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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.
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Top Customer Reviews
Dr. Elder covers the three aspects of success:
Mind - Mastering your own mind is at the core of being successful in anything. Here he discusses the psychology of trading - how close it can come to gambling and how to avoid that.
Method - Your actions must be correct to achieve success. Dr. Elder shows how to apply the concept of mastering your mind to an actual trading system.
Money - Trading is a risky enterprise. "Managing risk" is another term for "trading profitably." - provided you own your 'mind,' and you've chosen a working 'method.'
I don't believe there's anything wildly 'new' in "Come Into My Trading Room." It is not a technical analysis textbook (plenty of those around,) and it's certainly not a trading system in itself. It's a very clearly written, broad introduction to trading and a hands-on-guide to teaching yourself to be a successful trader.
Most useful? If you already know all about keeping comprehensive records and written trading plans, if you've mastered self-discipline to prevent the gambling trap, then the next most valuable tool Dr. Elder gives us is a grading method to objectively measure the success of our trades, and ultimately our overall progress as traders. The SafeZone and Force Index indicators are clearly valuable, but they're like the secret spy ring to the rest of the books delicious Cracker-Jacks.
Highly recommended as a 'First Read.'
Business Risk vs. Trading Loss
The Mature vs Immature Trading Psyche
Equity Money Management
It is OK to Make Mistakes but Not OK to Repeat Them
In other words, forget about learning how to become a technical trader if you do not follow disciplined, technical trading rules, do not set losses at a certain percent of equity and not change it, love trading for the action and not have a defined moral purpose. As the author states, you are a loser and your trading account value will continually prove it.
Yet if you are willing to change how you currently trade, have hit rock bottom and discipline sounds like the salvation you need, or not get the trading results you are striving for, 'Come Into My Trading Room' is an absolute gem! Very easy to read, no Wall Street jargon even as he describes in detail various technical trading tools and the logic behind it. By-the-way; the Kindle version allows you the ability to add your own personal notes.
This one is the best.
This book contains three parts : Mind, Method, Money management
The "Mind" is about trading psychology.
The "Method" is about technical analysis.
The "Money management" is about ... well.... money management !
The book is overall very good, because it details how to combine different indicators (EMAs, MACD), how to create a trading journal, gives sound money management rules, and, in a global way, places you on the path of profitable trading.
I don't give five stars because of those two reasons :
- the "Mind" part is not that great ... Trading for A Living has a much more profound section on this topic.
- the "Method" doesn't work with me, meaning that I can't make any money following what's written in this book ... although I'm a true believer of MACD divergences, the method doesn't allow your profits to run ... once I set up a different exit strategy (a trailing stop instead of a channel exit), my trading turned profitable.
This book is highly recommended, although you may need to find other "systems" than the one which is presented here (for that, you can check Dr. Thomas Carr, Daryl Guppy, Dr. Samir Elias or Alan Farley).
You can tell there was a lot of thought put into this book. It was very well written and everything was explained in detail. The psychology of trading was included in each and every one of the chapters. You learn the thought process of the traders behind the market(s) and also what to think about when creating your own indicators. The author shares two of his personal indicators, "Force Index" and "Elder-Ray" and why they were designed the way they were.
There's a lot that both beginning and advanced traders can learn from this book. The lower reviews that I have read on this book seem to be due to lack of material or applicability for/to day trading. The author does not focus much on day trading in this book, but even though I am not a day trader, I think a lot of the concepts could be applied to any type of trading (day trading included).