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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.
∗ 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.
Inside This Book
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First Sentence
Trading appears deceptively easy. Read the first page
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
Trading appears deceptively easy. Read the first page
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Concordance
Browse Sample PagesConcordance
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Customer Reviews
Most Helpful Customer Reviews
20 of 20 people found the following review helpful
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.
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.
24 of 25 people found the following review helpful
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.
8 of 8 people found the following review helpful
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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Most Recent Customer Reviews
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 21 days ago by Badders
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 24 months ago by Big Iceberg
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
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
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
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
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
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
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 July 2004 by "duncanincapable"
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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