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Come Into My Trading Room: A Complete Guide to Trading Hardcover – April 19, 2002
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From the Inside Flap
How long will it take you to become a competent trader and how much will it cost?
What markets should you trade and how much can you expect to make?
What rules should you set, what methods should you use, how should you split your trading capital?
If these questions interest you, you picked the right book. Written by a professional trader, an expert in technical analysis, and a practicing psychiatrist, Come Into My Trading Room: A Complete Guide to Trading comes out nine years after Dr. Alexander Elder's international bestseller Trading for a Living, reflecting his latest discoveries and concepts.
Come Into My Trading Room opens with a brief primeraptly named Financial Trading for Babes in the Woodsaimed at newcomers, but containing important information for experienced traders. It clarifies topics whose mastery is essential for everyone: what markets to trade, how to interpret financial theories, and how to handle common barriers to success.
Moving up from the basics to the heart and soul of Dr. Elder's methods, Come Into My Trading Room teaches the three key aspects of tradingMind, Method, and Money. First, you see that the key to winning is in your minddiscipline. Then you learn how to find the best trades and make the most efficient entry and exit decisions. Dr. Elder shares his favorite analytic tools and covers system testing, day-trading, as well as longer-term swing trading, his new Impulse trading system, and a new SafeZone method for placing stops. These methods will allow you to trade with a high level of confidence in any marketstocks, futures, options, or currencies. Moving beyond technical analysis, Dr. Elder teaches you the rules of money management that are essential for your survival and success. He shows how to structure your account like a submarine, divided into many compartments, so that it won't sink if one section becomes flooded.
The next section of this comprehensive trading guideThe Organized Tradertakes you where no trading book has ever gone before. It teaches you how to organize your time and effort. You learn to select markets and design a decision-making tree. Good records help you learn from your experiences and rise to a higher level of expertise. Dr. Elder clearly outlines four types of recordsthree of them looking back and one looking forwardthat are essential for any serious trader.
In the final section of this book, Dr. Elder delivers another first in trading literaturehe invites you into his trading room and takes you with him on half a dozen of his recent trades, illustrating entries and exits with charts.
Distilling twenty years of trading and teaching experience, this book will put you on the road to mastering a new way of trading stocks, futures, options, and currencies. By the time you leave Dr. Elder's trading room, you'll be in a position to take your trading to a higher, more intelligent, and successful level.
From the Back Cover
Come Into My Trading Room
A Complete Guide to Trading
You can become a successful trader. It has been done before, and it is being done right now, today, by people around the world. If you enjoy learning, if you are not scared of risk, if the rewards appeal to you, and if you are prepared to put in the work, you have a great project ahead of you.
In Come Into My Trading Room: A Complete Guide to Trading, Dr. Alexander Elder takes you far beyond the three M's (Mind, Method, Money) of his international bestseller Trading for a Living. He teaches you to manage your money and time, as well as strategy, so that you can enter the markets with confidence and exit with profits. This essential book educates the novice and gives more power to the professional through expert advice, proven trading methods, and something entirely uniquea visit to Dr. Elder's own trading room. You get to follow him through several actual trades, whose entries and exits illustrate many of the key concepts of this book.
Come Into My Trading Room offers:
- A complete introduction to trading essentials
- An overview of trading psychology, both individual and mass psychology of the markets
- A practical overview of technical analysis, including new indicators and systems
- A step-by-step guide to risk control and money management
- Exact instructions for keeping records and organizing your time
- A visit to Dr. Elder's private trading room, reviewing several of his recent trades
Be sure to work through the companion volume to this bookStudy Guide for Come Into My Trading Roombefore you risk a dollar in the markets. The Study Guide features 100 questions and answers and almost 50 charts to test your knowledge. Grade yourself to make sure you know enough about the nine key areas of trading. Work through eight case histories, select entry and exit points, and find out how well you understand what needs to be done in every trade. Use Dr. Elder's Study Guide to make sure that you can measure up to your competitors and surpass them.
Come Into My Trading Room will help you master a new way of trading stocks, futures, options, and currencies. Unparalleled depth and a wide range of coverage give you the best chance to become the trader you've always wanted to be.
Top Customer Reviews
It was with a great deal of curiosity that I began to read Come Into My Trading Room. Trading for a Living, Elders first and classic book was the second trading book I ever read and even 40 or so books on from there I still rate it in my top five and frequently recommend it to others who want a considered and honest introduction to trading.
I was interested to see how the themes and emphasis had changed and developed in the nine years since the first book was published. I had briefly read a couple of reviews that suggested it didn't add much to the previous book but I was eager to make my own mind up.
So the first question I asked myself was what hasn't changed?
The style of writing is as clear and engaging as in the first book. The layout is logical and in all key areas he suggests further, more specialised reading to take you deeper into the subjects that may interest you. For the size of the book (only 313 pages), it is very comprehensive and covers the three main areas of competence for a trader. Psychology, Technical Analysis and Money Management. So the three pillars from the first book are still very much standing.
What is different? A great deal in my opinion. The psychology section is vastly improved. I thought that to be the main weakness in the first book, with an over reliance on the AA model which (because of my professional background I have issues with) He draws the title of the psychology section from another excellent book by Mark Douglas, again giving the impression that Elder himself has been learning a lot over the past few years.
The technical analysis section goes much less into describing basic TA than the first book did and instead focuses more on the application of TA to trading.Read more ›
1) "Some of the best trading opportunities occur after false breakouts" - I'm finding this more and more these days, which is why I actively use my Momentum Divergence indicators to separate the fakeouts from the real breakouts. Elder does a great job showing numerous charts throughout his book, laying the groundwork for the divergence examples he explains in great depth when you step into his trading room in the final chapter with many actual trading examples. You need to understand the concept of divergence to trade today's markets more profitably, and this book will be a great help in showing you how to trade divergence setups.
2) Triple Screen - Elder explains the important of using multiple timeframes, though he advocates two to no more than three time frames. The key concept is that whatever timeframe you use, you need to go up to the next longer timeframe to get confirmation. This provides the bigger picture trend to define the nature of your trades, and then you can return to the shorter timeframe and make more tactical decisions with this broader trend in mind as well.
3) Grade Your Performance - Elder actually quantifies trading effectiveness by defining the width of the channel for a stock, and what percentage of the move the trader actually captured to determine his grade.Read more ›
Essentially it's a trend following methodology of entering on pullbacks to the 20 MA and exiting when they extend to the outer band (envelope, band, channel, it doesn't matter). Classic indicators are tweaked slightly and pitched as "Elder Indicators" which of course you can buy the disks for. Really this whole book could have been condensed to a 3 or 4 page .pdf file and not left any of the concepts out.
He advises against day-trading and questions whether it can actually be done profitably. That is pretty short-sighted of him in light of all the known profitable daytraders out there. His reasoning is that with his method it would be too difficult. That came across as egotistical and closed-minded to me.
The thing that really threw me off is that after a book teaching a trend-following system (and warning against other methods), the last section of chart examples are all counter-trend trades! Every single one of them is completely the opposite of what is taught in the book. You would think he could have thrown in at least one actual example that actually was trading the method in the book?
I joined his mailing list after reading the book and after almost two years of being on it, not one example of a trade set-up that comforms to the method in this book has been given. Instead, periodic "opinions" of market direction have been given for copper, oil, bonds, and the S&P 500. This from a guy who says don't have opinions on market direction. Too boot, all of them have been wrong! Got to wonder about this guy now, was Trading for a Living just a lucky fluke?
Most Recent Customer Reviews
“Come into my trading room“ an oasis in the middle of scammers trying to sell you how to be rich. Thank you! Dr. ElderPublished 2 months ago by JORGE B.