The Heretics of Finance
The Heretics of Finance provides extraordinary insight into both the art of technical analysis and the character of the successful trader. The first half of the book focuses on the technicians' careers: how and why they learned technical analysis, what market conditions increase their chances of making mistakes, what their average workday is like, to what extent trading controls their lives, whether they work on their own or with a team, and how their style of technical analysis is unique. The second half concentrates on technical analysis.
Praise for The Heretics of Finance
“Technical trading is ubiquitous in financial markets, which might explain some major financial-market anomalies and makes it an important topic for research. Like good scientists, Lo and Hasanhodzic explore this territory by gathering first-hand observations, with fascinating results.”
— Carol Osler, Program Director, Brandeis International Business School
“The Heretics of Finance is a fascinating view of the art and craft of technical analysis. For finance professionals and academics alike, this book is an excellent introduction to what technical analysts do and why it may make sense in modern markets. An enjoyable and very enlightening book.”
— Maureen O’Hara, Robert W. Purcell Professor of Finance, The Johnson School
“In the last twenty years, academics have piled up evidence on the puzzling success of technical analysis, yet few researchers are very familiar with the thinking of technicians. Lo’s and Hasanhodzic’s interviews with well-known technicians illuminate their thinking on the markets and their profession. The Heretics of Finance is a must-read for e onomists studying technical analysis, behavioral finance, or related market anomalies. I recommend it highly.”
— Christopher J. Neely, PhD, Assistant Vice President, Federal Reserve Bank of St. Louis