Technical Analysis For Dummies, 4th Edition

Appendix

Additional Resources

A first look at all the technical resources available today can be intimidating. Don’t let yourself get overwhelmed. You don’t need all this stuff; you just need enough to get started, and getting started really means knowing what topics to type into the search box of your browser. I believe that just about every key word in technical analysis appears in this book. Don’t neglect YouTube; many technical analysts post short lessons on techniques.

You’re welcome to find one technical trick and just use it over and over again, like Toby Crabel’s opening gap tactic (see Chapter 16). In fact, the Crabel technique is one of the ones available on YouTube. Plenty of technical traders use a single technique to achieve their financial goals. I know one trader who made his first million after reading a single book, and a really old one, at that (Edwards and Magee — see the “Additional Reading” section later in the chapter). Others don’t want to miss a trick and try all the ideas and methods.

You should spend time and money on research because you never know when you may come across an idea that strikes a resounding chord in you — the Eureka! moment when you say to yourself: I can do this. Don’t forget — a workman needs good tools. Software, data feed, a few books, and a subscription to Technical Analysis of Stocks and Commodities magazine are all part of the beginner’s toolbox.

If you’re a beginner, you may choose a trial run with free online charting services. ...