Technical Analysis of the Financial Markets by John J. Murphy
In my opinion, this book’s best-suited audience is the beginning and intermediate technical analyst. With this in mind, I rate the content a five out of five stars.
Murphy does an excellent job covering a wide array of topics that are essential for successful trading. The book is organized very well and it is easy to read and understand. Like the construction of a building, Murphy carefully lays a strong foundation and then appropriately builds on it until the reader leaves with a solid understanding of the merits and execution of technical analysis.
The topics that are covered within the pages of the book are always discussed with ample examples and practical advice. For a deeply detailed understanding of the various topics that are covered it is best to explore further in other books that are written specifically on a certain point because this book does not always go into great detail. However it provides an excellent introduction to most of the contemporary schools of thought. By the end of each chapter, the reader should definitely have a solid understanding of the topic covered, even knowing enough to implement the ideas into your own trading plan right away. It is also one of the few books that goes as far as providing an overview on how to build a trading plan and money management principles.
This book belongs in every trader’s library and I use it for reference often. It has definitely had a positive impact on my trading and I strongly recommend it for purchase. The information provided is much more valuable than the price of the book. I would even go so far as to suggest that it is the very same content (if not even more) that some so-called “gurus” are trying to sell on the Internet via a trading course for thousands of dollars. Skip the course and buy the book!
Comments