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Study Guide for Trading for a Living: Psychology, Trading Tactics, Money Management (Wiley Finance) Hardcover – 20 Apr 1993
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".... 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
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 traderHow to profit from reading the behavior of the market crowdHow to use a computer to find good tradesHow to develop a powerful trading systemHow to find the trades with the best odds of successHow to find entry and exit points, set stops, and take profitsTrading 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 sellersbuyers are more aggressive than sellerssellers are afraid and demand a premiummore shares or contracts are bought than sold I and IIII and IIIII and IVIII and IVAnswer 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. See all Product description
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One of the best and most comprehensive books I've read on trading - and that's saying something. It was expensive (£55, c.$80) but worth every penny. The author is a doctor who escaped to the US from the former Soviet Union, became a psychiatrist and then a very successful trader. I bought this book for its comprehensive section on trading psychology. Alex Elder tells it like it is, in very plain terms. If you trade, you are your biggest enemy. He tells you what to do about it from within quite a harsh frame of reference: that of Alcoholics Anonymous.
It misses out on that fifth star because it has not been updated since 1992. The result is that it's very much a pencil-and-paper approach to trading signals, and there's no mention of the internet at all. That didn't bother me too much, but I think it would make some readers feel a bit robbed. On the plus side, he actually talks through the psychology of all the indicators. For me, that was a huge bonus. Even though I'm not big on indicators, the people I trade against are - so I have to know them and read the moves of the crowd.
Actually, I'm going to give this five stars. It's a rare thing for me to start re-reading a book on the same day I finished it.
273 pages of pure knowledge.
Basically, this book you build the base of you future as a trader.
The physcology of trading is one of the most important attributes to become successful at it which is why I would highly reccomend it