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Trend Trading for a Living: Learn the Skills and Gain the Confidence to Trade for a Living Hardcover

ISBN-13: 978-0071544191 ISBN-10: 0071544194 Edition: 1st

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Trend Trading for a Living: Learn the Skills and Gain the Confidence to Trade for a Living + Micro-Trend Trading for Daily Income: Using Intra-Day Trading Tactics to Harness the Power of Today's Volatile Markets + Trend Commandments: Trading for Exceptional Returns
Price for all three: $73.02

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Product Details

  • Hardcover: 312 pages
  • Publisher: McGraw-Hill; 1 edition (December 6, 2007)
  • Language: English
  • ISBN-10: 0071544194
  • ISBN-13: 978-0071544191
  • Product Dimensions: 9.3 x 6.4 x 1.1 inches
  • Shipping Weight: 1.4 pounds (View shipping rates and policies)
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (54 customer reviews)
  • Amazon Best Sellers Rank: #252,435 in Books (See Top 100 in Books)

Editorial Reviews

From the Author

I know what you want in a trading book.  It is the same thing I want in a trading book.  You want specific trading systems explained clearly enough so that you can duplicate them in your own trading.  You want them to be robust, easy to use, and applicable to various market conditions.  This book has all that...and more.

About the Author

Thomas K. Carr is founder and general partner of Carr Capital Management and hedge fund manager of the Befriend the Trend Fund. His seminars and manuals have helped thousands of traders around the world learn profitable trading and risk management techniques.


More About the Author

Education:

D.Phil. Oxford University (1998)
M.Phil. Oxford University (1992)
M.Div. Princeton Seminary (1990)
B.A. Willamette University (1984)

Experience:

Professor and Chair, Religious Studies and Philosophy (University of Mount Union)

General Partner and Founder:
Befriend the Trend Trading, LLC

Visit us at: Befriendthetrend.com

Customer Reviews

This book was a pleasure to read.
Ramal Murali
It is a book that shows how to trade volatile high beta stocks using the trend as a guide.
Steve Burns
This book is simple, clean cut, to the point, concise, and very informative.
Gene Onweller

Most Helpful Customer Reviews

115 of 121 people found the following review helpful By Leviathan on February 25, 2009
Format: Hardcover
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.
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33 of 35 people found the following review helpful By TraderGuy on March 5, 2008
Format: Hardcover
Positives: Specific set-ups and the formulas to scan for them using stockcharts.com.
How to create a watchlist of trending momentum stocks and finding a potentially low-risk time to enter them.
It's one of the few books that discusses different methods of actually taking profits, which anyone who's tried to trade for a living knows that's far more important than entries.
A discussion of trading options in a very clear and simple manner.

Negatives: No backtesting provided to give the probabilities of success, drawdowns, etc for the set-ups provided.
It could have been better had the author spent a few pages discussing position sizing and money management of one's account instead of the last chapter about his "utopia" world of future trading.
The constant referencing of his website/newsletter gets annoying, but I guess one has the right to advertise in their own book as much as they can.

It's a good book but I can't say if it's worth the $40 since I got it for free...Obviously the biggest factor leading to the success of these set-ups is recognizing the trend and having the discipline to stick with it.
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33 of 36 people found the following review helpful By Steve Burns TOP 1000 REVIEWERVINE VOICE on April 7, 2008
Format: Hardcover Verified Purchase
This book is in the tradition of Alexander Elder and Nicolas Darvas, some of the authors trading inspirations.(Mine also). It is a book that shows how to trade volatile high beta stocks using the trend as a guide. It is full of technical trading systems, with no fundamentals here you can ignore news reports, economic and business forecasts, P/E ratios, and book value. What you look for is chart set ups for both long and short positions.Great examples are given and how to find them. The book reinforces the "Price is reality" school of thought where price reflects the companies prospects, if the market likes your company's prospects the price goes up, if it does not it goes down. I agree it really is that simply. The book uses four sources of input for its systems:
Price patterns.
Moving averages.(I find these highly valuable). 20 and 50 day SMA
Technical Oscillators MACD, stochastics, RSI, CCI, and OBV.
Japanese Candlesticks (My favorite charts)

The book also covers the 10 habits of highly successful traders that are crucial for success. I really got a lot out of his examples of charts and showing the bullish and bearish trends based on the 20 and 50 day moving averages. He covers option trading in three chapters and shows how to trade bullish and bearish trends along with using straddles during option season.
Price and volume-that is all you need to know to trade well. Always go with the chart.All that is needed to be hugely profitable in the trading game is to be right more often than wrong. I have traded stocks for over 5 years very successfully and would strongly recommend this book all who wish to trade for profit or live the dream of trading for a living.
He wraps the book up nicely explaining how the market can build your character by making you more patient and humble. His best advice is that the market will do what it will do, just go with the flow and befriend the trend.
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28 of 30 people found the following review helpful By Joseph G. Wick on November 30, 2008
Format: Hardcover Verified Purchase
I really like this book. For some time I've been an active trader, holding my own. I have almost every serious trading book around. This book is unusual in two respects.

First, and very important, it sets forth very specific concrete approaches to selecting stocks and timing entries and exits. Dr. Carr does not stop with generalities. He sets forth a number of specific setups with clear and complete instructions on how to use them, but he also gives the general principles underlying them. So, you know why what you're doing makes sense. Even better, the methods embody the KISS principle, avoiding the unnecessary and unproductive complexities found in many approaches.

Second, this book is surprisingly complete considering its moderate length. It productively covers and summarizes the psychological and discipline factors necessary for successful trading. It clearly describes in detail techniques to use in bull and bear markets, with separate discussion of both stocks and options. Dr. Carr gives specific online sources of free information. In short, everything you need to use his method is in the book except for the computer and internet connection.

My only criticism relates to the computer and internet requirement. Dr. Carr talks at some length about the type of computer and connection you should use. I think this is overkill since almost everyone who would read the book already has an adequate computer and internet setup. But, the information doesn't hurt, although it will probably be dated quickly.

Finally, Dr. Carr's unusual background might account for the excellent writing style. His degrees are from Oxford and Princeton, in philosophy and theology! He is a professor of religious studies.
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