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franktbird

franktbird

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Hi,

Does anyone know of any legitimate courses on technical analysis, specifically charting, preferably one where the 'guru' doesn't stand at the front of the room and ask silly questions like "Who wants to make some serious money?" or whips everyone in the room into a frenzy of gullibility.
I have looked at most of the snake oil merchants who claim to be able to teach this and that, but I have a pretty sharp bull**** detector and have managed to keep my money away from them.
I've been reading and learning for a few years. I started with Share Investing for Dummies, CFD's, Making money from CFD's, The Warren Buffet Way, Turtle Traders and am half way through Reminiscences of a Stock Operator before I start Market Wizards, plus various magazines and newspapers.

I'm also interested to know whether it's worth buying a charting program like metastock or just using power etrade through my broker. Is power etrade a good one or are there better?

So many questions that books won't answer.

Cheers,

The Bird
 
Can't comment on TA courses, but I believe there is some sort of TA institute of Australia who would be able to point you in the right direction? I'm sure ASF posters can provide a better response.

franktbird said:
I'm also interested to know whether it's worth buying a charting program like metastock or just using power etrade through my broker. Is power etrade a good one or are there better?
Click to expand...

I would say stick with all the free charting software out there for now. The reason being is that from what you've said as well as your reading patterns, I am assuming you don't have a defined trading style and plan yet as well a set of trading rules?

If you don't have a defined trading style and set of rules, then how will you know what program will satisfy your charting requirements? My advice would be to keep reading, learning and practicing TA and once you have a defined trading plan and style, then look at what charting program matches your requirements. Until such time all the free alternatives should more than suffice.
 
The ATAA (Australian Technical Analyists Association) has a T/A course that it is running that is recognised internationally . I'd recommend checking their website out .
Also their monthly meetings are a good inexpensive source of information.
There is also another diploma course available which you will find if you search the net which I could recommend but can't mention here.
I wouldn't bother with Metastock its old fashioned and expensive now.
Check out ninja trader for short term trading which you can use for free or Amibroker which is around $400 but regarded as the best platform around.:D
 
The course you mentioned is... not of high quality. Unless the revamped 2010 version of it has changed I would only consider it to cover the very basics.

Sir O
 
Sir Osisofliver said:
The course you mentioned is... not of high quality. Unless the revamped 2010 version of it has changed I would only consider it to cover the very basics.

Sir O
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Having completed it in 1994 I agree with you.

Unfortunately learning technical analysis often means you need to learn more about what you don't need to know than that which you do.

Further APPLICATION of what you learn into a profitable trading method is by far the hardest and longest journey.

Ill bet your looking forward to the next 10000 hrs of your apprenticeship.
 
tech/a said:
Ill bet your looking forward to the next 10000 hrs of your apprenticeship.
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I know I am :) Ok well maybe not entirely :p: but i'm looking forward to the end result :)

I'm in the process of formally writing my investment plan (goodness knows how i've been trading for 3 years without it) :eek: and Ive started testing and refining my trading rules/guidelines :eek:
 
KurwaJegoMac said:
I know I am :) Ok well maybe not entirely :p: but i'm looking forward to the end result :)

I'm in the process of formally writing my investment plan (goodness knows how i've been trading for 3 years without it) :eek: and Ive started testing and refining my trading rules/guidelines :eek:
Click to expand...

Then the question is ---is the 10000 hrs of learning worth the effort.
With a large % failing infact losing reasonable sums of $$s are you better off learning something else of more value.

Business
or
Property
as examples.

I can say that both of the two suggestions above have secured my financial future way way beyond any profit I have made from trading.
 
Here is a link to Thomas Bulkowski's web site that has a huge amount of information about different aspects of technical analysis. It will take quite a deal of time to go through all that is there, but remember none of it is the holy grail.

http://thepatternsite.com/

happy learning.

brty
 
tech/a said:
Then the question is ---is the 10000 hrs of learning worth the effort.
With a large % failing infact losing reasonable sums of $$s are you better off learning something else of more value.

Business
or
Property
as examples.

I can say that both of the two suggestions above have secured my financial future way way beyond any profit I have made from trading.
Click to expand...

A valid point - and it has crossed my mind to start a business and I do intend to have some properties in my portfolio. That being said I've never been as drawn to property as I have been to the market - I enjoy reading about it and talking about it with others (even though it can be a bit of a dry conversation at times ;))

For my last three years of trading I have thankfully been successful in not only maintaining my capital, but growing it at a rate exceeding the market index (my only loss being my first year of trading smack bam at the start of the GFC, portfolio loss of 4% overall). Beginner's luck? Possible. I don't have a defined trading plan yet but have been following a set of guidelines and beliefs about the market which up until now have been profitable for me. Whether they'll work in the long run i'll have to wait and see. I'm in the process of formally writing the guidlines/rules down and backtesting to see how they fare.

With regards to a business, I have been paralysed by indecisiveness - I have been thinking about different business ideas for about 5 months now and have made little progress in taking one of those to the point of writing a business plan and considering execution. You can make a business out of anything really, key thing is that I can't figure out and decide what :(

And then there's property... i'll get much lower gains (% wise) compared to my trading (based on average performance) however since it's leveraged via a loan i'll make more money as I'm making a gain on a higher amount of funds. So it makes sense to invest in property - but my concern is the level of negative gearing I would be required to take in order to make the investment worthwhile and then having to count on a capital gain. Should we actually have a drop in asset prices or the fact that I would need to wait several years before capital gains outweigh the cost of the loan over the long term, I don't know if i'm comfortable taking on that risk.

Not to mention that the median price is around 7-8 times earnings compared to 4-5 20 years ago it makes me wonder if it's sustainable or a bubble.

Maybe i'm over analysing things and just need to take the plunge and get on with it and whatever happens, happens. :confused:
 
The course you mentioned is... not of high quality. Unless the revamped 2010 version of it has changed I would only consider it to cover the very basics.
Click to expand...
This is quite possibly correct as I noticed the time required to complete this course was a lot shorter than the Diploma Course that I did which IMO was very comprehensive.Also the ATAA sponsored course is cheaper.


Then the question is ---is the 10000 hrs of learning worth the effort.
With a large % failing infact losing reasonable sums of $$s are you better off learning something else of more value.

Business
or
Property
as examples.

I can say that both of the two suggestions above have secured my financial future way way beyond any profit I have made from trading.
Click to expand...
As has been stated previously 10000hrs is possibly the time needed to master any vocation so if you are passionate and serious then of course its worth the effort.
While Tech is one of the very few who are talented enough to be successful in business/property and trading I would argue that small business can be more of a risk and the percentages of small business that reportedly fail is similar to traders.Also the risks in business are harder to quantify.
The other issue is capital it is difficult to consider business or property without a substantial amount of capital whereas it could be argued that trading does not.:2twocents
 
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