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Trading for a Living: Psychology, Trading Tactics, Money Management Hardcover – Mar 22 1993


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Trading for a Living: Psychology, Trading Tactics, Money Management + Come Into My Trading Room: A Complete Guide to Trading + Trading in the Zone: Master the Market with Confidence, Discipline, and a Winning Attitude
Price For All Three: CDN$ 145.13

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Product Details

  • Hardcover: 304 pages
  • Publisher: Wiley (March 22 1993)
  • Language: English
  • ISBN-10: 0471592242
  • ISBN-13: 978-0471592242
  • Product Dimensions: 23.4 x 16.1 x 2.6 cm
  • Shipping Weight: 499 g
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (145 customer reviews)
  • Amazon Bestsellers Rank: #67,672 in Books (See Top 100 in Books)
  • See Complete Table of Contents


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Customer Reviews

4.3 out of 5 stars
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10 of 10 people found the following review helpful By A. Petrotchenkov on Oct. 17 2002
Format: Hardcover
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 By Marc Alex Belanger on Jan. 6 2004
Format: Hardcover
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 By A Customer on Oct. 9 2003
Format: Hardcover
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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Format: Hardcover Verified Purchase
Book is very detailed , so maybe my husband the Engineer can figure it out! It's more than a layman wants to read.

Title of the Book is Trading For a Living, book arrived in great shape, its a used book but looks like new and had a nice discount.
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Format: Hardcover
Anyone who has a serious interest in trading or any professional trader would not be without this book. It should be your trading "Bible" and within your reach for reference at all times. If you are looking for a dependable trading system (as dependable as systems can be) then the Triple Screen is for you. It will help you to identify solid trades and avoid the straight gambles. I think that Dr. Elder has given us a book that will prove itself invaluable to you over your trading career. His technical analysis discussions are clear and concise, and his examples provide a good framework for understanding. However he is not guaranteeing you success or giving you a "magic formula". Just the relevant information that you will need to make good trading decisions. With his insight into trading psychology, he is trying to help you avoid many of the common mistakes that traders make. If by purchasing this book, and taking to heart what the says, you are able to avoid one bad trading decision, then it will have been worth it to you!
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