Читать книгу Millard on Channel Analysis - Brian Millard - Страница 3

Since Channel Analysis was first published in 1989 the technique is now widely used by private and institutional investors. It has become recognised as an excellent method for improving the timing of investments, thereby reducing risk to a minimum. It appeals to the small private investor who does not use a computer, but is content to draw charts and channels manually. It also appeals to the computerised investor, since software programs are available to carry out the channel calculations automatically.

Whichever method, manual or computer, is used by the investor, stress is once again placed on a totally disciplined approach as being the only way to make and hold on to profits. It is only through discipline that the investor ignores the inner voice that says that a falling share price will turn around if only more time is allowed. It is only through discipline that an investor avoids jumping in too early before a buying signal is confirmed. It is only through discipline that an investor ignores the torrent of investment advice in the press.

The availability of software programs has made it easy to investigate the various cycles present in share price data, and this topic is addressed rather more fully than in the first edition. Finally, it is shown how the powerful technique of probability analysis greatly improves the estimation of channel turning points, thereby increasing the profit potential considerably.

Brian J. Millard, Bramhall