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Trading stocks, currencies, futures, and other financial contracts may seem daunting, but in truth, anyone can master these skills in a relatively short period. Over the past decade, I’ve seen countless traders, who had previously struggled for years, finally achieve success when the intricacies of trading are properly explained.
The key lies in the phrase “proper explanation”. This book delves into technical analysis, demystifying price movements, and chart patterns, while also presenting effective, ready-to-use trading strategies. However, it’s essential to extend beyond the conventional technical analysis and to evaluate trader behavior through the lens of psychological factors and mass psychology.
Price fluctuations in international financial markets are the result of daily interactions among millions of people. Emotions and human behavioral patterns significantly influence these buying and selling decisions. Whether it’s a speculator from China two centuries ago, a Wall Street pit trader from New York 80 years prior, or a modern-day trader operating from a smartphone, the human elements, namely emotions and instincts, remain surprisingly consistent. Greed, fear, uncertainty, and the willingness to take risks have steered human actions for millennia and continue to dictate how money is moved around global markets. By learning to interpret the interaction between buyers and sellers from charts, one can comprehend and navigate any price movement. This is possible because all price charts adhere to universal and timeless rules that can be effectively decoded with the right technical analysis.
Over the years, our website, www.tradeciety.com, has welcomed over a million visitors seeking information on trading. Every day, we receive inquiries about how to better understand technical analysis and trading. This book is a direct response to those queries. It’s the guide I wish I had when I embarked on my trading journey over 15 years ago.
The first section of the book lays the foundation by providing a thorough understanding of the fundamentals of technical analysis and price analysis. The second section illuminates the most critical trading patterns and the accurate interpretation of chart formations.