There are so many Technical Analysis books out there but you can hardly find one that is simple to understand. These books are not written for newbies and usually the authors themselve do not know the subject well. Most books are just repackaged based on past books. Hence, i have decided to create my own Technical Analysis lessons. I will make it as simple as possible for easy understandings. There will be as much graphs and step by step guide as possible. We believe that the basic is the most important step to understanding TA - with these basics, you can move on to read some of the more advanced books in the market. But what we can say is that - you do not need to. With the basics + your own experience = You can develop your own set of proven tools. Lets start with Chapter One.
Technical Analysis an Art or Science?
Technical Analysis started more as an art and has became more scientific due to rapid development in computer technologies.
It will remain an art with greater scientific underpinning.
Technical Analysis (TA) Vs Fundamental Analysis (FA)
Fundamental Analysis = Gives the causes of price movement
Technical Analysis = Studies the effects of price movement
TA and FA are mutually supportive in the long-term but when it comes to short-term theres usually conflicts. FA tends to be economic in nature and will not be able to forecast non-economic events such as political and other crises which often move financial markets.
Guidelines in using Technical Analysis
- TA is based on evidence, not logical.
- TA is based on probabilities and same as HYIP investment - theres no gurantee.
- Do not have the ONE tool mentality. TA is able using a combination of the tools available.
- When a tool/technique is proven to be successful, try to use it more often and improve it
Management An Art Or Science
Most art and craft businesses are begun part time while employed at another job. Figure out how many hours you would like to devote to your new business per week. A good beginning might be to commit to ten to twenty hours a week. If your other commitments are light or as your business becomes more successful, you may wish to commit to more time.
As with any work, scheduling regular time to use for your new business is a more professional approach, and more likely to lead to success. Scheduling regular time avoids many problems. You are less likely to neglect your business. It is also very important to respond to customers quickly, and this helps you to do so.
Pick regular hours if you can, as this eliminates doubt and mistakes. You might, for example, decide to work on your business Monday through Saturday from 7 to 9:30 p.m.
You might think that some weeks will be busy and on other weeks you will have little to do. But when you have enough of your product made or are low on commissions, this will be time you spend promoting your business, looking for customers, planning how to be more successful, and coming up with new designs. Most business require nurturing. Potential customers have to know you exist, and know what you have to offer them. This is as much a part of your business as making the products or offering services.
Determine your time commitment and schedule your work time now. Begin a list of tasks you will need to do for your business. This will help you know what to do with your scheduled time. Prioritize your tasks at the beginning of each week and do what is most important first.
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