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Chart Your Way To Profits: The Online Trader's Guide to Technical Analysis (Wiley Trading) Hardcover – March 5, 2007
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From the Inside Flap
Making money in today's markets isn't easy, but with the right approach, you can succeed. No one knows this better than author Tim Knight, who has been charting and trading the financial markets for more than twenty years. During this time, his passion for the markets led him to create Prophet.neta Web site containing an innovative array of technical analysis toolswhich has been consistently ranked the number one site for technical analysis by Barron's and Forbes magazines.
Now, in Chart Your Way to Profits, Knight shows you how to use the powerful technology available online in conjunction with technical analysis to analyze markets and make the most profitable trading decisions possible.
Written in a straightforward and accessible manner, Chart Your Way to Profits covers a lot of ground with respect to technical analysis and charting. You'll be introduced to the charting tools ProphetCharts and JavaCharts, so you can discover how to perform your own analysis with the help of hundreds of real-world examples. Along the way, you'll also become familiar with some of the most important rules of sound trading.
Filled with in-depth insight and practical advice, Chart Your Way to Profits also:
- Examines a variety of chart types currently available, how to size and arrange them, and the differences in charting stocks, options, indices, and other financial instruments
- Discusses the mechanics of managing watch listsas well as chart stylesand how to use them effectively
- Highlights essential indicators, including moving averages, Bollinger bands, the parabolic stop and reversal (PSAR), and moving average convergence divergence (MACD)
- Explores numerous analysis methods for financial charts, such as saucers, multiple tops and bottoms, trendlines, channels, and Fibonacci studies
- And much more
Consistent analysis produces consistent profits. And through the ups and downs of financial markets, technical criteria and charting allow traders to be completely objective in their assessment of price action, while leaving emotion out of the decision-making process. Chart Your Way to Profits can help you do the same, as it shows you how to combine technical analysis with powerful online tools to achieve trading success.
From the Back Cover
Praise for CHART YOUR WAY TO PROFITS
"As a former pit trader and a technical 'newbie,' I have found Tim's new book to be the best resource I've seen for the everyday trader. With its fun and informative style, it has allowed me to understand and appreciate the professional world of technical analysis."
Tom Sosnoff, cofounder and CEO, thinkorswim, inc.
"Tim Knight is a chartist's chartistI can't recommend his work highly enough. Few people have done as much as he has in providing the sort of quality online resources technical traders need in order to make money in the financial markets. Chart Your Way to Profits is a twenty-first-century blueprint on how to use technical tools to achieve trading and investing success."
David Penn, Editor, Technical Analysis of Stocks and Commodities magazine
"Tim has written the best guide to leveraging ProphetCharts and technical analysis in the market today. This is a complex subject and can leave new and old investors buried in too much data or impossible learning curves. Tim breaks these complex ideas down into actionable ideas and strategies. I would recommend this book to anyone that wants an education in the latest and best tools and methods professional technicians are using today."
John Jagerson, Vice President of Content, Investools author of Profiting with Forex
"Tim Knight presents charting in a clear and straightforward manner with lots and lots of annotated chartsthe way it should be. Learning just a few of the techniques presented will help investors get better results, no doubt about it."
Michael Kahn, columnist for "Getting Technical," Barron's Online
Top customer reviews
While it is accurate that the author cites examples using web sites that he has an affiliation with, the concepts are readily transferable to any number of technical analysis web sites or software programs--they all have most of the same functionality. Besides, the meat of the book concerns describing and interpreting chart patterns. Highly recommend...the author is incredibly knowledgeable and able to communicate that knowledge.
For those who disdain technical analysis in favor of fundamental analysis, a careful reading of this book convinces that you don't have to believe in technical analysis but you can't ignore it.
The book contains an e-mail address for the author, and concludes with a "Practical Guide to Trading" chapter.
The book should be required reading for anyone that uses Prophet charts, as the book lists lots of suggested settings which are only relevant if you use the product. Specifics aside, it is still an excellent book and much easier to read than most of the other ones out there, charting can be a very dry but important subject to study, this book is highly recommended for the beginning and intermediate technical trader.
In addition to being a handbook it is also a primer on all different kinds of technical analysis, but that seems to be a secondary purpose of the book.
If you use the prophet application and you are a new trader, this books might be for you. Otherwise you won't need this book. Better to read the author's blog instead to get an idea of how one persons trades (for what that is worth).