Online Study Group

[manucastle]

So we need to compile our list and the order we're going to read them in.

Since three of us already have Shannon, and since that flows from Weinstein (I think...) and pertains to Billy's markup stages (I think....) why don't we start there, which will give people time to order the MIDAS book.

How's this for an agenda?

Shannon
Coles/Hawkins
Willain

Sounds good to me.

Trev

[happy]

although I'm not sure what is involved, I would certainly like to try and be apart of this. It sounds very fruitful! I have Shannon's book on my desk ready to go :)

[cmsandy]

What a great idea! Count me in.

[ilonaross]

Let's start with the first section, through page 46.

In order to give any lurkers time to order the book, why don't we agree to have it read by Saturday.

We can move more quickly once everyone who wants to join in has the book.

Billy: Should we follow this book up with Stan Weinstein's, or is that overkill?

tnx

[Billy]

Billy: Should we follow this book up with Stan Weinstein's, or is that overkill?

tnx

The problem with Weinstein's book is that it had only one edition in 1988 and was never revised since then.
It was the best and most revealing read for all traders at that time. It has been my trading bible for years and was the most influential book of my life. But it is clearly outdated for the new generation of traders who will laugh at reading sentences like " General Motors is the best leading indicator of the US market". It was so true at the time, but today? You'd need to replace GM with AAPL, I guess...
The major lesson from Weinstein's book was stage analysis, and Brian Shannon has completely updated the concept for multiple timeframes. Brians's book is of a much better practical value for today's market.
The two other best lessons from Weinstein were relative strength and volume analysis on breakouts. Much similar to what William O'Neil is presenting with his methodology and books. Brian is much less focused on RS and volume.

The good news is that Brian is a member of this website and he confirmed to me that he will be happy to answer directly any questions you may have about his book.

Billy

[ozash]

Count me in.
Have Brians book but have to work until sunday night (12 hour shifts) so monday would suit me better as a start day.
Ash

[hmatar]

The problem with Weinstein's book is that it had only one edition in 1988 and was never revised since then.
It was the best and most revealing read for all traders at that time. It has been my trading bible for years and was the most influential book of my life. But it is clearly outdated for the new generation of traders who will laugh at reading sentences like " General Motors is the best leading indicator of the US market". It was so true at the time, but today? You'd need to replace GM with AAPL, I guess...
The major lesson from Weinstein's book was stage analysis, and Brian Shannon has completely updated the concept for multiple timeframes. Brians's book is of a much better practical value for today's market.
The two other best lessons from Weinstein were relative strength and volume analysis on breakouts. Much similar to what William O'Neil is presenting with his methodology and books. Brian is much less focused on RS and volume.

The good news is that Brian is a member of this website and he confirmed to me that he will be happy to answer directly any questions you may have about his book.

Billy

Well Billy, GM is still (joke) a one of the best leading indicator of the inflated POMO US market,
I have read Both books, I admire both writers, Brian has explained in more technical words what Weinstein has left out. Great idea for this group, hope to jump in with all in the discussions.

[roberto.giusto]

I'll be glad to participate.

I've already read Brian Shannon's book and I find it's one of the few out there with great practical value. It really improved my trade selection, my entries, exits and risk management in general.

I could suggest his monthly subscription for some time: he is definitely a day trader, but he covers aspects that may not be present in the book and that are useful for all timeframe investors.

He also broadcasts twice per week on stocktwits for free, a view I highly recommend .

Although Weinstein's book can stand the test of time under many aspects, Shannon explains very well the stages theory with updated charts and moving averages.

[mansis]

Great Idea. I just got the book, and would like to try it with you.

Does anyone want to take part in an online book club?

Among the many tomes languishing on my shelf and in need of serious study are:

Brian Shannon Technical Analysis Using Multiple Timeframes
Bernard Baumohl The Secrets of Economic Indicators
Coles and Hawkins Midas Technical Analysis: A VWAP Approach to Trading and Investing
John Person Forex Conquered
not to mention our own Pascal Willain's Value In Time

We could do a chapter every day, every few days, or every week, or whatever. We could create our own thread where we could post questions about what we've read or seek real time examples of how we could put into practice what we learn from the texts.

If it's too boring for the advanced or too challenging for the beginners we can adjust our pace.

For years I was the organizer of the NYC IBD meetup -- and still am, if we ever find a new venue -- and for a several months I created quizzes for William O'Neil's books, down to and including differences in various editions. It's amazing how much you can learn from that kind of work, and there was always some detail that would stump even the most expert CANSLIM devotee.

Any takers?

[ilonaross]

We can start a Google chat, or just post here, or ... the possibilities are endless.