- Hardcover: 141 pages
- Publisher: Trend Research (June 1, 1978)
- Language: English
- ISBN-10: 0894590278
- ISBN-13: 978-0894590276
- Product Dimensions: 9 x 0.8 x 11.5 inches
- Shipping Weight: 1.2 pounds (View shipping rates and policies)
- Average Customer Review: 38 customer reviews
- Amazon Best Sellers Rank: #147,731 in Books (See Top 100 in Books)
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New Concepts in Technical Trading Systems
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This was the first system that I could understand, use and have a math proof to back it up, I'm not saying that what's in the book will be applied directly, what I'm saying is this book brings the concept of further developments. Mr. J. Welles Wilder is a guy, among others, that I would really have the pleasure to meet someday and I truly hope to have the opportunity to do so. Great work.
I got this book hoping to go to the source of my beloved RSI and get some insights from its creator. While I did not get much of a take away from this book on how to trade with it I did enjoy seeing its birth and the history lesson. Many others have taken up the reins and created systems and methodologies to use with all his indicators. This book was more of a explanation and showing how the calculation itself is done.
So this is a great book for a history lesson or if you need to program a charting package but most modern traders will be very familiar with most the basics found here about the indicators themselves. I have no regrets buying this book personally, I feel like I witnessed the birth of the RSI.
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.
For someone who likes to understand how this type of work is arrived at from first principles, this publication is worth purchasing for anyone interested in trading stock, forex, indices, etc markets