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Trading for a Living: Psychology, Trading Tactics, Money Management [Hardcover]

Alexander Elder
4.3 out of 5 stars  See all reviews (146 customer reviews)
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Book Description

March 22 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 + Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications
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Product Details

Product Description

From Library Journal

Soviet-born author and practicing psychiatrist Elder (director, Financial Trading Seminars, Inc.) shares his learning over the years as a professional trader and expert in technical analysis and his principle of understanding the three Ms (Mind, Method, Money), which will strengthen the discipline required to be successful in trading. He explores crucial factors in the markets that most experts overlook, including time, volume, and open interest, and describes little-known indicators to track them profitably. In addition, he covers many of the more technical approaches to investing in futures, such as factoring in the meaning from the Elliott Wave, oscillators, moving averages, Market Logic, and point-and-figure charting. His unique viewpoints in this overly saturated genre explain his particular view that most traders sabotage themselves, while offering tips for others to avoid doing the same. The narration by Richard Davidson soundly guides the listener through this highly specialized work that, although first published seven years ago, remains recommended for university libraries supporting a finance and business curriculum.DDale Farris, Groves, TX
Copyright 2001 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.


".... 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

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Customer Reviews

Most helpful customer reviews
10 of 10 people found the following review helpful
5.0 out of 5 stars Really A Must Oct. 17 2002
Dr. Elder is a practicing psychiatrist. He is Russian origin and today he is well-known in Russia after his Moscow course of lectures on short-term investment in 1996. This book is translated into Russian and was published twice in Moscow ...
The first half of the book is pure psychology. The stock market in fact is a reflection of the human psychology. As the author points out, so many people who are educated think that because they are "school smart" that they must be able to master the financial markets just as well. It's the psychology and the mentality that goes into it. The author likens a typical losing trader (in other words, most traders!) to an alcoholic in denial. Traders are addicted to losing money. They get such a thrill from trading that they don't care if they win or lose.
The second half (Trading for a Living) is the core of the book. It is various trading strategies and technical information. If you're an experienced trader, you'll recognize most of it. The rule is simple: "buy low, sell high" or "short high, cover low". I think the author did an excellent job of covering a wide variety of strategies and trading tools. If you are new to trading, it may confuse the daylights out of you.
This book is a must have for anyone venturing into online trading. Dr. Elder lays out the three essentials of becoming a successful trader: Mind, Method and Money Management.
1. Mind: The psychological aspect of trading. Tells you to observe your own emotions as you trade.

2. Method: Technical analysis. Almost every major indicator is discussed here.

3. Money Management: Gives you some tips on how much to risk.
I have found a lot more detail in this book than in any other I've read so far. It is very enlightning. I give the book five stars.
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5 of 5 people found the following review helpful
I strongly disagree with the guy who wrote a comment "Worthless garbage, January 2, 2004". This guy sounds like a seriously frustrated puppy. I've been breaking my teeth at this game for 9 months now. All own my own, without outside help.Not easy. I read about 25 books on the topic. I've read this particular book three times. Once before trading, once during the first few months, and again recently. Only recently did I "wake up", and finaly payed attention to Elder's method and tools. Trust me, it ain't garbage, far from it. Use his stuff as building blocks to fit your own method, understand the logic behind the tools. It's true nothing beats experience, but why lose time re-inventing the wheel? This book is for beginner and intermediate level. DOWNSIDE: I rembember paying around 40U$ for the book about 2 years ago. but I recommend it if you are really serious about intelligent trading (most people are looking for a quick & easy way to act out their gambling urges). I didn't need the Study Guide, which I also bought. I traded in real life, then re-read the book as I hit a brick wall (read: lost serious amounts of money). And by the way, there is no such thing as psychology "babbling". The frustated guy just didn't get it. Technical trading involves evaluating psychological shifts in mass consensus. Then the game is all about YOU, whether you want to admit it or not. Blaming the others, the market, God, etc will only destroy your trading account. As in real life, don't deny the truth, just deal with it. Hope this helps...
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4 of 4 people found the following review helpful
3.0 out of 5 stars Same old same ole Oct. 9 2003
By A Customer
Elder runs trading camps and has a real cult of personality so allot reviews are based on him and not necessarily this book. The book is really a re-hashing of simple trend trading and really shows it's age. If you must persist with Elder I'd get Come Into My Trading Room which has some interesting ideas, the stop loss worksheet etc. but really Elder is someone you probably won't get much out of unless you are a long term trader (> 13 weeks) or do options as too much of his stuff just doesn't make it for day trading or swing trading...for daytrading get the Bernstein books, he's got some good ideas but he's rather sloppy in execution still his systems are variations on some solid stuff.
For swing trading, the old standby, with allot caveat, is Edwards & Magee. Elder really doesn't have enough in him to warrant more than glimpsing at hjs stuff.
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4 of 4 people found the following review helpful
4.0 out of 5 stars This Guy is a Psychiatrist June 27 2004
By "kltr"
Alexander Elder is first and foremost a psychiatrist, and it shows when he explains his insights into individual and mass psychology in the first two chapters of the book.
These two chapters are the real gold in the book; i have not read a more succinct and hard-hitting explanation of the behavior of individuals and crowds, and these two chapters are the ones you want to read.
The rest of the book is devoted to the basics of technical analysis. There is a lot of stuff out there on technical analysis so the stuff in Elder's book is likely to be somewhat outdated.
Nevertheless, read this book for the part on the psychology. This is fundamental and basic for any investor or trader, and is crucial to your success in the markets.
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3 of 3 people found the following review helpful
The dichotomy of trading is that it appears deceptively easy when in fact it is painstakingly difficult to get off to a successful start. Many trading books take advantage of this misperception and neglect to mention the difficulties and oversimplify or even misrepresent the necessary basics, much like the shop keepers, the saloon owners, and other merchants did to prospective gold seekers during the California gold rush.
Dr. Elder is one of the few honest merchants in this field who explores the dark side of trading up front. In fact the first impression this book will make on a new trader is how difficult it is going to be to consistently make money in the market through short term trading. But alas, most good things in life come with a bit of difficulty and those who are willing to pay the price by studying, even mastering the basics, will in the end be rewarded with a career that offers many perks.
This book should be considered the text for Trading 101 as it explains in a simple way the basics necessary to succeed. As another reviewer has mentioned it is unnecessary to strain yourself by learning charting techniques reading 400+ pages of Murphy's "Technical Analysis of the Futures Markets." If you are willing to master the material in Elder's book, it is arguable that, along with a good candlestick-charting book, you will have sufficiently mastered the charting techniques necessary to find a good degree of success in finding a good trade to enter. It is doubtful that if you are new to charting that you will ever look at a stock chart the same after reading this book.
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Most recent customer reviews
4.0 out of 5 stars Good intro . book...
Only a 4/5, if you don't read any other books. It's important to see the big picture , meaning that many
book traders- only know one type or style of trading. Read more
Published 4 days ago by Greg K.
3.0 out of 5 stars Book Trading For a Living
Book is very detailed , so maybe my husband the Engineer can figure it out! It's more than a layman wants to read. Read more
Published 22 months ago by Sherry Grykuliak
4.0 out of 5 stars If you could buy one book of trading, this should be it!
Easily the best trading book I've read. Elder eleoquently articulates on 3 essential "pillars" of trading: Psychology & Market Dynamics, Technical Analysis and defensive money... Read more
Published on Feb. 16 2011 by ANONYMOUSE
5.0 out of 5 stars Every Trader Should Read This Book
Every trader getting into the business of trading should be required to read this book. Dr. Elder gives a great overview on the essential psychological factors that traders must... Read more
Published on Nov. 16 2009 by Johnder Perez
2.0 out of 5 stars technically worthless
I am a professional trader. This book has a good section on psychology but thats it. Totally worthless when it comes to the technical part. Read more
Published on July 1 2004 by Bunnyrabbit
5.0 out of 5 stars Timeless gem
Aside from psychology and money management, this book is an essential reference about formulas (MACD, WILLIAMS %R, ADX and at least a dozen more). Read more
Published on June 8 2004 by Schnuerbel
5.0 out of 5 stars The system always wins
You never know how unrational and emotional man can become. There are no favors in this business. In this business you risk a lifetimes worth of money, all at once. Read more
Published on April 15 2004 by Golden Lion
5.0 out of 5 stars A most for everytrader to own.
Excellent book on stock trading covers Psychology, Trading tactics and Money Management. It is a pleasure to read.
Published on March 8 2004 by Tonyny
5.0 out of 5 stars Generous
This author really wants you to get a grip. Very helpful. Now, after having actually applied this book's suggestions for two months I would like to share with you the following:... Read more
Published on Jan. 25 2004 by *
5.0 out of 5 stars The best book on trading
This book will show you the way, give you the correct thinking on trading long or short. Then find your own comfort zone, and don't squander your time or money buying other books... Read more
Published on Jan. 1 2004 by Handlowiec
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