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A detailed look at one of the most underestimated aspects of trading–selling
In The New Sell and Sell Short, Second Edition, Dr. Alexander Elder explains how to exit a stock at the right time and how to initiate a short position to profit from a stock that is showing weakness. Often overlooked, selling properly enables a trader to cut losses and maximize profits. Moreover, short selling in a weak market can generate big profits and should be a part of every trader′s arsenal of tools. The new edition contains numerous examples of short selling stocks from the 2008–2009 bear market, demonstrating very clearly why traders do themselves a disservice by only focusing on the long side. In addition, the new edition contains an extensive study guide to help readers master the material prior to trading.
Elder shares real–world examples that show how to manage your positions by adjusting your exit points as a trade unfolds.
- Contains new examples and insights from the 2008–2009 market meltdown
- Includes an extensive study guide with 115 questions and answers and 17 chart studies
- Discusses the selling process from a variety of angles: technical, fundamental, and psychological
- Explains how to maximize winnings in a profitable trade and how to minimize losses when a trade doesn′t go as planned
- Offers detailed guidance for traders of stocks, financial futures, commodities, and currencies
- Explains how to set profit targets and stop–loss orders prior to entering any trade Other bestselling titles by Elder: Trading for a Living, Come Into My Trading Room, and Entries and Exits
Understanding where and when to sell is essential to successful trading. The New Sell and Sell Short, Second Edition is the definitive reference to this overlooked, but vitally important, aspect of trading.
From the Back Cover
THE NEW SELL & SELL SHORT EXPANDED SECOND EDITION
Any beginner in the stock market knows how to buy. Knowing when to sell will setyou above the crowd. This book will teach you when to sell and how to sell short.Stocks go down much faster than they rise, and knowing how to short doubles youropportunities. Amateurs don′t know how to short and are afraid of it, but professionals love to profit from declines.
This new and expanded edition includes an intensive study of the 2007–2009 bear market, with many specific trading examples, distilling the essential lessons of recent years.
"Elder clearly shows how to take profits on winning trades or cut losing trades. He skillfullycombines technical analysis with trading psychology and risk management. Elder lets you in on a favorite game of market professionals — shorting overvalued stocks. His trading lessons from the recent crash are valuable and practical."
—John J. Murphy, author of Technical Analysis of the Financial Markets
"The New Sell & Sell Short delivers practical techniques for selling and shorting. In his relaxed style, colored with humor, Alex details strategies for limiting risk and protecting profits. My favorite is what he calls ′engine noise,′ illustrated in a great study of Ford. His chapters on shorting tops and downtrends make difficult tasks accessible to all. This is an indispensable book for investors and speculators alike."
—David Weis, trader and author of Trades about to Happen
"Dr. Alexander Elder is one of the world′s most respected teachers of trading mastery. I′ve read hundreds of books on trading and consider his writings to be among the mostvaluable and useful. Traders who do not know when to sell or how to profit from price declines keep missing major opportunities and expose themselves to unnecessary risks. The New Sell & Sell Short should be required reading for any serious trader or investor."
—Ed Dobson, founder of Traders Press Inc. and a private, full–time trader
Inside This Book
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Most Helpful Customer Reviews
9 of 9 people found the following review helpful
Format:Paperback
2008 marked the publication of Dr Alexander Elder's book Sell & Sell Short. Dr Elder has now revised the earlier book. It is now called The New Sell & Sell Short. However, he has now emphasised what it is about. The words in red at the start of this review are now more prominent on the cover of the book: How to take profits, cut losses, and benefit from price declines.
This clearly positions the new edition. It is not only about short selling. The focus of the new edition is first and foremost on two very important things that a trader must master to be successful, even if they have never shorted a stock in their lives and never intend to:
Taking profits
As every trader soon discovers, there are two important aspects to trading. One is to buy at the right time and at the right price. The other is to sell at the right time in order to harvest as much as possible of the increase in price that has occurred. No long trade (buy low and sell higher) is ever completed until the sale of the position has been effected.
Minimising losses
However, as ever trader soon discovers, there is a dark side to trading. Every trade does not work out as planned or hoped. Any long trade could go wrong. One secret to trading is not to just know how to take profits, which might be called the easy part (though it isn't), it is learning the art of cutting losses quickly in order to protect the lifeblood of the trader: his or her capital.
But wait - there is more to this book than these two parts.
The first part of the original book dealt with buying. This has been largely dropped to one short chapter. This is a welcome decision. Buying is already well covered in Dr Elder's other books such as Come into my Trading Room and Entries & Exits. However, retained from the original version of the book are invaluable chapters on psychology/risk management and record keeping. Now, many readers might think that record keeping is not important, but they are absolutely wrong. The importance of record keeping, and how it is essential in improving trading or investing skills, is one of the more important things that I have learned from Dr Elder over the years. This chapter, on its own, contains the ingredients to move our trading and investing skills to a higher plane.
The two chapters on selling short are retained in the new edition. Now, I am an investor, rather than a trader. It is well-known to my readers that I do not short the market or individual stocks as part of my investment plan. One reason for that is the difficulty of shorting in Australia unless I use derivatives, which might cause me to be taxed as a trader, or worse, my self-managed super fund might be deemed non-compliant, because I was using it to conduct a trading business. Nevertheless, a trader cannot just sit on the sidelines as can an investor. Traders need to keep the transaction stream ticking over and failing to take advantage of downward trends is like being sent to the sin bin for half the game. Big traders can use short selling in Australia (naked short selling is out legally, but covered shorts are very legal and very possible). Smaller traders may short use derivatives, including contracts for difference, which are not allowed in the US markets. Derivatives pose higher risks than covered shorts, but may be handled if good risk management and discipline have been learned.
There is also a completely new part to the revised book. This deals with the lessons that Dr Elder has drawn from the 2007-2009 bear market. In addition he has a new chapter headed Groping for the Bottom, which will be of great benefit to investors as well as traders who have not yet learned shorting and want first to learn the long side of trading.
The other aspect to the new edition is that the first three parts of the book finish with a series of questions and answers. There is no separate Study Guide with the new edition. Instead there are 100 questions and answers in the book itself. Some readers will be tempted to just read the answers, which will be valuable, but I think it will be a mistake. The intention behind these questions is to prompt the reader to move out of reading mode into understanding mode. This requires that we stop and ponder the questions. Ideally we will write down our answers before turning to Dr Elder's answers. His answers do not just say what the right answer was - nothing is really learned by that - but explain the reasoning behind the answers. These answers are a new gold mine for traders.
The new edition is beautifully produced on glossy paper with the charts in colour. It is now a paperback.
This clearly positions the new edition. It is not only about short selling. The focus of the new edition is first and foremost on two very important things that a trader must master to be successful, even if they have never shorted a stock in their lives and never intend to:
Taking profits
As every trader soon discovers, there are two important aspects to trading. One is to buy at the right time and at the right price. The other is to sell at the right time in order to harvest as much as possible of the increase in price that has occurred. No long trade (buy low and sell higher) is ever completed until the sale of the position has been effected.
Minimising losses
However, as ever trader soon discovers, there is a dark side to trading. Every trade does not work out as planned or hoped. Any long trade could go wrong. One secret to trading is not to just know how to take profits, which might be called the easy part (though it isn't), it is learning the art of cutting losses quickly in order to protect the lifeblood of the trader: his or her capital.
But wait - there is more to this book than these two parts.
The first part of the original book dealt with buying. This has been largely dropped to one short chapter. This is a welcome decision. Buying is already well covered in Dr Elder's other books such as Come into my Trading Room and Entries & Exits. However, retained from the original version of the book are invaluable chapters on psychology/risk management and record keeping. Now, many readers might think that record keeping is not important, but they are absolutely wrong. The importance of record keeping, and how it is essential in improving trading or investing skills, is one of the more important things that I have learned from Dr Elder over the years. This chapter, on its own, contains the ingredients to move our trading and investing skills to a higher plane.
The two chapters on selling short are retained in the new edition. Now, I am an investor, rather than a trader. It is well-known to my readers that I do not short the market or individual stocks as part of my investment plan. One reason for that is the difficulty of shorting in Australia unless I use derivatives, which might cause me to be taxed as a trader, or worse, my self-managed super fund might be deemed non-compliant, because I was using it to conduct a trading business. Nevertheless, a trader cannot just sit on the sidelines as can an investor. Traders need to keep the transaction stream ticking over and failing to take advantage of downward trends is like being sent to the sin bin for half the game. Big traders can use short selling in Australia (naked short selling is out legally, but covered shorts are very legal and very possible). Smaller traders may short use derivatives, including contracts for difference, which are not allowed in the US markets. Derivatives pose higher risks than covered shorts, but may be handled if good risk management and discipline have been learned.
There is also a completely new part to the revised book. This deals with the lessons that Dr Elder has drawn from the 2007-2009 bear market. In addition he has a new chapter headed Groping for the Bottom, which will be of great benefit to investors as well as traders who have not yet learned shorting and want first to learn the long side of trading.
The other aspect to the new edition is that the first three parts of the book finish with a series of questions and answers. There is no separate Study Guide with the new edition. Instead there are 100 questions and answers in the book itself. Some readers will be tempted to just read the answers, which will be valuable, but I think it will be a mistake. The intention behind these questions is to prompt the reader to move out of reading mode into understanding mode. This requires that we stop and ponder the questions. Ideally we will write down our answers before turning to Dr Elder's answers. His answers do not just say what the right answer was - nothing is really learned by that - but explain the reasoning behind the answers. These answers are a new gold mine for traders.
The new edition is beautifully produced on glossy paper with the charts in colour. It is now a paperback.
1 of 1 people found the following review helpful
Format:Paperback
What else to add to the professional reviews already written... They're all spot on.
If you're interest in trading but confused on when to sell, where to set targets, protect profits or not comfortable with shorting etc you should buy this book.
I really like how Dr Elder writes, explains concepts and gives real examples. He often shares and is open on the way he trades and the techniques he uses. Getting this type of insights from a pro like him is just great!
The book is not heavy, it's very easy to read and at time quite humorous too which I also like. I agree with D. Weis "the engine noise" is a great and insightful chapter.
In summary I think an excellent book and a must have on a crucial topic which has been made easy to read and understand.
If you're interest in trading but confused on when to sell, where to set targets, protect profits or not comfortable with shorting etc you should buy this book.
I really like how Dr Elder writes, explains concepts and gives real examples. He often shares and is open on the way he trades and the techniques he uses. Getting this type of insights from a pro like him is just great!
The book is not heavy, it's very easy to read and at time quite humorous too which I also like. I agree with D. Weis "the engine noise" is a great and insightful chapter.
In summary I think an excellent book and a must have on a crucial topic which has been made easy to read and understand.
Most Helpful Customer Reviews on Amazon.com (beta)
Amazon.com:
16 reviews
52 of 55 people found the following review helpful
Updated edition of a modern classic
27 May 2011
Format:Paperback
I am glad that Dr. Elder took the time to update and publish this book in a new edition. He saw the warning signs of the 2007 bull market coming to an end and had the foresight to write a book about the importance of timing exits and the value of shorting stocks when the time was right. It appears that the author is also as good with his entries and exits in publishing as he is in trading. He could not have given the trading community a better book at a better time when it was first published in May 2008.
If you are searching around on Amazon for a book on trading stocks then look no further, you have found one of the best ones on the market. I have actively traded successfully for over 12 years and read over 160 trading books, this stands out as one of the best. The book is a complete book on trading, it does not skip over any of the most important areas a trader will need for long time success in the markets.
1. The trader must have a trading plan, even discretionary traders.
2. The trader must keep good records to understand his mistakes and successes.
3. A trader should not trade so big that it causes excessive stress and bad judgment.
4. A good rule is to cut every loss to a maximum of 2% or less to limit the risk of ruin.
5. Trading with discipline will put you ahead of the majority of traders.
6. Your trading must fit your own personality and risk tolerance.
7. If you use fundamental ideas for a trade cross check it with the technicals of the chart.
8. Stock option buyers are net losers in the market.
9. Traders can not give up on a stock because they are stopped out, successful traders keep trading the stock until they catch the winning trades.
10. False breakouts and rallies off support are two of the best trading opportunities.
The trading style of the book's author is to trade with a fast and slow exponential moving averages (13,26), along with envelopes. He explains how to use short term swing trades using the MACD and force index to trade when a stock is technically above or below its value zone. The style is not to catch huge trends, it is just to have winning high probability trades by catching half or more of the stocks average range. This is the way professionals trade in a normal market environment. Risk management using stops will protect you from any trend that does take off and falls outside the normal range.
While as the title suggests it teaches when to sell your stocks for profits, and also does the best job I have seen of explaining short selling and when technical indicators show to short. This book is a complete book for any trader. The main lessons of this book is when to lock in profits and exit a trade using a target, and how to double your potential for profits by not only buying stocks but also selling stocks short and buying them back at a lower price for profit.
Professionals sell short because while overall the stock market drifts upward, when a stock falls it falls over twice as fast as it rises. I sell short and it is a powerful tool when used correctly. This book will show you when it is appropriate to short.
Dr. Alexander Elder is the only author I am aware of that integrates trading psychology, money management,technical analysis, and record keeping into one book. These four factors will determine whether you are successful in the market or not, even more than the trading method you choose.
If you are going to be a trader you must follow the money management suggestions in this book. NEVER risk more than 2% of your total equity on a trade, If you follow the 2% rule from the book, it will save you from learning this major life lesson the hard way and save you from huge equity draw downs.
Your long term success as a trader is determined by your ability to learn from your mistakes and not repeat them. The best way to do this is to keep detailed records on a spreadsheet and charts of each trade and a diary of why you traded. You must look squarely at each loss and win. If you learn from each bad trade and limit your loss to less than 2%, it can turn into a long term positive.
This review only scratches the surface of this great book. It is packed with very helpful principles, real trades, humor, and is just outstanding. I really grew as a trader years ago from reading and implementing Dr. Elder's best selling classics "Come into my Trading Room" and "Trading for a Living". If your dream is to trade for a living some day or just trade successfully this is the book to buy.
I was also very glad that Dr. Elder added in trades from the bear market of 2008-2009. I found his explanation of his trades very interesting and informative. There were reviews of some charts from that time period that showed signals of the bottom and when it was time to quit selling and selling short and start buying again.
If you are searching around on Amazon for a book on trading stocks then look no further, you have found one of the best ones on the market. I have actively traded successfully for over 12 years and read over 160 trading books, this stands out as one of the best. The book is a complete book on trading, it does not skip over any of the most important areas a trader will need for long time success in the markets.
1. The trader must have a trading plan, even discretionary traders.
2. The trader must keep good records to understand his mistakes and successes.
3. A trader should not trade so big that it causes excessive stress and bad judgment.
4. A good rule is to cut every loss to a maximum of 2% or less to limit the risk of ruin.
5. Trading with discipline will put you ahead of the majority of traders.
6. Your trading must fit your own personality and risk tolerance.
7. If you use fundamental ideas for a trade cross check it with the technicals of the chart.
8. Stock option buyers are net losers in the market.
9. Traders can not give up on a stock because they are stopped out, successful traders keep trading the stock until they catch the winning trades.
10. False breakouts and rallies off support are two of the best trading opportunities.
The trading style of the book's author is to trade with a fast and slow exponential moving averages (13,26), along with envelopes. He explains how to use short term swing trades using the MACD and force index to trade when a stock is technically above or below its value zone. The style is not to catch huge trends, it is just to have winning high probability trades by catching half or more of the stocks average range. This is the way professionals trade in a normal market environment. Risk management using stops will protect you from any trend that does take off and falls outside the normal range.
While as the title suggests it teaches when to sell your stocks for profits, and also does the best job I have seen of explaining short selling and when technical indicators show to short. This book is a complete book for any trader. The main lessons of this book is when to lock in profits and exit a trade using a target, and how to double your potential for profits by not only buying stocks but also selling stocks short and buying them back at a lower price for profit.
Professionals sell short because while overall the stock market drifts upward, when a stock falls it falls over twice as fast as it rises. I sell short and it is a powerful tool when used correctly. This book will show you when it is appropriate to short.
Dr. Alexander Elder is the only author I am aware of that integrates trading psychology, money management,technical analysis, and record keeping into one book. These four factors will determine whether you are successful in the market or not, even more than the trading method you choose.
If you are going to be a trader you must follow the money management suggestions in this book. NEVER risk more than 2% of your total equity on a trade, If you follow the 2% rule from the book, it will save you from learning this major life lesson the hard way and save you from huge equity draw downs.
Your long term success as a trader is determined by your ability to learn from your mistakes and not repeat them. The best way to do this is to keep detailed records on a spreadsheet and charts of each trade and a diary of why you traded. You must look squarely at each loss and win. If you learn from each bad trade and limit your loss to less than 2%, it can turn into a long term positive.
This review only scratches the surface of this great book. It is packed with very helpful principles, real trades, humor, and is just outstanding. I really grew as a trader years ago from reading and implementing Dr. Elder's best selling classics "Come into my Trading Room" and "Trading for a Living". If your dream is to trade for a living some day or just trade successfully this is the book to buy.
I was also very glad that Dr. Elder added in trades from the bear market of 2008-2009. I found his explanation of his trades very interesting and informative. There were reviews of some charts from that time period that showed signals of the bottom and when it was time to quit selling and selling short and start buying again.
27 of 32 people found the following review helpful
Another Master Piece Delivered .. In Fancy glossy Paperback !
12 Jun 2011
Format:Paperback|Amazon Verified Purchase
I have read Dr.Alexander Elder's every single trading book, few of them Re-read again and again.And trust me, this book is one of such rare breed of books. With his previous books, the message was so influential, that I joined "Spike Trade" for few months. You might have guessed, Yes, I am little biased,but this review is purely based on the quality of the book.
MIND IS NEVER COLOR BLIND:
Before I get into the content of the book, I wish every author who writes a book on stock market (with Charts) should realize color helps understand the message the author wants to convey. Tons of charts in the book alone are worth more than the price of the book. I have read several books on stock markets,but they all miss the visual appeal of descriptive charts. They have some black and white charts with few lines and no descriptions on the charts itself.
NEWBIES - AMATEURS - SEMIPROFESSIONALS:
First of all , this book should not be your starting point for Alexander Elder's books. For Newbies the suggested order...
1. Trading for a Living: Psychology, Trading Tactics, Money Management ( You will need to read it twice)
2. Start making journals and learn from your trading experiences
3. Come Into My Trading Room: A Complete Guide to Trading (Masterpiece...Read 4 or 5 times to absorb the spirit and content of the book.)
4. Entries & Exits: Visits to 16 Trading Rooms (Wiley Trading) (Read once)
5. The New Sell and Sell Short (Wiley Trading) (Read couple of times)
7. Understand Metastock, Tradestation, esignal type tools.
8. Attend his seminar if you can afford.
LATE STAGE AMATEURS - EARLY STAGE SEMI PROFESSIONALS :
If you have read the above books and show fairly consistent equity curve , how will this book help? . It is a great refresher.
> How Confident are you identifying bullish or bearish Divergence?
> How often have they turned out to be correct?
> Do you still have spreadsheet and mental notes separately?
> Do you review them?
> What have you done to become a better trader?
> How many times have your stops been hit? Why?
> How many times did you get out late / Early .. Why?
> Do you compress the entire life of the charts to see how the stock is doing compared to it's historic averages?
Elder's books were the single largest reason for me not getting wiped out in the stock market. But this book brought me back to the reality that getting past amateur to semi professional is not an easy breeze.I have to be more honest with myself in making the notes, reading it and so on.
EXERCISES:
The exercises are boring; but so is serious trading . Please take time to do the exercises sincerely. Assuming you read the book and took the tests sincerely, you can skip the tests when you read it second or third time ( highly recommended)
GOLD STANDARDS:
The next few lines of this review , if you read and follow will have far more impact on your trading career than any individual book. For beginners/Semi Professionals/part time traders . Similar to "Driver License" being mandatory to Drive, I wish the following books below are mandatory requirements before anyone opens an online account. The books listed below are "gems" if you are not a "buy and hold" investor.
1. Trading for a Living: Psychology, Trading Tactics, Money Management
2. Come Into My Trading Room: A Complete Guide to Trading
3. How I Made $2,000,000 in the Stock Market
4. How to Make Money in Stocks: A Winning System in Good Times and Bad, Fourth Edition
5. Reminiscences of a Stock Operator (Wiley Investment Classics)
6. Trade Like an O'Neil Disciple: How We Made 18,000% in the Stock Market (Wiley Trading)
MIND IS NEVER COLOR BLIND:
Before I get into the content of the book, I wish every author who writes a book on stock market (with Charts) should realize color helps understand the message the author wants to convey. Tons of charts in the book alone are worth more than the price of the book. I have read several books on stock markets,but they all miss the visual appeal of descriptive charts. They have some black and white charts with few lines and no descriptions on the charts itself.
NEWBIES - AMATEURS - SEMIPROFESSIONALS:
First of all , this book should not be your starting point for Alexander Elder's books. For Newbies the suggested order...
1. Trading for a Living: Psychology, Trading Tactics, Money Management ( You will need to read it twice)
2. Start making journals and learn from your trading experiences
3. Come Into My Trading Room: A Complete Guide to Trading (Masterpiece...Read 4 or 5 times to absorb the spirit and content of the book.)
4. Entries & Exits: Visits to 16 Trading Rooms (Wiley Trading) (Read once)
5. The New Sell and Sell Short (Wiley Trading) (Read couple of times)
7. Understand Metastock, Tradestation, esignal type tools.
8. Attend his seminar if you can afford.
LATE STAGE AMATEURS - EARLY STAGE SEMI PROFESSIONALS :
If you have read the above books and show fairly consistent equity curve , how will this book help? . It is a great refresher.
> How Confident are you identifying bullish or bearish Divergence?
> How often have they turned out to be correct?
> Do you still have spreadsheet and mental notes separately?
> Do you review them?
> What have you done to become a better trader?
> How many times have your stops been hit? Why?
> How many times did you get out late / Early .. Why?
> Do you compress the entire life of the charts to see how the stock is doing compared to it's historic averages?
Elder's books were the single largest reason for me not getting wiped out in the stock market. But this book brought me back to the reality that getting past amateur to semi professional is not an easy breeze.I have to be more honest with myself in making the notes, reading it and so on.
EXERCISES:
The exercises are boring; but so is serious trading . Please take time to do the exercises sincerely. Assuming you read the book and took the tests sincerely, you can skip the tests when you read it second or third time ( highly recommended)
GOLD STANDARDS:
The next few lines of this review , if you read and follow will have far more impact on your trading career than any individual book. For beginners/Semi Professionals/part time traders . Similar to "Driver License" being mandatory to Drive, I wish the following books below are mandatory requirements before anyone opens an online account. The books listed below are "gems" if you are not a "buy and hold" investor.
1. Trading for a Living: Psychology, Trading Tactics, Money Management
2. Come Into My Trading Room: A Complete Guide to Trading
3. How I Made $2,000,000 in the Stock Market
4. How to Make Money in Stocks: A Winning System in Good Times and Bad, Fourth Edition
5. Reminiscences of a Stock Operator (Wiley Investment Classics)
6. Trade Like an O'Neil Disciple: How We Made 18,000% in the Stock Market (Wiley Trading)
14 of 18 people found the following review helpful
Trading with Success Requires Both Clarity and Discipline
19 April 2011
Format:Paperback
Alexander Elder focuses most of his attention on selling and shorting equity instruments, not on buying them. The author does not provide an in-depth examination of trading in futures, options, and forex. Elder explains to his audience mostly the ins and outs of short-term trade. However, readers do not have to be short-term traders to benefit from the book under review.
Elder firmly believes that successful trading results from the combination of what he calls the 3 Ms: Mind (i.e., trading psychology), Methods (i.e., indicators and tools), and Money (i.e., risk control). Elder emphasizes repeatedly the importance of keeping good records for each trade to become a successful trader. Clarity and discipline are the pillars on which successful trading rests. The author provides a template to be used for documentation purposes.
In his trading examples, Elder helps his audience interpret charts and leverage mostly his favorite indicators: moving averages, envelopes, also called channels, MACD, and the Force Index. Readers who have no prior familiarity with these indicators are advised to gather first information on this subject before going through Elder's guide to trading.
Elder gives his audience the opportunity to put theory into practice through a 100+ questions about 1) psychology, risk management, and record-keeping, 2) how to sell, and 3) how to sell short. Answering first the questions before turning to the answers section is key to testing one's knowledge about these topics.
Finally, Elders completes his examination of the new sell and sell short by reviewing the lessons to be drawn from the current bear market rally.
In summary, Elder gives his audience a great opportunity about how to learn to combine the 3 Ms mentioned above with success. The author reminds his audience repeatedly that only a minority of traders systematically make money in financial markets over time.
Elder firmly believes that successful trading results from the combination of what he calls the 3 Ms: Mind (i.e., trading psychology), Methods (i.e., indicators and tools), and Money (i.e., risk control). Elder emphasizes repeatedly the importance of keeping good records for each trade to become a successful trader. Clarity and discipline are the pillars on which successful trading rests. The author provides a template to be used for documentation purposes.
In his trading examples, Elder helps his audience interpret charts and leverage mostly his favorite indicators: moving averages, envelopes, also called channels, MACD, and the Force Index. Readers who have no prior familiarity with these indicators are advised to gather first information on this subject before going through Elder's guide to trading.
Elder gives his audience the opportunity to put theory into practice through a 100+ questions about 1) psychology, risk management, and record-keeping, 2) how to sell, and 3) how to sell short. Answering first the questions before turning to the answers section is key to testing one's knowledge about these topics.
Finally, Elders completes his examination of the new sell and sell short by reviewing the lessons to be drawn from the current bear market rally.
In summary, Elder gives his audience a great opportunity about how to learn to combine the 3 Ms mentioned above with success. The author reminds his audience repeatedly that only a minority of traders systematically make money in financial markets over time.
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