It was quite difficult to approach writing a review after having read Tom DeMark's The New Science of Technical Analysis. After all, how does one judge a book written by a living person with an almost legendary status in the world of financial trading. Despite the fact that the book was written decades ago, it is still a generous source of the extremely useful insights on technical analysis. Tom tries to use a scientific approach in one of the most unscientific fields — financial trading, and does so rather successfully.
The book is quite long and it isn't very easy to read. It includes many chart examples from all sorts of markets. Below is the list of the theses voiced by DeMark in his work:
The New Science of Technical Analysis is a great book. It is an ultimate source of trading ideas and inspirational material. It is worth reading because of the following advantages:
With all the pros, unfortunately, this book has its own cons too. Here is a subjective list of disadvantages that might prevent you from getting the usual pleasure of book reading:
Overall, it is still an awesome book to read, even if difficult at times. It will help you sticking to the accurate analytical methods and will give you enough of the basic information to create your own methods of technical analysis. And once you get used to them, you will be able to trade successfully. If you plan to trade only Forex, you can skip some chapters to save yourself from Tom's writing style.
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