Tuesday, September 4, 2007

The Master Swing Trader

Alan Farley's, The Master Swing Trader provides the quintessential technical analysis bible for those speculators interested in capitalizing on short term volatility. The book presents a concise and clear road map for navigating the financial charts. Not only does the author present essentially every step in the process of identifying and capitalizing on opportune chart formations, but he also instills the importance of trial and error as well as the realization that accurate charting doesn't always coincide with profits.

Farley's book isn't for everyone though. The book assumes most readers have a basic to somewhat moderate understanding of the financial markets. While these assumptions are there, the book is formulated in such a fashion that even a beginner can struggle through the opening chapters and upon completion have a fairly refined rendition of charting analysis.

This is possible due to compounding sequencing, which Farley does so well. Each consecutive chapter builds onto its self and the chapters that follow. Information ranging from trend relativity to Bollinger Bands are explained in immaculate detail and then in sequential chapters expanded upon and incorporated into new material. Part of this sequential incorporating can be attributed to the very nature of technical charting. The core tools are learned and then applied to varying circumstances. While this is the case, Farley's writing ability should by no means be underscored.

Another important trait of Farley's book is his concern with self discipline and patience. Trading the financial markets is exceedingly difficult. The task becomes all the more arduous when one decreases the holding period. This is precisely why the majority of investors who make money trading equities hold their positions over a longer duration. Farley's knows this and he makes it apparent through his writing. He encourages and reminds traders that profiting from short term volatility is a life long process. A process which often times, "...presents the most difficult challenge of their lives."

Farley's book maybe a presentation in eloquent charting analysis, but it is so much more. He portrays chart interpretation in a way which truly includes the human element. Understanding moving averages and trendlines is actually a method of quantifying human psychology. One must remember that each 1 minute stock tick and every daily candle stick is created and mitigated by two of our most poignant emotions, greed and fear.

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