Trader’s Narrative

Stan Weinstein is a veteran technical analyst and author. Unlike many other ‘gurus’ he only wrote one book: Secrets for Profiting in Bull and Bear Markets. He’s been badgered since its publication in the 1980’s to write more but he always counters with ‘I’ve already said everything I could have said’. Which is very true. Take one novice, mix liberally with the Weinsteinian market approach and you’ve got yourself a trader who can go long and short, identify market tops and bottoms and manage their risk intelligently.

Since he wrote his classic book, Weinstein went on to author a retail newsletter called the ‘Professional Tape Reader’. He has since discontinued it and now Weinstein dedicates his considerable expertise and experience to publish an institutional service called the ‘Global Trend Alert’ (here’s a sample from 2005 (PDF)). Only problem is that it goes for $40,000 a year!

So, what to do if you aren’t a hedge fund and can’t soft-dollar it? or if you just don’t have $40K between the couch cushions? Well, for one, start by reading his book. Everything he does in the Global Trend Alert comes directly from the analysis he outlines there. Second, tune in to the Nightly Business Report on PBS. Weinstein is a guest on the Market Monitor segment of the show. Unfortunately, the rotation of guests on that segment is so you get to hear Stan’s take on the market only a few times a year. Read the transcript of his latest appearance in November 2006. Third, start analysing the market using the same tools. And go back and compare your understanding with his previous interviews in the archives.

OK so there isn’t exactly a way for you to get the $40,000 Global Trend Alert advisory service for free… but when you internalize Weinstein’s approach, you actually will have gained much more. You’ll be able to truly understand the why and how rather than having the end-product served up to you on a silver platter.