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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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However, I will echo what others have said in that this book could have been condensed considerably. Insofar as Elder possesses a great talent for writing, his method of teaching relies too much on metaphor. If you cut out all the metaphorical support, the book would hardly breach 50 pages. Those pages would be extremely valuable, but too often I found myself scanning paragraphs to ascertain whether they were worth my time.
"A beginner shoots at anything that moves, including his own shadow. An old hunter knows exactly what prey he is after and brings only a few bullets." All too frequently, real estate is committed to creating these metaphors, and not just at the beginning of chapters. They do provide clarity but - in excess - they dilute the book's value. I definitely derived value from it but I stress that Elder's qualitative approach can only be appreciated by true beginners. Unless this is going to be your first foray into trading, maybe try a book that delves more into the nitty gritty.
I've been really impressed with everything that I have seen come from the desk of Dr Elder.
Purchasing directly from elder.com (via Amazon) also has substantial benefits, as it links into links and offers from Dr Elder.
If you are looking for a get rich quick method, this book is not for you. If you are looking for a detailed rational plan on how to make money trading, then this - if not the start - is certainly a good place to regroup and plan you next attack.
A significant part of this book is dedicated to psychology and money management which are aspects of trading that any experienced , profitable trader should have overcome. The portion of the book dedicated to trading methodology is slightly more than half of the pages in the book, which would be ok if it wasn't for the fact that very few new trading ideas are presented. The bulk of the trading techniques presented are based on divergences between specific technical indicators and price which are common knowledge to most moderately experienced traders. The author does present a couple of ideas that may be new to inexperienced traders such as Triple screen , however for me at least , this was a renaming of what most experienced traders commonly do ; that is look at both weekly and daily charts or multiple timeframes to insure that any stock they trade is trending their way over the long term.
About 20 pages starting on page 193 deal with trading options which was done in a very basic way. This is to be expected since the book is mainly about stocks but what I felt was unwarranted was the negative view on options indicating that they are just empty hopes. Read the sentence on page 193: "Most hopes never get fulfilled but people keep hoping and buying options. Fund Managers....sell hope by the truckload to amateurs that buy calls in bull market and puts in bear markets". While this may be true on the surface, traders do make money with options often selling them or using them to augment their stock trading profit.
In summary, this book can offer some useful ideas if you are a beginner , however if you have moderate trading experience your likely benefit is very limited.