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Trading for a Living Psychology, Trading Tactics, Money Management
ISBN: 0471592242     Date Published: 1993-03-08     Author(s): Alexander Elder
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289 Pages
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06/20/2013 01:28:59
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Editorial Review - Book 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
  1. there are more buyers than sellers
  2. buyers are more aggressive than sellers
  3. sellers are afraid and demand a premium
  4. more shares or contracts are bought than sold
  1. I and II
  2. II and III
  3. II and IV
  4. 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.
Customer Review:
Total Reviews: (241)
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247 of 268 People found the following review helpful.

If you are halfway from an amateur to a pro, it's for you, April 6, 2003 ByServantofGod - See all my reviews This review is from: Trading for a Living: Psychology, Trading Tactics, Money Management (Hardcover) If somebody bought, read and judged the book by whether it could really help him or her to go "trading for a living", that somebody would definitely be disappointed. Even the author himself pointed out that the success rate for the conversion of ex institutional traders to independent traders was very low owing to the much higher psychological load of trading one's own money than that of trading OPM. Despite the over-promise of the book title and the second half of it discussing mostly technical tools, the book is quite well written. There are plenty of bright ideas, some with originality that can be attributed to the author's M.D. and psychiatrist background. In particular I like the following points much:- - That trading is a minus sum game (considering commission and slippage) and the mass media or gurus or prevalent market view are almost always wrong. - The analogy of the market as an ocean and a huge crowd of people, in either case an individual can have no control of...
153 of 164 People found the following review helpful.

For Beginners Only, January 13, 2003 By A Customer This review is from: Trading for a Living: Psychology, Trading Tactics, Money Management (Hardcover) Elder begins with a chapter on psychology. Mind as he refers to it. In my experience, success in trading has less to do with understanding "the madness of crowds" and more to do with developing discipline. Read Mark Douglas instead.Next, Elder spends a lot of pages giving the reader a rundown of the most common price patterns and technical indicators. Which is fine if you don't know them, but has all but the most neophyte readers skipping over great gobs of the book.Next, Elder trots out his two pet indicators and tells you about them. I have used them and they're about as good as any others that you probably already know about and have already used. In other words, I wouldn't buy the book just to get a peek at them.Lastly, he goes into money management. Elder has said himself that he wishes he had devoted more time to this section. Once again, unless you are a complete beginner, you won't find much meat here either.Elder likes trading off moving averages and...
208 of 228 People found the following review helpful.

2ND READING REVIEW * * * * *, January 25, 2000 ByChuck Kelly (Washington State) - See all my reviews This review is from: Trading for a Living: Psychology, Trading Tactics, Money Management (Hardcover) I have to say after reading Dr. Elders book for the second time, I am even more impressed with the wealth of knowledge and understanding of what makes the markets move. I prefer the triple screen method that is presented. This book covers all of the basic knowledge for the beginner as well as the experienced trader. If you are new to trading you will find this an excellent source to build your dreams on. I believe study is the key to sucess in any endeavor. This book is easy to read and you will be amazed at the insight you will gain as to the day to day operation of the markets. I think it is important to decide on what method makes the most sense to your trading style and then learn all you can about it. The more knowledge you have the better decisions you make. I find the hardest part being money management. I have to control my urge to follow my gambling impulse to bet the farm on what looks good in the charts. Even though I know it is a sure way to loose in the market...
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