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Trading for a Living: Psychology, Trading Tactics, Money Management Hardcover – Mar 22 1993
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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 12/09/99See all Product Description
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Top Customer Reviews
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.Read more ›
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.
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.
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.Read more ›
Most recent customer reviews
Very good book. Highly recommend it. Although there were a lot of indicators that were described. Those chapters got pretty dry. Read morePublished 1 day ago by Ninge280
awesome read for new and experienced traders alike. this is a must readPublished 4 months ago by Jasmine D
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
Book is very detailed , so maybe my husband the Engineer can figure it out! It's more than a layman wants to read. Read morePublished on Dec 29 2012 by Sherry Grykuliak
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 morePublished on Feb. 16 2011 by ANONYMOUSE
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 morePublished on Nov. 16 2009 by Johnder Perez
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 morePublished on July 1 2004 by Bunnyrabbit
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 morePublished on June 8 2004 by Schnuerbel
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