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

Alexander Elder
4.5 out of 5 stars  See all reviews (70 customer reviews)
RRP: 55.00
Price: 35.75 & FREE Delivery in the UK. Details
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Book Description

20 April 1993 Wiley Finance (Book 31)
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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Trading for a Living: Psychology, Trading Tactics, Money Management (Wiley Finance) + Come into My Trading Room: A Complete Guide to Trading (Wiley Trading) + The Naked Trader: How anyone can make money trading shares
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Product details

  • Hardcover: 304 pages
  • Publisher: John Wiley & Sons; 1 edition (20 April 1993)
  • Language: English
  • ISBN-10: 0471592242
  • ISBN-13: 978-0471592242
  • Product Dimensions: 23.4 x 16.1 x 2.6 cm
  • Average Customer Review: 4.5 out of 5 stars  See all reviews (70 customer reviews)
  • Amazon Bestsellers Rank: 14,389 in Books (See Top 100 in Books)
  • See Complete Table of Contents

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Review

".... 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." -- Sunday Business 12/09/99

From the Author

Best Wishes for Successful Trading
Dear Trader,

Thank you for reading my book and leaving your wonderful comments here. I am happy to see that so many people in different countries are benefiting from my work. I had put my heart, soul and more than three years of my life into writing this book, but never imagined that my baby will become so popular. Thank you!

Traders sometimes ask what has changed in my approach since TRADING FOR A LIVING was published. My key ideas on trading psychology remain valid - the human nature changes slowly, for better or worse. My ideas on technical analysis have stood the test of time, and I still trade the Triple Screen system. Of course, I continue to tweak its parameters, striving to improve my performance. The one thing I'd do differently if I were writing this book today, I'd cover a bit less of technical analysis and write a lot more about risk control and money management.

Readers of TRADING FOR A LIVING often ask what else I can do to help them become better traders. Several times a year I run a Traders' Camp, taking a small group of traders to a resort where we spend a week learning to analyze markets, find good trades, and develop better trading techniques. If you'd like to receive a video clip of our Camp, please email me.

Best wishes for successful trading!

Dr. Alexander Elder New York, 1999


Inside This Book (Learn More)
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Customer Reviews

Most Helpful Customer Reviews
24 of 24 people found the following review helpful
5.0 out of 5 stars Required reading for serious investors 10 Mar 2003
Format:Hardcover
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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27 of 28 people found the following review helpful
5.0 out of 5 stars Excellent 6 Jun 2005
Format:Hardcover
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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11 of 11 people found the following review helpful
By A Customer
Format:Hardcover
Without a doubt, the author does a fantastic job of describing the key elements of a day trader's success-beginning with the most crucial aspect, mind management. This is by far the best book I have read to date on the psychology of markets & crowds as well as money management. It also serves as a great primer on technical analysis with detailed explanations on how indicators can be used to a trader's profitable advantage. The Triple Screen Trading System (developed by the author) is an awesome starting place for the new trader. I would HIGHLY recommend the purchase of this book to any serious person who has decided to "pull the trigger" and start a future in the most exciting, fulfulling career imaginable-day trading. Also, I would like to thank the author for humbly sharing what I consider to be the most valuable information I have gathered on this subject.
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22 of 23 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
Format:Hardcover
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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8 of 8 people found the following review helpful
5.0 out of 5 stars An amateurs' dream 12 July 2004
Format:Hardcover
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. This book has shown me that in very clear terms.I am in the very early stages of learning how to trade and the psychology in this book makes great sense.On the downside , although Elder states clearly the pitfalls facing amateurs ( those who trade from home)he doesn't say how best to avoid them.Slippage and commissions are two such problems. Commissions have to be paid , yes but slippage is something which no amateur can combat. As "paper", amateurs are at the mercy of the trading floor.How to avoid being wiped-out by this would be a very usefull piece of information.The book is well written, if sometimes obscure in its use of the English language.Caution is my watchword but I will be buying his other book just as soon as I've finished this one. Buy it.
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19 of 20 people found the following review helpful
By A Customer
Format:Hardcover
Like Caesar's Gaul, Dr. Elder's book is divided into three parts. The first part is an exposition on an emotional problem that Dr. Elder had to deal with in order to become an effective trader. This section is the strength of the book. Successful traders who have been at the business for some time agree on one thing: sooner or later, a trader will face his or her own trading-related emotional crisis. The importance of the emotional aspects of trading cannot be overstated. I have heard discussions in which the question was whether emotional aspects were merely the most important aspect or were the only important aspect to trading.
Dr. Elder's detailed description of how he found his way through provides guidance for readers whose psyches are similar to Dr. Elder's. Unfortunately, Dr. Elder neglects the fact that his problem is not universal. Other people have different backgrounds, grew up differently and have a different set of problems. Thus understanding Dr. Elder's issues may not solve your problems or even point a useful direction.
In the second section the author focuses on an assortment of trading tools. The exposition is short, and he presents each tool as a stand-alone system without disclaimer or enlightenment. Unfortunately, all the tools he presents as systems have been shown to fail as systems. Dr. Elder does a great disservice to the reader by his failure here.
The final section is a very lightweight treatment of money management. Most traders will agree that money management, while less critical than managing one's self, is the next most important aspect of trading. Dr. Elder's rules of thumb provide little guidance and no verification. Game theory and statistical analysis make it possible to be precise about money management. For a thorough treatment one should read one or more of Ralph Vince's works, also available through Amazon.
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Most Recent Customer Reviews
5.0 out of 5 stars A must have for serious traders
Unfortunately this wasn't the first book I purchased. Had it been I would have saved a lot of money. Read more
Published 10 months ago by mark harrison
3.0 out of 5 stars Good read
Book received very fast. Ploughing my way through the book. It is very US focussed but makes good points with regards to the psychology of the market.
Published on 13 May 2012 by Badders
4.0 out of 5 stars Trading for a living...
I enjoyed this one! I will also try and formulate some sort of trading system based on one of his methods in the book. Read more
Published on 14 Jun 2010 by Big Iceberg
5.0 out of 5 stars Brilliant!
Really the type of book that I like, explains point by point trading and the various tools used to analyze the market.
Published on 8 Feb 2010 by M. Ragheb
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 on 5 April 2009 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 on 1 Mar 2009 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 on 11 April 2008 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 on 22 Nov 2007 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 on 19 Nov 2007 by book maniac
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 HarryLak
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