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Trading for a Living: Psychology, Trading Tactics, Money Management (Wiley Audio) Audio CD – Abridged, Audiobook


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Trade In Promotion

--This text refers to the Hardcover edition.

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Product details

  • Audio CD
  • Publisher: Penton Overseas Inc; New edition edition (1 April 2000)
  • Language: English
  • ISBN-10: 1560159553
  • ISBN-13: 978-1560159551
  • Product Dimensions: 14.6 x 2.5 x 12.7 cm
  • Average Customer Review: 4.5 out of 5 stars  See all reviews (72 customer reviews)
  • Amazon Bestsellers Rank: 1,699,574 in Books (See Top 100 in Books)

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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 --This text refers to the Hardcover edition.

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 --This text refers to the Hardcover edition.


Inside This Book (Learn More)
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Customer Reviews

4.5 out of 5 stars

Most Helpful Customer Reviews

24 of 24 people found the following review helpful By Mark D. Wolfinger on 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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11 of 11 people found the following review helpful By A Customer on 16 Jan. 1999
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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27 of 28 people found the following review helpful By "jtrend" on 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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8 of 8 people found the following review helpful By "duncanincapable" on 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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23 of 24 people found the following review helpful By A Customer on 13 Oct. 1998
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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7 of 7 people found the following review helpful By A Customer on 17 Mar. 1999
Format: Hardcover
What a gem this book is! I own approximately 100 books on the various aspects of trading stocks and options, and Dr. Elder's book is at the top of the list. The 200-page section on technical analysis is the clearest I have read anywhere. The first 70 pages are pop-psychology for would-be traders, but presented in such a way that the advice is actually useful and non-vomitous...In contrast to a spate of recent books with titles like "Trading to Win", most of which are blatant ripoffs advising us to have a positive attitude no matter what. Yeah, right, take it to the bank.
The last section on money management is superficial, but no book is perfect, right? I don't know how this 1993 title escaped my attention until recently, when a fellow trader recommended it. I find the exponential growth of new day-traders extremely worrisome and to you novices out there, I say read this book before you even think about making a trade.
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