In this 268-page hardcover book, Dr. John Wang, creator of the award-winning, best-selling trading system called AbleTrend, reveals many of the secrets of his reward system. The book, however, is not a duplicate of the confidential information presented at Dr. Wang’s expensive seminars.
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What you get from the book is a scientific, objective way identify market trends. The old adage that the trend is your friend is no less true today than it was when it was first uttered by an ancient Japanese or Chinese rice trader many centuries ago. As elementary as it may seem, identifying a trend in the early stages is not as easy as determining with some degree of accuracy the point at which the trend ends.
However, this information is crucial to your trading success because the trend determines which side of the market you should be on, long or short, where the buy / sell prices and stop loss should be directed, the location of support prices and resistance and finally the amount of risk you need to be objectively willing to take in any deal.
Trend analysis is even more complex because individual traders work in different time frames. A day trader who wants to earn a few points or points has a completely different view of the trend than one who adjusts his 401 (k) portfolio to retire in 10 years. The principles presented in the book have universal application in any market and at any time, making them equally suitable for the scalper and the investor.
Many readers also enjoy Dr. Wang’s account of the philosophy underlying his successful trading method. Discipline and sound risk management are just as important to your success as a trader than any computer algorithm. His philosophy is cleverly woven into the basic principles of the AbleTrend trading system, so that even a novice trader can see how the points of support, resistance and stop loss should not be arbitrary or emotional.
Some readers have criticized the book because it smells like the AbleTrend adware software package. I suspect this may be more of an expression of frustration that Dr. Wang’s trading software algorithms were not designed for everyone to be able to see and copy.
If you are looking for a trading book that you can add to your library that can give you an in-depth understanding of how to objectively determine the beginning and end of a trend in stocks, commodities, foreign exchange, ETFs, electronic minis and mutual funds, then you are more likely above all, this book will be useful.