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Technical Analysis Explained, Fifth Edition: The Successful Investor's Guide to Spotting Investment Trends and Turning Points, 5th Edition by Martin J. Pring

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34 AUTOMATED TRADING SYSTEMS

In recent decades, there has been a substantial increase in the use of personal computers for the purposes of technical analysis. Not surprisingly, this has encouraged many traders and investors to use their own mechanical, or automated, trading systems. These systems can be very helpful as long as they are not adopted as a substitute for judgment and thinking. Throughout this book I have emphasized that technical analysis is an art, the art of interpreting a number of different and reliable scientifically derived indicators. I believe that mechanical trading systems should be used in one of two ways. The preferred method is to incorporate a well thought-out mechanical trading system to alert the trader or investor ...

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