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Trading for a Living: Psychology, Trading Tactics, Money Management (Wiley Finance)
 
 
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Trading for a Living: Psychology, Trading Tactics, Money Management (Wiley Finance) (Hardcover)

by Dr. Alexander Elder (Author) "Trading appears deceptively easy ..." (more)
4.5 out of 5 stars  See all reviews (66 customer reviews)
RRP: £47.50
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Trading for a Living: Psychology, Trading Tactics, Money Management (Wiley Finance) + Come into My Trading Room: A Complete Guide to Trading (Wiley Trading) + Come into My Trading Room: Study Guide: A Complete Guide to Trading (Wiley Trading Advantage)
Price For All Three: £73.69

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Product details

  • Hardcover: 289 pages
  • Publisher: John Wiley & Sons (20 April 1993)
  • Language English
  • ISBN-10: 0471592242
  • ISBN-13: 978-0471592242
  • Product Dimensions: 23.4 x 15.7 x 2.5 cm
  • Average Customer Review: 4.5 out of 5 stars  See all reviews (66 customer reviews)
  • Amazon.co.uk Sales Rank: 21,629 in Books (See Bestsellers in Books)

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Product Description

Sunday Business 12/09/99

".... should be compulsory reading. He debunks the myths and brutally focuses on the nitty-gritty of how to survive and prosper in an extremely tough environment."


Product Description

Trading for a Living Successful trading is based on three M′s: Mind, Method, and Money. Trading for a Living helps you master all of those three areas:
∗ How to become a cool, calm, and collected trader
∗ How to profit from reading the behavior of the market crowd
∗ How to use a computer to find good trades
∗ How to develop a powerful trading system
∗ How to find the trades with the best odds of success
∗ How to find entry and exit points, set stops, and take profits
Trading for a Living helps you discipline your Mind, shows you the Methods for trading the markets, and shows you how to manage Money in your trading accounts so that no string of losses can kick you out of the game. To help you profit even more from the ideas in Trading for a Living, look for the companion volume––Study Guide for Trading for a Living. It asks over 200 multiple–choice questions, with answers and 11 rating scales for sharpening your trading skills. For example: Question Markets rise when
∗ there are more buyers than sellers
∗ buyers are more aggressive than sellers
∗ sellers are afraid and demand a premium
∗ more shares or contracts are bought than sold

∗ I and II
∗ II and III
∗ II and IV
∗ III and IV
Answer B. II and III. Every change in price reflects what happens in the battle between bulls and bears. Markets rise when bulls feel more strongly than bears. They rally when buyers are confident and sellers demand a premium for participating in the game that is going against them. There is a buyer and a seller behind every transaction. The number of stocks or futures bought and sold is equal by definition.
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Inside This Book (Learn More)
First Sentence
Trading appears deceptively easy. Read the first page
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Customer Reviews

66 Reviews
5 star:
 (48)
4 star:
 (10)
3 star:
 (4)
2 star:
 (3)
1 star:
 (1)
 
 
 
 
 
Average Customer Review
4.5 out of 5 stars (66 customer reviews)
 
 
 
 
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Most Helpful Customer Reviews

 
19 of 19 people found the following review helpful:
5.0 out of 5 stars Excellent, 6 Jun 2005
This is the book that got me started in trading (I actually read the UK version, 'Financial trading') and it should be compulsory for beginning traders.

You will progress as a trader far quicker if you read this book, simply by avoiding the pitfalls that most of us go through and which are described in detail by Dr Elder.

While a fellow reviewer complained that 60% of the book is on technical indicators and that the author appears repetitive, I believe this helped me greatly (and probably helped that reviewer too). The reason I say this is because at the end of a comprehensive read of this book you have the fundamentals of trading (technical and psychological) absolutely drilled into your mind. Given Dr Elder's background as a psychiatrist it does not suprise me that he reinforces these concepts so often.

Unlike many average trading books that receive five stars this (and the author's other book, 'Come into my trading room') genuinely deserve maximum praise and both should be read before and during your trading career; independent or company supported.

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14 of 14 people found the following review helpful:
5.0 out of 5 stars Required reading for serious investors, 10 Mar 2003
Dr. Elder's first book is a gem, and is suitable for traders at any level of experience. The reader learns the importance of having and adhering to firm trading rules. Successful money management is a required skill in order to become a successful trader, and Elder offers good advice on this topic.
Elder's education (psychiatrist) gives him the perfect background to explain to the reader how to benefit from understanding crowd psychology.

Covering such topics as risk management and how to use a trading system, he emphasizes technucal analysis and shares his own personal methods with the reader.

You will refer to this book again and again over the years. This book may be 10 years old, but it is still very appropriate today.

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16 of 17 people found the following review helpful:
3.0 out of 5 stars The good, the bad, and the ugly, 13 Oct 1998
By A Customer
Elder's writing style (especially his profuse use of creative analogies) is attention-grabbing. The book is a great read in all aspects except the 60%+ of the book dealing with technical indicators. Rather than highlighting the top 3-4 indicators in each category (trend-following, leading, coincident) which have worked well for Elder, he gives his version of a comprehensive synopsis of every modern and not-so-modern indicator known to man... providing little value-added commentary in terms of the usefulness of each. (Then again, he admits that he uses 12-13 indicators at any given time.) He also repeats the characteristics of each broad category of indicators when describing each individual indicator - which is great if you do not learn unless you read the same thing 50 times, but otherwise it's extremely tedious.

Let's face it - the book is designed for position traders but as a primer for those interested in short-term trading of futures and equities, it's a potentially useful resource. Elder's book's major shortcoming is that it tries to be everything to everyone, therefore it does not deserve rave reviews from anyone but the absolute beginner who's starting from scratch.

One useful concept, proprietary to the author, is called the Triple Screen trading system. But for the intermediate and advanced trader looking for a new strategy or a twist on an existing one, I suggest you look elsewhere.

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Most Recent Customer Reviews

5.0 out of 5 stars Essential Listening For The Novice Trader
This audio CD book really is superb, it offers an in-depth yet easy to follow take on stock trading (and you can learn whilst your in the car!! Read more
Published 7 months ago by J. D. Kenny

4.0 out of 5 stars Excellent read if you want to trade like a pro..
This book is an excellent read if you want to trade the markets like a professional. The best bits I liked about are the psychology of trading and how losers get themselves into a... Read more
Published 8 months ago by Mr. Jaidev Sharma

5.0 out of 5 stars A superb book for technically-orientated traders
This book really opened my eyes to the power of technical indicators as real world trading tools. Dr Elder very clearly explains the important inidicators and how to adapt them to... Read more
Published 19 months ago by N. Burgess

4.0 out of 5 stars Not too bad ......
I bought this book in 2002 and find myself re-reading it once a year. It's got some good basics and is helpful in formulating your own trading rules and maintaining that... Read more
Published 23 months ago by A. Cresswell

3.0 out of 5 stars Misleading title and introduction
The most part of this book deals with technical analysis; a few pages explain how the individual and mass psychology influence traders. Read more
Published 23 months ago by book maniac

5.0 out of 5 stars An amateurs' dream
I was impressed by the credentials of Alex Elder , coming from the background that he did.As an amateur I am, as it were, walking through a minefield. Read more
Published on 12 Jul 2004 by duncanincapable

4.0 out of 5 stars Well written but pricey.
Dr Elder has produced a very readable book. The words seem to fly off the page. To be honest I enjoyed reading this one. Read more
Published on 19 April 2002 by harrlakh03

4.0 out of 5 stars A good read if you are thinking of trading.
A very handy and easy to understand first step guide to trading, which will compliment the more advanced TA books like J.Murphy's TA of the financial markets etc. Read more
Published on 5 April 2002

4.0 out of 5 stars Very good, but the part about psychology is very repetitive
This book is very good for trader, Elder not only teaches trader how to trade but also how to change the mind to adapt to trading. Read more
Published on 20 Jul 2000

5.0 out of 5 stars A gloriously straightforward yet comprehensive trading bible
Having read over a dozen books on trading theory & principles, I found this to give the most rounded & complete picture in a clear, detailed way. Read more
Published on 13 Oct 1999

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