Outstanding Resources on How To Make Money with Charts - by Argentus Maximus

18
Fri, Feb 20, 2015 - 6:18am

Outstanding Resources on How To Make Money with Charts

This is a piece which I started several weeks ago but which due to urgent matters at the time I had to put to one side.

Several times I have been asked for a reading list which can be used to raise the quality and ability of prospective investors and traders.

Here it is.

Sorry Ben Graham-ites! Your master didn't make the (my!) cut because this list is about the practical use of charts and intended to work on all timeframes. On a more serious note the Graham and Dodds thesis can be alternatively represented on charts as an approximate 10 or 20 years trading range which stock prices, earnings, and returns of assets employed, oscillate within and can be accordingly traded.

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Technical Analysis of Stock Trends (6th or later edition)

Robert Edwards & John Magee

All time classic on bar chart analysis

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Reminiscences of a Stock Operator

Edwin Lefevre (Jesse Livermore)

The best book about trading there is

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Forecasting Financial Markets.

Tony Plummer

Excellent Integration of Fibonacci, Cycles, Elliott Wave and Technical analysis

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The Power of Oscillator Cycle Combinations

Walter Bressert

System trading properly with indicators, trading trends not reversals

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The Profit Magic of Stock Transaction Timing

J M Hurst

Investment Classic

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Geometry of Markets II

Bryce Gilmore

Gann & Elliott techniques

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Elliott Wave Principle.

Robert Prechter & A J Frost

Complete explanation of Elliott Wave Theory

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A Case for Cycles.

Cycles: The Mysterious Forces That trigger Events

Edward R Dewey

Wave theory model for markets

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Trading is a Business

Joe Ross

Covers practical problems of making money

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Technical Analysis of the Futures Markets.

J Murphy

Textbook summary of most available technical tools & styles (alternative primer by Pring would do fine)

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Technical Analysis For a Trading Professional.

Constance Brown

Alternative to Murphy or Pring with some better presentation and less wide coverage

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Volume & Open Interest

Ken Shaleen

Underlying structure of leveraged markets

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The Undeclared Secrets of The Stock Market

Tom Williams

Volume Price Analysis

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Rhythm ‘n Price (RNP)

Norman Greene.

Integrated Multidisciplinary Analysis (not a book) a video advisory analysis/trading training course

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Extraordinary Popular Delusions and The Madness of Crowds

Charles MacKay

Social Mood that drives Markets is for prolonged periods erratic and irrational

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The Market Wizards

Jack Schwager.

Successful traders interviewed (the original volume not the sequel)

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Volume Cycles in The Stock Market

Trading With Equivolume

Richard Arms

Volume Characteristics of market Prices

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Charting Commodity Price Behavior

L Dee Belveal

Volume Characteristics of futures prices

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Several of the above books have been updated since I purchased my copy, and a more recent title may have been affixed to the same but updated work. Murphy, Williams, and Ross are examples. The later version is probably better. In some cases, like Schwager, a sequel has issued with similar title, but in this writer's opinion the original is the better one.

Some of my own work is in the list. This may provoke a response that I am being self serving. Well we all have our views on everything and I only say that in my view my work deserves to be in this list with those other works. I'm not about to write what I do in a book so that's what's available. So take it as advised and (I suggest) read them all.

I do believe that to try to trade financial markets without reading at least half of the works listed first is tantamount to throwing money away in the direction of more professional market participants. I doubt that without reading all of them, and also repeatedly over time, I would be able to make profits in markets. They are essential knowledge for the chartist. Now if somebody wants to use other inputs than charts, fine, but there are really good reasons over 75% lose money every year and 90%+ lose money over a three year period. Some of those reasons might just be included in the works listed. For an experienced trader they represent a good beginning or foundation.

There is a tendency to use the PDFand other electronic formats due to convenience and reduced cost. I have most of these in e-format in one filetype or other, but I have paper hard copies too. I use the e-book to look something up quickly. But for learning the e-book is a very low ranking and inferior substitute from which the intake of concepts and ideas is greatly reduced for the same time spend reading. At least I find it to be so. My many attempts to overcome this failing of screen based information have convinced me that for learning purposes, paper is superior by a very significant degree. I assume it is either, a personal trait in myself, or alternatively it is something to do with the way the intellect and eyes work to intake information. I suspect (strongly but can't prove it) that the tactile feel (of reality vs virtual?) plus the flippability of physical pages held between fingers for cross referencing with later text is a superior method, providing a standard that e-books have not yet attained. So the books are, to me, a more valuable resource than the e-books.

Take care and may you be successful in your journey

Argentus Maximus

The author posts daily commentary on the gold and silver markets in the TFMR forum: The Setup For The Big Trade. More information about the author & his work can be found here: RhythmNPrice. The author advises that he trades and holds market positions in accordance with his own opinions.

About the Author

  18 Comments

lnardozi
Feb 20, 2015 - 6:22am

Fishes!

At least I didn't just say "first".

TomMack
Feb 20, 2015 - 6:51am

thanks argentus

for the list. i read the Murphy book about 10 or 15 times over the years. and picked through a couple of the others.

Tooth also! (2nd)

stack on

Feb 20, 2015 - 8:08am

AM, thank you

Really appreciated.

silver66
Feb 20, 2015 - 8:37am

Marchas45

I believe that I am ahead of you this morning

THIRD

one tick on the score sheet for me....lol

I shall reward this victory with 10 oz of silver from the LCS at lunch today

Silver66

​Edit: AM nothing wrong with suggesting your book, a man should be paid a fair wage for a honest days work and you my friend fit into that category with your essays here

flyinkel
Feb 20, 2015 - 8:41am

Thanks AM

How very thoughtful of you, greatly appreciated.

batting500
Feb 20, 2015 - 9:23am

Reminiscences...

I think this one can be found free (as a digital download) as it is beyond Copyright protection (written in 1923). It is a great read and one that I reread about once a year.

Good Luck All...

batting500

Bluebellkid
Feb 20, 2015 - 9:35am

IBD

Investor's Business Daily is all you need and read the book the founder of the paper wrote (How To Make Money In Stocks by William O'Neill). Institutions drive the markets so one needs to learn to "track" them - they account for 75% of all action. One needs to watch weekly charts more so than the daily charts and price and volume action are key - where did the stock close the week (upper half or lower half of trading range). And William will point out the sell signals that you need to learn - this is one area that most investors fail to educate themselves. Everyone goes into the markets thinking profits but it doesnt always work out that way even with the best candidates. The only TA you will ever hear from IBD is the 50 day and 200 day as these are places the big boys like to add to their positions. I have done some reading on TA just to enhance what they taught me and The Master Swing Trader is a good one - you will learn about Bollinger Bands, Fib retracements etc.

BarnacleBill
Feb 20, 2015 - 10:59am

Thanks, Argentus.

Very useful.

Joseph Warren
Feb 20, 2015 - 3:39pm

Make money with charts ?

. . . how about printing them, rolling them up in tight bundles and selling them as fire starters?

P.S. - ask a real, long term market pro - someone like Rob Kirby, what he thinks of current 'markets' and TA today.

Feb 20, 2015 - 7:41pm

Your cynicism might be

Your cynicism might be justified for the majority who try it. But I assure you it is misplaced where the higher ability few are concerned.

Knowing the rules of tennis does not make one into a professional, nor into a champion. The same goes for golf, boxing and every other competitive or combat activity. The ways of trading off charts works in a similar fashion, most who try will eventually lose all of their money. Most - not all.

Your post referenced long term ... I am not a newcomer at this game ... 20 years ago I was training forex dealers to use TA for the very banks you assume to be omnipotent. So what do you think the trading systems use for trading rules? Well TA of course. TA against TA. It's another competitive sport. So why trade against the winning trader and lose, when you can trade the other side simultaneously and siphon off profits they will otherwise take? If the mysterious "they" are going to win, just do what "they" do! Don't be helpless. For a simplistic take away: buy after they drive it down rather than before.

The more ability and skill I see in a trader the less I hear them complain about how impossible it is. They just get on with doing what is necessary. It's a trait that sets them apart.

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Key Economic Events Week of 10/14

10/15 8:30 ET Empire State Fed MI
10/16 8:30 ET Retail Sales
10/16 10:00 ET Business Inventories
10/17 8:30 ET Housing Starts and Bldg Perms
10/17 8:30 ET Philly Fed MI
10/17 9:15 ET Cap Ute and Ind Prod
10/18 10:00 ET LEIII
10/18 Speeches from Goons Kaplan, George and Chlamydia

Key Economic Events Week of 10/7

10/8 8:30 ET Producer Price Index
10/9 10:00 ET Job Openings
10/9 10:00 ET Wholesale Inventories
10/9 2:00 ET September FOMC minutes
10/10 8:30 ET Consumer Price Index
10/11 10:00 ET Consumer Sentiment

Key Economic Events Week of 9/30

9/30 9:45 ET Chicago PMI
10/1 9:45 ET Markit Manu PMI
10/1 10:00 ET ISM Manu PMI
10/1 10:00 ET Construction Spending
10/2 China Golden Week Begins
10/2 8:15 ET ADP jobs report
10/3 9:45 ET Markit Service PMI
10/3 10:00 ET ISM Service PMI
10/3 10:00 ET Factory Orders
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Key Economic Events Week of 9/23

9/23 9:45 ET Markit flash PMIs
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Key Economic Events Week of 9/16

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Key Economic Events Week of 9/9

9/10 10:00 ET Job openings
9/11 8:30 ET PPI
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9/12 8:30 ET CPI
9/13 8:30 ET Retail Sales
9/13 10:00 ET Consumer Sentiment
9/13 10:00 ET Business Inv.

Key Economic Events Week of 9/3

9/3 9:45 ET Markit Manu PMI
9/3 10:00 ET ISM Manu PMI
9/3 10:00 ET Construction Spending
9/4 8:30 ET Foreign Trade Deficit
9/5 9:45 ET Markit Svc PMI
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Key Economic Events Week of 8/26

8/26 8:30 ET Durable Goods
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8/30 8:30 ET Pers. Inc. and Cons. Spend.
8/30 8:30 ET Core Inflation
8/30 9:45 ET Chicago PMI

Key Economic Events Week of 8/19

8/21 10:00 ET Existing home sales
8/21 2:00 ET July FOMC minutes
8/22 9:45 ET Markit Manu and Svc PMIs
8/22 Jackson Holedown begins
8/23 10:00 ET Chief Goon Powell speaks

Key Economic Events Week of 8/12

8/13 8:30 ET Consumer Price Index
8/14 8:30 ET Retail Sales
8/14 8:30 ET Productivity & Labor Costs
8/14 8:30 ET Philly Fed
8/14 9:15 ET Ind Prod and Cap Ute
8/14 10:00 ET Business Inventories
8/15 8:30 ET Housing Starts & Bldg Permits

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