Most Helpful Customer Reviews
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48 of 52 people found the following review helpful:
5.0 out of 5 stars
Most Clearly Written and Systematic Trading Book I've Read, January 29, 2008
I've read a lot of the "how to" trading books aimed at the novice to intermediate level trader, including Elder's books (good but outdated), Toni Turner's books (ok but too pedantic at places), and Alan Farley's "Master Swing Trader" (the most sophisticated but overly complicated) and this book by Carr is by far the best. "Trend Trading for a Living" gave me exactly what I was looking for: a simple system to determine general market direction, and 10 complete, easy-to-follow, fully explained and illustrated systems for trading stocks both long and short.
Does it work? Well, let's just say that his market direction system would have told me to sell my longs in early December and start shorting the market. I wish this book had come out about 2 months ago!
EDIT (04/05/08): just a quick update on real-time trading these systems -- I've put on 12 trades so far, and closed 8 of them; 2 small losses and 6 for a profit of at least +5% (one closed for +15% in 4 days!). The 4 open positions are all profitable. The open positions, all longs, are:
*SWN ("pullback", in at 30.00 on 3/24, now at 36.38);
*NFLX ("blue sky breakout", in at 32.00 on 3/10, now at 36.21);
*SOHU ("bullish base breakout", in at 41.00 on 3/24, now at 51.41);
*WFR ("bullish divergence") in 3 days ago and is +3.23 so far.
Yes, I highly recommend this book (and his "Trend Trade Letter", excellent if you don't have the time to find the stocks yourself). As he says, nothing in here is "get rich quick", but with these systems in place and the discipline to stick to them, anyone can "get real rich real slow"!
PS: if you have any questions leave me a comment here and I'll get back to you.
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31 of 37 people found the following review helpful:
5.0 out of 5 stars
In Response to Dr. Elder, June 5, 2008
I am honored that Dr. Elder would take the time to respond to my recently published book, "Trend Trading for a Living". For the record, the title was chosen by the publisher for reasons not disclosed to me (my own title suggestion was rejected). With all due respect to one whose work I respect a great deal, I'd like to correct his primary assertion: my book has a lot to do with his, for it was his classic text, "Trading for a Living", that got me started on the road toward building techical trading systems.
As I state in my acknowledgements, "...I am indebted to Alexander Elder, master teacher and market psychologist. Dr. Elder first revealed to me the elegance and logic of technical analysis as applied to price charts. Many of the of the key concepts embedded in the systems explained in this text come from his seminal work...now considered a classic in trading literature" (p. xv). Later in the book, in the introductory chapter, I devote two paragraphs to explaining what I learned from reading Elder's work (p. 17). The principle of "divergence", so central to several of my systems, I learned from him.
Of course, our books differ markedly. I offer 10 complete trading systems (5 long, 5 short) whereas his book offers 3 systems (triple screen, parabolic, channel). Elder is primarily a futures trader, and his examples are from futures markets, whereas I am exclusively a stock trader. One-fifth of my book is devoted to trend trading stock options but his only mentions options (on futures contracts) in passing. And Elder's book offers a catalog (very helpful) of over 20 technical indicators and sentiment readings while I've tried to simplify things by discussing only those indicators I've found to be most reliable for trend trading (trendlines, RSI, MACD, OBV, CCI, Stochastics, Moving Averages, and candlesticks).
Regardless, I hope that Dr. Elder would read my book and learn there just how much his work has meant to me. I owe him a great deal of thanks and hope to meet him one day soon to express that.
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9 of 9 people found the following review helpful:
5.0 out of 5 stars
Great book. Didn't deserve the slam from Elder, February 25, 2009
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.
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by Marcel Link
