In this 268-page hardcover book, Dr. John Wang, creator of the award-winning, best-selling market trading system called AbleTrend, reveals many secrets behind his award-winning system. The book, however, is not a duplicate of the ownership information given at the expensive seminars held by Dr. Wang.
What you get from the book is a scientific, objective way to define market trends. The old adage that the trend is your friend is no less true today than the day he first uttered it, probably by an ancient Japanese or Chinese rice merchant many centuries ago. As elementary as it may seem, early identification of a trend is not so simple, nor is it precise to determine the point at which the trend ends.
However, this information is critical to your trading success because the trend determines which side of the market you should be on, long or short, where to send buy / sell prices and stop loss, location of support and resistance prices and ultimately the amount of risk you would objectively you should be willing to accept in any trade.
Trend analysis is further complicated because individual traders operate in many different time frames. A day trader who wants to scalp a few points or pips has a completely different perspective on the trend than someone who adjusts their 401 (k) retirement portfolio in 10 years. The principles presented in the book have universal application in any market and in any time frame, which makes them equally suitable for scalpers and investors.
Many readers also enjoy the fact that others. Wang talks about the philosophy underlying his successful trading method. Discipline and rational risk management are more critical to your success as a trader than any computer algorithm. His philosophy is cleverly woven into the fundamental principles of the AbleTrend trading system, so that even a novice trader can see how the points of support and resistance and stop loss do not have to be arbitrary or emotional.
Some readers have criticized the book for smelling like an advertisement for the AbleTrend software package. I guess it could be more of an expression of disappointment that proprietary software algorithms for trade dr. The Wangs were not set up for everyone to see and copy.
If you are looking for a trading book that you can add to your library that can give you learned insight into how to objectively identify the beginning and end of a trend in stocks, commodities, foreign currencies, ETFs, e-minis and mutual funds, then this book will most likely benefit you .