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Showing 1-10 of 41 reviews(4 star). Show all reviews
on January 1, 2001
This is definitely a book for the novice, the intermediate and the professional trader.
The psychological section of the book is useful more towards the intermediate and the professional trader, whilst the trading tactics section is more designed for the novice and the intermediate trader, and the money management section for all three types of traders.
I found this book very helpful throughout my trading career and I would highly recommend that once you have read it not to discard it. You will find it greatly more beneficial to your trading career if you were to read it at least once every 1-2 years of your trading life, because certain areas in the book become highlighted and more readily understood as you mature.
The only reason why I gave it the 4 stars was Elder's fairly lack-lustre Money Management section (accounts for about 6% of the book). However if you find you would like to know more about Money Management (which is an integral part of trading) I would highly recommed K. van Tharp's "Trade Your Way To Financial Freedom."
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on January 6, 2004
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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on February 23, 2000
For me, in particular, there was a revelation contained in the pages of this book. I had never realized how obsessive and potentially addictive a personality I had. In discussing the topic of losing, the author makes an analogy to alcoholism. How, for some, their personalities fall prey to the power of alcohol. So, to summarize on this, please be wary if you are the type capable of such focus that you think of nothing but the market day and night. Alcohol may appear as an innocent escape. But it is a destroyer in a sweet mantle. Anywho, fine book. Valuable for its hard-nosed presentation of the nature of trading and traders. Anyone seeking anything approaching a well-rounded appreciation of the topic of trading has got have this one.
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on February 22, 2002
The first couple chapters are great, but the remainder is more filler, at least in my case. I am familiar with technical analysis and fundamental analysis, so I was looking for more on market psychology. The first couple chapters were great in that respect and make the book worth purchasing, but you might end up skimming the rest.
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on May 26, 2000
This book is very solid, if you want to start thinking for yourself, or are looking to learn from past mistakes, and you want to trade (short horizons), not long-term invest (which is the ultimate goal), this book may prove helpful. It has many anecdotes, and he offers his opinions of the market.
He states many facts, which when you read them, they cause you to stop and think. It's not an easy read, nor does he offer quick fixes, or a promise of more money. What he does offer though is knowledge, and explications that can work as tools. You have to take the jump and trade independently for yourself. It was good enough for me to write a review.
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on January 7, 2012
This is the 5th book I read on trading. The author is very entertaining and there were a lot of sections were I actually laughed out loud. The author assiociates traders who loose with alcoholics. He believes that loosers have a condition and can't help themselves from loosing like alcoholics who can't stop drinking. For instance losers will cashed out of profitable positions to fund their loosing ones or when they start loosing they will double up on the loosing position. According the the author 9 out of 10 new traders will be out of trading in less than 6 months because of this loosing mentality. But the market would not be what it is today if it was not for these loosers. You have to decide if you are a winner or one of the looser mentioned in the book.

The first third of the book focused on the psychology of trading and it was very well written. The middle third of the book talked about the technical ascpect of the book and to be honest the author kind of lost me there. The technical part of the book was a little much for me, it talked about a lot of system traders used back in the day. I have developed my own system and this part of the book really confused me and I recommend skipping it if you already have a system. The last third of the book talked about money management. This part of the book was good and very informative. I have a rule where I would get out of a trade when I was down 10% but the author recommends getting out of trade when you are down 2% of your over all equity. For example if you have 30k in your account you should get out when you are $600 on a trade. This makes much sense and I will incorporate this stategy in my system.

All in all it's a good book and I recommend reading it if you plan to be a fullmtime trader. The technical part of the is a bit much but if you do not have a strategy it might be worth a quick read otherwise i would skip this section.

Good luck

Dmonk.
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on January 7, 2003
This is probably the best book on technical analysis and active trading you can buy. Elder puts the psychological stuff in the first 1/3 of the book which is smart.
If you cannot do the psych stuff he tells you to then do not actively invest or trade. Too many little guys jump in and lose everything. If you cannot sell fast and take small losses - stick to index mutual funds. Cutting your losses quickly is the most important rule also trading with the trend.
The other sections about technical analysis are also pretty good. Great all around book. Avoid trash from James Cramer, Wade Cook, Suze Orman, 99% of all day trading books etc. Alexander Elder is the real deal.
I did not give the book 5 stars because most people think 5 star reviewers are shills. I give Elder 4.5 to 4.75 stars.
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on October 22, 2001
I was fortunate enough to listen to Alex in Moscow in 1996 where he was conducting a serie of seminars. 5 years ago I was a novice in trading and I remember that we were listening him with "open mouses" (I don't know the English analogue to this Russian expression). Of course, all of us found his ideas very useful and helpful. And I would strongly recommend this book to everybody who does not have enough experience in day and short-term trading. But when you gain several years (and tears) of personal experience, and still are alive and content with this job, you should certainly read more advanced books.
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on February 17, 2010
I found the book to be interesting so much that I went ahead and purchased the study guide also. I have decided to dive into the stock market and see if I can make more money at this with the economy the way it is.
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on January 24, 2005
There is much useful information in this book. While Investor's Business Daily suggests you be careful of your entry point, this book has you making trades that could turn out to be risky. For example, buying on an MACD crossover, even though the stock is well below is 50 day moving average. You really need to be careful. If you place tight stop loss orders, maybe 2 percent below your entry, you could rack up a lot of small losses before you hit a really profitable trade. 50 trades (about one per week) losing $200 each amounts to a $10,000 loss. As Dr. Elder points out, there are lots of engineers trying to become traders. Most of them end up broke.
0Comment13 of 17 people found this helpful. Was this review helpful to you?YesNoReport abuse