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 | | Trading for a Living: Psychology, Trading Tactics, Money Management by Alexander Elder ISBN-10: 9780471592242 ISBN-10: 0-471-59224-2 ISBN-13: 9780471592242 ISBN-13: 978-0-471-59224-2 Hardcover 1993-03-08 Wiley Find Lowest Price |
Editorials | ||
Product Description 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. | ||
Reviews | ||
A book for two audiences The first audience that will find this book useful consists of those new to trading. Elder provides a good overview of technical analysis, with chapters on charting, trendlines, patterns, and some well-known indicators such as MACD, momentum, Stochastics, RSI, etc. He doesn't overwhelm the reader with information and he also provides trading rules. The second audience, people who have been trading a while and who have survived long enough to know they need to find out some more about psychology, probably won't find those chapters as interesting. But his chapters on psychology, both individual and mass psychology, are very helpful. He identifies what makes a winning versus losing trader and his chapter on risk management is outstanding. He discusses emotion and probabilities, money management, and how the professional trader must look for quality before money. One thing he stresses is that you must learn from your trades--the trade isn't over when the position is closed out. This constant study is what will help you change and improve. He also writes in an easy to understand manner. The only reason I gave this four stars and not five is that this information is that the book is very expensive for what it contains. | ||
A trading book that does not offer much I bought this book 7 years ago when it was one of the bestsellers in the trading book catergory and I am suprise to see today that its still one of the best sellers. Serious, I don't think I really get a lot out of this book and I don't understand why people are so crazy about it?? One reason I can think of, maybe it is a good book for absolute beginners who has no idea about trading what so ever. But if you want to learn more about trading, ie. the skill to use, the way to manage your money. You will be very disappointed. Throughout the years, I read a lot of trading books which offer way more than this one. | ||
Trading for a living This is definitely a classic for all time.I wished I had read this book 10 years ago... | ||
Great for beginners and intermediate traders This is a great book. Elder covers the psychology of trading and crowd behavior, risk management, and technical analysis. Written for the novice and intermidiate level trader, its all in this book. | ||
This is a very useful book. ait contains lot of information that you don't want to miss This is a very good book. There is lots of bright ideas in it. You want to read it many times to take advantage of it completely. After you read this book. Read " What I Learned Losing a Million Dollars"What I Learned Losing a Million Dollars. This is also a great book that you can't afford missing it. You will be able to get prepared for trading successfully after finish reading both books. Best luck trading to everyone. | ||