, but there are better
God basics for the technician, but there are better sources and all information is free on the internet (if you know where to look). Read more
Published 5 months ago by David Eagen
5.0 out of 5 stars Still relevant after 35 years!
Wilder's work is the basis of so much of today's technical analysis. Without his pioneering concepts that are outlined in this book, TA would not be where it is today. Read more
Published 6 months ago by R. Leonhardt, CMT
5.0 out of 5 stars Timeless book
Great book easily explaining technical indicators still used today. It's great getting it from the "inventor" himself. A timeless book.
Published 6 months ago by DLS
5.0 out of 5 stars Great Information
The concepts are great for creating trading strategies that work.
I primarily trade the FOREX and these concepts have greatly improved my performance.
Published 6 months ago by Amazon Customer
4.0 out of 5 stars Pretty good over-view of technical analysis.
It covers the usual stuff about data intepretation, but goes on to give the capability to generate your own analysis.
Published 13 months ago by Ernest A. Finocchio
4.0 out of 5 stars Good technical trading foundation
Not all the systems in the book will guarantee you money, but the addition of a few indicators to the toolbelt is welcome, and a good explanation of how they work helped me to gain... Read more
Published 13 months ago by David H
5.0 out of 5 stars An investment classic
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. Read more
Published on April 14, 2009 by David Wilder
5.0 out of 5 stars New Concepts in Technical Trading Systems
Although written in the laste 1970's this text is well written and presented and presents some complex mathematical indicators for stock trading in a very simple and easily... Read more
Published on January 26, 2009 by Bill Swan
3.0 out of 5 stars Best sell-by date has passed
This book contains the indicators that has made Wilder famous; RSI, ADX, parabolic stops, and a few others. Read more
Published on December 4, 2008 by Jackal
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