The New Technical Trader: Boost Your Profit by Plugging into the Latest Indicators

by Tushar S. Chande, Stanley Kroll

The breakthrough trader’s guidebook that combines the latest, most promising methods of technical analysis with the classic tactics of risk control and money management… In The New Technical Trader, trading system wizard Tushar Chande and money management expert Stanley Kroll present a bold new array of dynamic, price-based, and risk control indicators that provide timely, reliable answers to the difficult analytic challenges of pattern recognition, variable indicator length, and price projection. Developed by the authors to overcome the specific limitations of existing technical indicators, they can be used in virtually any market—futures, commodities, stocks, indices, and mutual funds. Each new indicator is supported by step-by-step tutorials and real-world trading scenarios that illustrate the best strategies for its use, and show how to adapt it to your trading style. Now you can develop a successful, comprehensive personalized trading plan If you need to reliably project prices under different market conditions, estimate risk on new positions, create stops to cut your losses, or plot momentum swing failures, The New Technical Trader is your first place to turn. It’s the frontline guide for developing objective consistency in your decision making and gaining a valuable edge in today’s commodities, currency, and stock markets.

224 pages, Hardcover

First published April 1, 1994

Reviews

[Gurmukh Sandhu · Rating 3 out of 5]

Could have been more fluent..

[Naveen Kumar · Rating 5 out of 5]

very good book and nice way of approach

[Greg · Rating 4 out of 5]

Not about the book, but I really don't like whatever this new look on Goodreads, enter a tag to describe the book, weren't shelves a fine way to call it?

According to the one review of this book on Goodreads the book isn't fluent enough. In case if you are looking to read the book and are concerned, the book is 'fluent enough'. It's in English, the sentences are written in the correct order, and there are no weird grammatical problems that used to be a staple of easy jokes on sitcoms but are now considered to be in poor taste.

But if you are reading this book you aren't picking it up for the authors stunning prose. Actually, if you are looking for stunning prose you probably want to stay away from trading / investing books... "I don't care if anyone gets any useful information from my book on variable moving averages and new ways to think about momentum, I really only care about sentences and the reader to savor my genius at every word."

But if you are interested in the idea of moving averages (well indicators in general) whose length can be varied based on different calculations this is actually pretty interesting and will give you probably lots to think about. The math in this one is also pretty straight forward, and the author does a very 'fluent' job at actually describing how to make the calculations and not just hitting you with a ton of trig and calculus equations and assume that you will be able to know what to do with them while telling you that the book is written for non-math people.

While reading this book, and some other articles I've come across lately I've been wondering about the usefulness of so-called 'zero-lag' indicators. Would it not seem if you can come up with maths to make a lagging indicator match up with the chart (thinking a moving average here), that you would be just as well to look at the price action, or use a line graph since that will cut out the 'noise' of 'random' highs and lows about as well? Or create a line graph that just takes the close and then band it with lines for the highs and lows? Not that this book is really dealing with zero-lag indicators but it got me wondering about that vs the idea of a responsive indicator that can vary based on market conditions.