Beyond Technical Analysis

A technical analysis classic, newly updated to help traders develop and forward-test a high-performance trading system for today's markets In trading, a winning system is everything. While it is theoretically possible to buy a "canned" trading system, most experts agree that the best system is proprietary to each trader--developed, implemented, and tested by the individual to suit his or her exact requirements. A stimulating mix of cutting-edge techniques, timeless principles, and practical guidelines, this updated edition of a technical analysis classic offers traders a comprehensive methodology to develop and implement your own trading system, bridging the gap between analysis and execution. Tushar Chande (Pittsburgh, PA) holds nine U.S. patents for creative solutions to flexible manufacturing problems using high-power lasers and optical fibers. A contributing editor to Technical Analysis of Stocks & Commodities magazine, he has been a registered Commodity Trading Advisor and is the principal author of The New Technical Trader (0-471-59780-5) (Wiley).

Der Klassiker zur technischen Analyse erscheint jetzt in der 2. überarbeiteten, aktualisierten und erweiterten Auflage. Diese Neuauflage bietet eine interessante Mischung aus topaktuellen Techniken und Analyseverfahren, Strategien, zeitlos gültigen Grundsätzen und praktischen Tipps. Sie liefert umfassende Information für die Entwicklung und Implementierung eines eigenen Handelssystems und stellt so eine Verbindung her zwischen Analyse und Ausführung. Neu aufgenommen wurde eine Einführung in die technische Analyse sowie Material zu Einstiegs- und Ausstiegsstrategien, zur Aktienanalyse und zu Chandes neuer bahnbrechender Arbeit über die 'Comfort Zone' für richtiges Risiko- und Geldmanagement. "Beyond Technical Analysis" ist ein praktischer Leitfaden für versierte Händler und Neulinge gleichermaßen. Mit umfangreichem Beispielmaterial zu allen neu eingeführten Techniken, einschließlich Aktienfonds und offenen Investmentfonds!

A bulletproof trading system is essential for trading success. You also need an effective system for trading to implement that trading system consistently. Otherwise, your trading experience will be stressful at best and insanely inconsistent at worst. Though you can always get a "canned" black-box trading system, few traders ever stick with them for long: experts agree that the ideal system for each trader is unique to his or her trading style—proprietary systems created by the individual. Now acclaimed system developer Tushar Chande shows you how to create "real-world" systems that meet your trading needs. A stimulating mix of cutting-edge techniques, timeless principles, and practical guidelines, Beyond Technical Analysis offers a comprehensive methodology to develop and implement your own system, bridging the gap between analysis and execution. Chande begins with a crucial first step: assessing your trading beliefs. As he points out, "Your beliefs about price action must be at the core of your trading system. This allows the trading system to reflect your personality, and you are more likely to succeed with such a system over the long run." Once you've pinpointed your beliefs, you can then build effective systems around them. To help you construct and use these systems, Chande starts with the basics and ends at the state of the art. With easy-to-read charts and numerous examples, Chande explores the following: Foundations: diagnosing market trends, the perils of optimization, setting initial stops, selecting data, choosing orders, and understanding the summary test results New systems: trend following, pattern-based, trend/anti-trend, inter-market, filtered and extraordinary market opportunity systems, plus variations Equity curve analysis: measuring smoothness, portfolio strategies, monthly equity curves, and triggering effects Money management: risk of ruin, projecting drawdowns, changing bet size Data scrambling: a new method to generate synthetic data for testing A system for trading: starting, risk control, compliance, full traceability To foster consistent execution, Beyond Technical Analysis provides software that enables you to "paper trade" your system. A demo disk of Chande's $ecure trade management software and data scrambling utility will let you test your system on "true" out-of-sample data and track your emotions and P&L as you transition the system from computer table to trading desk. A complete, concise, and thorough reference, Beyond Technical Analysis takes you step-by-step through the intricacies of customized system design, from initial concept through actual implementation. Acclaim for Tushar Chande's revolutionary approach for developing and implementing your own winning trading system "Tushar Chande provides insightful but clear-cut techniques which will enlighten the savant as well as the newcomer. I would urge traders of all levels of experience to apply Chande's tremendously useful strategies!" — Charles Le Beau President, Island View Financial Group Inc., author, Computer Analysis of the Futures Market "The chapter on 'Equity Curve Analysis' alone will share with you concepts which have cost large trading houses millions of dollars to discover." —Murray A. Ruggiero, Jr. Contributing Editor, Futures Magazine President, Ruggiero Associates "Tushar Chande is an accomplished quantitative technician, but in this book he's gone far beyond grinding numbers. His coverage of system development is the first thorough treatment disclosing both specific trading systems and the practicalities of their implementation." — John Sweeney Technical Editor, Technical Analysis of Stocks & Commodities magazine author, Maximum Adverse Excursion: Analyzing Price Fluctuations for Trading Management "For any aspiring CTA, this is a must-read on developing [his or her] trading system." — Rick Leesley Jack Carl Futures

The present book avoids the fantasy recipes that abound in technical analysis and focuses instead on those that are statistically correct and can be understood by newcomers as well as appreciated by professionals. The described protocols and techniques will prove invaluable in analyzing market behavior and assisting in trading decisions. The algorithms used in the technical analysis of financial markets have changed beyond recognition. This book offers a more efficient technical analysis – one that is not satisfied with protocols that just seem to be fine, but which requires that they are indeed fine, verifying this through simulations on the PC, serious statistical counts, and so on.​

When you trade, you're not just trading companies that deliver goods or services. You're trading against other traders who care about only one thing: taking your money. That's the #1 hard reality of trading - and most traders either don't know it, or don't act as if they do. In this book, top trader and hedge fund manager Quint Tatro shows how to win consistently in the "zero sum" game of trading, where there's a loser for every winner. You'll learn how to reflect your trading competition in every facet of trading and investing: choosing companies to invest in, knowing when to jump in and out of the market, and mastering the psychology and gamesmanship of trading. Coverage includes: Understanding the "other side of the trade": the thousands of pros you're trading against. Finding a technical edge with technical analysis you can exploit over and over again. Understanding sentiment and overcoming the human emotions and biases that cost you dearly. Utilizing the most essential strategies of fundamental analysis. Playing positions and probabilities, not P+Ls. Recognizing and capturing huge opportunities in down markets.

Evidence-Based Technical Analysis examines how you can apply the scientific method, and recently developed statistical tests, to determine the true effectiveness of technical trading signals. Throughout the book, expert David Aronson provides you with comprehensive coverage of this new methodology, which is specifically designed for evaluating the performance of rules/signals that are discovered by data mining.

Improve identification of candlestick patterns. With Qstick, you can quantify both the internal momentum and shadows, and produce objective numbers to look at rather than a pattern to ponder.

From the "Father of Candlesticks"--penetrating new Japanese techniques for forecasting and tracking market prices and improving market timing Steve Nison has done it again. The man who revolutionized technical analysis by introducing Japanese candlestick charting techniques to Western traders is back--this time with a quartet of powerful Japanese techniques never before published or used in the West. Stunningly effective on their own, these new techniques pack an even greater wallop when teamed up with traditional trading, investing, or hedging strategies, and Steve Nison shows you how to do it. Beyond Candlesticks provides step-by-step instructions, detailed charts and graphs, and clear-cut guidance on tracking and analyzing results--everything you need to pick up these sharp new tools and take your place at the cutting edge of technical analysis. Critical praise for Steve Nison's first book . ". destined to become the classic reference on the subject." --Charles Lebeau and David Lucas Technical Trader's Bulletin "I believe Steve Nison's new candlestick book is destined to become one of the truly great books for this time period.. Whether you trade futures, commodities, or equities, day trade or hold positions overnight, this book is a must." --Lee Siegfried Investor's Library, Data Broadcasting Corp. "It is hard to be too effusive about the quality of NiSon's work . this is clearly one of the best investment books ever written in terms of covering a subject with pedagogical ability and writing skill. The organization is impeccable . reading it was a pleasure." --Commodity Traders Consumer Report