Released on: May 20, 2008, 11:00 pm

Press Release Author: Chuck Dukas (Post/Designation: Founder)

Industry: Financial

Press Release Summary: Technical Analysis Of The Financial Markets by John Murphy
and Technical Analysis Explained by Martin Pring are required reading for this
level.

Press Release Body: Traders are a lonely breed. Most of their days are spent alone,
their eyes glued to an array of computer screens, fingers poised over the keyboard
and \"Do not disturb\" signs hanging over their desks. Continually enhancing your
trading skill is essential to success but in this task, at least, there is strength
in numbers. Here\'s one organization that can help and some benefits of belonging.

I by Matt Blackman

The Market Technicians Association (MTA) may not be
I well known to many traders, especially those who are
new to the practice, but it has been responsible, in a large part,
for bringing the art of technical analysis to the level of
professionalism and public awareness that it enjoys today.
Its membership list reads like the who\'s-who in the field. John Murphy, Constance
Brown, former STOCKS & COM¬MODITIES Editor Thorn Hartle, Phil Erlanger, Linda
Raschke, and Stan Weinstein are just a handful of examples of techni¬cians who have
become household names in the business as
authors and presenters. In addition, Richard Arms, John Bollinger, Chuck Dukas.
SteveNison, Martin Pring, Sherman MeCIellan, Ron Meisels, and Robert Prechter are
well known for the indicators they have developed or greatly improved upon that are
used today.
Compared to the subject of technical analysis, which was discussed at feast as far
back as a century ago in the writings of Charles Henry Dow, founder of The Wall
Street Journal, the Market Technicians Association is relatively young - only 30
years old. Its origins can be traced back to a lunch meeting at Massoletti \'s
Restaurant in New York City in 1971 with Ralph Acampora, John Brooks, and John
Greeley. The technicians realized that it was high time that a group similar to what
existed for fundamental analysts be established to discuss ideas and principles
pertaining to technical analysis. The first official meeting took place in spring
1972 at the Downtown Athletic Club in Manhattan. In attendance were 10 to 18 working
technicians.
Since then, the organization brought forth by these three technicians has grown to
include 400 members and more than 1,850 affiliates in 30 countries worldwide.
Members include technical analysts, portfolio managers, professional traders,
investment advisors, writers, and related practitio¬ners with a minimum of five
years\' experience and, in the words of the MTA, \"whose professional efforts have
been spent practicing financial technical analysis for the invest¬ing public, an
active portfolio management process or for whom technical analysis is a primary
basis of their invest¬ment decision-making process.\"
The qualification period for full-member status of the MTA has been reduced to three
years for those who have completed the Chartered Market Technicians (CMT)
designation, but more about that later. Affiliate status is conferred on those who
trade personal accounts or who have an interest in technical analysis but who do not
offer related services to the public or are new to the profession.
WHY REINVENT THE WHEEL?
Why would a trader be interested in joining? That depends on how much you value your
time and see 1 earning as an integral part of what you do.
How many times have you struggled with a new indicator or trading method and spent
the commensurate time testing it, only to learn that it does not live up to
expectation? Imagine being able to have a discussion with someone who has already
been through the process. How much time and effort it would save!
First and foremost, membership in the MTA or similar international group offers an
excellent opportunity to meet with other technicians and discuss trading ideas.
Regional and national meetings are useful testing and proving grounds to facilitate
the process. Monthly regional meetings provide presentations by active traders and
professionals on all areas of technical analysis, with forums to discuss topics of
inter¬est. They provide a venue to discuss trading ideas and strategies with others
who trade for a living.

The MTA also offers presentations to members online, so no matter where you live,
you have the benefit of hearing the latest ideas from the best in the profession.
Learning and sharing ideas extends to annual conferences presented around the world
by the International Federation of Technical Analysts (IFTA). In 2003, the
conference hosted by the MTA will be held November 6-9 in Washington, DC, providing
participants with the chance to hear authors present their latest ideas and discuss
them with their peers. (See the MTA Conference link in \"Suggested reading\" to check
out this year\'s itinerary.)
Since 1976, the MTA has published quarterly journals on a range of topics related to
technical analysis. The good news is that each one from 1978 has been saved and
recorded. The CD-ROM, called the Journal Of Technical Analysis, contains more than
4,200 pages of presentations and papers that have ap¬peared in the MTA Journal, and
chances are that there will be at least a few that relate to indicators and trading
styles you use.
Membership a Iso includes an annual directory of the names, corporations, mai ling,
and email addresses and phone numbers of all affiliates and members. Have a question
for John Bollinger or Martin Pring? Call or email them for an answer.
TRADING CREDENTIALS
If you trade your personal account for a li ving, the credentials you hold are of
little importance since you are your only customer. Of greatest importance is how
well you do the job. It is your responsibility to master the task at hand and this
includes conducting research, testing indicators, developing a trading plan, and
following prudent money management principles. If you need to know something, you
buy the appropriate book or computer software, or sign up for a seminar to learn.
However, once you embark on the task of trading the money of others, advising them,
or writing professionally about the process, you move into a whole new category.
Customers want to know what qualifications and profes¬sional training you possess to
give them greater comfort their money is safe. Unless you are already a household
name in the investment field, your opinion will carry greater weight if you have the
proper credentials. This includes the Chartered Financial Analyst (CFA) and
Chartered Market Technician (CMT) designations. Those who rely on fundamental data
to make investment decisions use the former, while the latter tells the world that
you have received certification as a technical analyst.
The CMT program is made up of three levels. To pass the first level, candidates must
demonstrate an understanding of and competence with entry-level material, including
the MTA code of ethics in a two-hour multiple-choice exam. Technical Analysis Of The
Financial Markets by John Murphy and Technical Analysis Explained by Martin Pring
are required reading for this level.
Level 2 requires an understanding of a broader range of material, which is tested in
a four-hour multiple-choice exam. As well as material from level 1, the student
taking the next exam in 2003 is expected to apply material from the reading list
that includes Schwager On Futures Technical Analysis by Jack Schwager, Trading
Systems And Methods by Perry Kaufman, and Investment Psychology Explained by Martin
Pring.
Level 3 candidates may choose to take an essay exam or write aresearch paper that
demonstrates \"a sound mastery ofresearch techniques as applied to the practice of
technical analysis,\" according to the MTA. \"The conclusions reached should extend
the body of knowledge in the field of technical analysis.\"
The entire program can be finished in as little as three years but no more than
five. Successful graduates will only be able to display the CMT designation once
they have demonstrated a minimum of three years\' related profes¬sional experience.
It is interesting to note that my research indicates that many who become MTA
affiliates initially did so simply to get the CMT designation, since it is a
requirement that all those enrolled in the program belong to the organization, [t is
only when enrolled in the program that many become aware of the other benefits that
MTA membership offers. This was certainly true in my case.
CONCLUSION
We often forget that no matter how much experience and know-how we possess, there is
usually someone else who has been there and done it before us, and traders are no
exception. To reach maximum potential, itis the responsibil¬ity of every trader to
discover who that expert is for your particular trading style and technique. It\'s a
lot easier to learn from those more experienced than to reinvent ityourself. This is
true whether you trade your own account of a few thousand dollars or manage and
trade millions professionally. Organi¬zations such as the Market Technicians
Association provide a fertile and exciting environment for this to occur.
In the last 20 years, markets have become more volatile, partly due to rapidly
changing economic conditions and shorter cycles as well as the fact that a growing
percentage of market participants are short-term traders. Whatever the reason, the
answer is clear: Become more proficient in the art of technical analysis or risk
being left behind.
The Market Technicians Association is arguably the most established group of
professional technical analysts in the world. Nowhere will you find a list of
members more expe¬rienced and published in the field- If nothing else, member¬ship
will give you the opportunity to meet and learn from those who have helped shape and
will continue to play a big part in the world of technical analysis in the future.
Independent traders who join the MTA find that doing so gives them the ability to
hone their skills and stay informed regarding the latest trading innovations. For
those who plan to offer trading or technical analysis-related services to the
public, MTA membership and the CMT designation tells the world that you have put in
the time and effort to call yourself a professional and have the credentials to
prove it.
Matt Blackman is a trader, technical analyst, software re¬viewer, and content
provider for technical trading/invest¬ment websites. He is an affiliate member of
the Market Technicians Association (MTA) and Canadian Society of Technical Analysts
(CS\'t\'A) and is currently enrolled in the Chartered Market Technicians (CMT)
program.
SUGGESTED READING
Hartle, Thorn [1996]. \"Ralph Acampora Of Prudential Secu¬rities,\" interview,
Technical Analysis of STOCKS & COM¬MODITIES, Volume 15: February.
2003 MTA Annual Conference Agenda http: //www.mta. org/IFTA2003/lFT ABrochure.pdf
Chartered Market Technicians Program Information http: //www .mta.org/cmtprogram/

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Phone & Fax Number: 704 385-7000

Email ID: chuck@trendadvisor.com