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Table of Contents

Foreword xi Preface xiii What You Will Find in the Book xv What You Will Find on the Web Site xvi Disclaimer xvii As You Begin xvii Acknowledgments xix CHAPTER 1 The Search for a Universal Market Law: The Rise of Able Trend 1 Complete Chaos or Hidden Order? 1 When My Interest in Trading Began 5 A Scientific Antidote to Arbitrary Market Predictions 6 First Steps: Becoming an EasyLanguage System Developer 7 The Trend: Foe or Friend? 7 The Fundamental Approach 8 The Dream of a Universal Early-Trend Indicator 9 Could the Laws of Natural Sciences Also Govern the Financial Markets? 10 The Birth of AbleTrend 10 CHAPTER 2 Advances in Market Trend Analysis 13 What Is a Trend? 14 The Setup of a Trend 16 Maturity of a Trend 18 Drawing Trendlines 24 Support and Resistance 29 The Market Defines Support and Resistance 30 How Common Methods Define Support/Resistance Levels 30 How AbleTrend Defines Support and Resistance Levels 32 AbleTrend Indicators 37 Other Trend-Following Indicators 40 Market Indications 46 Three Rules for Following Trends 49 The Golden Region of Entry: The Sweet Spot 50 Time, Price, Forecasts, Predictions, and Targets 54 Cycles and Waves 57 Summary 59 CHAPTER 3 Four Elements of Trading Success 61 Profitable Trading Systems and Methods 62 Adequate Capitalization 67 Money Management Strategy 70 Discipline or a Winning Trading Psychology 80 Conclusion 85 CHAPTER 4 Essential Philosophy of Trend Trading 87 Wisdom of the Tao 87 Trading Is a Business 98 Only Trend Following Works 100 Don't Trade Against the Market 105 Which Market Is the Most Tradable and Why? 107 Why Voting Systems Do Not Work 110 Why $500 or 5 Percent Stops Do Not Work 110 Why the Winning Rate Is Not Important 111 Why You Cannot Pick a Top or Bottom 112 How to Let Profits Run 113 How to Cut Losses Short 113 Go the Opposite Way of the Majority 115 Trade Only the Risk Capital that You Can Afford to Lose 118 If You Want to Win, Think About Loss 118 Place Yourself beyond the Possibility of Defeat 119 Trading Is the Most Difficult Thing in the World 120 Conclusion 121 CHAPTER 5 The Applications 123 What Is the "Winning Framework" for a Trading System? 123 STM Method-Buy on Blue and Sell on Red 128 Evaluate a Trading System: Back-Testing 134 Four Important Issues for Parameter Settings 140 AbleTrend2 Stops 144 The Sweet Spot-Golden Region of Entry 147 Finding the Character of a Particular Market 150 Trend Time Frames 151 Avoid Choppy Markets 154 Breakout or Retracement 162 Day Trading versus Swing Trading 166 In Conclusion: The Five F's of Designing a Trading System 166 CHAPTER 6 Examples of Trend Analysis 169 Stocks 169 Commodities 178 The E-Minis 189 Forex 199 Bonds 205 Conclusion 210 CHAPTER 7 Advanced AbleTrend Tools 211 Virtual Paper Trading (VPT) 211 Historical Forward Testing 213 AutoScan 216 The Percent Charts 218 The Guidance Charts 219 Stock Search Engine-Stock Picks 220 Visual or Chart Trading 222 Automated Trading Orders 224 Options Trading 224 Spread Trading 226 Portfolio Trading 227 Summary 237 APPENDIX A Interviews with AbleTrend Users 239 John Meyer 239 Bob Seifert 242 Harvey Saff 244 Gerry Wollert 245 Mike Weingart 246 Alex Kuan 247 Remco Eenink 249 Chris Anthony 251 Jim Kane 253 David Fawkes 254 APPENDIX B Quick Reference for STM 257 STM Trading Method 257 References 261 About the Authors 263 Index 265

About the Author

John Wang, PhD, is cofounder, Chairman, and CEO of AbleSys Corporation. He cofounded AbleSys in 1994, and developed the Spyglass trading system in 1992, ASCTrend indicators in 1995, and the eASCTrend trading system in 2000. Wang began trading commodities in 1990 and is an active trader today, registered as a Commodity Trading Advisor (CTA) since 1995. His research has been published in top scientific journals, including Chemical Physics Letters and the Journal of Physical Chemistry, among others. Grace Wang is cofounder and Vice President of AbleSys. She received an MA in sports psychology from California State University, Sacramento, and an MA in physical education and gymnastics from Shanghai Institute of Physical Education. Wang became a CTA in 1995 and has been a frequent panel speaker at financial trade shows since 1999.

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