I find it very regrettable that Dr. Elder has seen fit to slam this author's book in the public venue of Amazon.com book reviews. I've only been involved in learning the stock market since September of 08, and while there are innumerable books on the subject and countless web pages devoted to it, most of them only serve to increase the sense of mystification in the mind of the newbie.
"Trend Trading for a Living", is quite exceptional amongst the available titles in that it does a much better job of making the subject matter digestible to people who aren't already experts. I would recommend starting with an abject beginner's book first, and then read this book to really clear up any confusion you may still have. While I have found nothing new in it (I haven't seen anything so far that I haven't seen before...), I do find that I'm actually UNDERSTANDING and RETAINING what I'm reading, which is new. It may be covering the same old material, but it's done well and comprehensively, and doesn't leave out little critical bits here and there (a frustrating habit of most market books) and does not presume a prior, deeper understanding on the part of your reader, and that makes all the difference. It is not enough for a writer to understand the material themselves, they must be able to teach it, and Dr. Carr does that very well, and very clearly.
And when Dr. Carr says he's going step by step, he really is. He doesn't casually mention some term or idea or indicator setting you've never heard of because you're new, in some vague, unclear manner in passing, and then move on leaving you befuddled. He actually explains things to a useful level of detail. AND he responds if you write him.
It does sometimes happen that he doesn't fully explain a term the very first time he references it. Given the scope of the subject matter and it's complex inter-references, this is quite understandable. If you don't get something, just keep going, it'll come out in the wash. This also suggests that reading this book two times through is a good idea, yellow-lining the second time.
Dr. Carr is quite explicit and unambiguous in giving credit where credit is due, not only to Dr. Elder but to the many other pioneers whose material he references. There's absolutely not the slightest hint or suggestion of his co-opting credit or attempting to "capitalize" anything from anyone else. Expressly the opposite. If Elder had actually READ the book before being such a presumptive jerk, he would have read the NUMEROUS times Dr. Carr gives him full credit, without ANY obfuscation WHATSOEVER.
This book is a work of exceptionally high value and use, and Dr. Elder's reaction was completely inappropriate, giving as it does the general impression that this work is somehow illegitimate.
Reading and understanding Dr. Elders primary early works is absolutely critical to the rank and file trader. They are too foundational to ignore. I have his books on my shelf and will continue to use them. But he's done some serious damage to his credibility in my mind with his casual, flippant denigrations. Dr. Carr, for this very clear and approachable work, deserved MUCH better, ESPECIALLY in view of the fact that anyone reading this book is strongly encouraged by Dr. Carr to read Dr. Elder's books, quite ironic given the circumstances.
I don't know Dr. Carr from Adam, but it seriously annoys me to see someone trying so hard to produce a work actually usable for beginners get shot on the tarmac by a giant in the field in what LOOKS like a needless, unjustified and ill-mannered attempt to protect his turf. Dr. Elder could EASILY have afforded to be more gracious.
This book is a keeper, no doubt about it.