- Series: Wiley Trading
- Hardcover: 304 pages
- Publisher: Wiley; 1 edition (October 27, 2014)
- Language: English
- ISBN-10: 1118443926
- ISBN-13: 978-1118443927
- Product Dimensions: 7.1 x 1.1 x 10.1 inches
- Shipping Weight: 2.1 pounds (View shipping rates and policies)
- Average Customer Review: 100 customer reviews
- Amazon Best Sellers Rank: #23,243 in Books (See Top 100 in Books)
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The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, Trade Management (Wiley Trading) 1st Edition
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From the Inside Flap
Why not simply stay in front of the screen and quietly grind out profits?
Whenever I hear this question, I say: "Preaching is good for the preacher." Showing specific chart patterns and stressing the need for discipline reinforces my own performance.
To master a concept you have to be able to teach it to others. If you can't explain what you think you know, then you really don't know it.
Once or twice each year I run a live trading workshop with Kerry Lovvorn, my partner in SpikeTrade.com. At the time of this writing, we had six such workshops, traded our accounts in each of them, and both of us made money in all six classes.
If you were to take six random days from my trading, I wouldn't be able to deliver 100% profitability. Neither would Kerry but we've done it in our classes because working in front of a group creates extra pressure to succeed. That's what I mean when I say that preaching is good for the preacher.
Read this book carefully, take notes, test its lessons on your own data. I want this book to help you as much as writing it helped me.
-Dr. Alexander Elder
From the Back Cover
The best-selling trading book of all time updated for the new era
The New Trading for a Living updates a modern classic, popular worldwide among both private and institutional traders. This revised and expanded book brings time-tested concepts in gear with today's fast-moving markets, adding new studies and techniques for the modern trader.
This classic guide teaches a calm and disciplined approach to the markets. It emphasizes risk management along with self-management and provides clear rules for both. The New Trading for a Living includes templates for rating stock picks, creating trade plans, and evaluating your readiness to trade. It provides the knowledge, perspective, and tools for developing your own effective trading system.
All charts in this book are current, in full color, with clear comments on rules and techniques. The clarity of this book's language, its practical illustrations, and generous sharing of the essential skills have made it a model for the industry often imitated but never duplicated. Both new and experienced traders will appreciate its insights and the calm, systematic approach to modern markets.
The New Trading for a Living will become an even more valuable resource than the author's previous books:
- Overcome barriers to success and develop stronger discipline
- Identify asymmetrical market zones, where rewards are higher and risks lower
- Master money management as you set entries, targets, and stops
- Use a record-keeping system that will make you into your own teacher
Successful trading is based on knowledge, focus, and discipline. The New Trading for a Living will lift your trading to a higher level by sharing classic wisdom along with modern market tools.
Study Guide for the New Trading for a Living
You may read the best trading book, but how much of that knowledge will you retain a week later? This is why you need the Study Guide for The New Trading for a Living, created by its author to help you master the key points of his new book.
The Study Guide's 170 multiple-choice questions are divided into 11 chapters, each with its own rating scale. They cover the entire range of trading topics, from psychology to system design, from risk management to becoming an organized trader. Each question is linked to a specific chapter in the main book, while the Answers section functions like a mini-textbook with extensive comments on both the correct and incorrect answers.
This Study Guide also contains 17 charts that challenge you to recognize various trading signals and patterns.
The Study Guide for The New Trading for a Living is a valuable resource for any trader who wants to achieve sustainable market success.
Top customer reviews
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I'm not a huge fan of Elder's setups, But his approach to back-testing, risk management, and philological aspects of trading are pure gold. I totally agree on developing a system that gives less signals and less trading. Not forcing trades and taking trades that are 100% part of the plan, no deviation, no winging it.
There are some really great reviews here so I'm not going to bore anyone with another one. But buy this book, read it, comprehend it, and follow it.
Forget about the money and just trade well. Plan the trade, trade the plan.
The reason I say this is Traders trade and writers write. Most of the books available are a mishmash of nonsense.
I have been a professional trader for over thirty years and things change and are changing faster all the time. So any book you read is dated from the get go. This is a hard profession not for the faint of heart. Discipline is one of the hardest things to control. You must have a method and I always say to people TTT test trust and then trade. Then does your method fit your personality. Do you have enough money and time to begin and stay, risk of ruin is always there.
I think the most important books I have read are Reminiscences of a Stock Operator, How to make money in Stocks, and Trade your way to financial freedom. But this is a good book for beginners.
Buy with caution, take your time, becoming a pro takes time and perseverance.
Just remember Luck has nothing to do with trading and the markets don't give a damn if you win or lose, only you do!
A beautifully printed and bound hodge-podge of helpful hints for semidiscretionary traders, including trading psychology, basic risk management and position sizing, a range of technical analysis from basic to advanced (though not basic enough a man without any competence in TA could benefit: strong focus on indicator divergences and unfair dismissal of classic charting and trendlines) and record-keeping, enough for a private trader and beneficial for learning but not nearly enough for professional compliance (but the book isn't a tax manual either). Elder circles around the insight that profit comes from money management and risk management more than good entries, but never quite drives the point home, instead focusing on the concept of the 'A trade', of which a quarter at least is defined by the 'high probability entry'.
Additional materials available for download are helpful - I do not know about the (ostensibly free) site, SpikeTrade, with trade journal forms, etc. mentioned several times.
This is a good complement to 'Trade Your Way to Financial Freedom' (risk management and psychology - what was it Yogi Berra said about theory and practice), 'Technical Analysis of the Financial Markets' (TA), 'The Definitive Guide to Point and Figure' and 'The Encyclopedia of Technical Market Indicators' (advanced TA), and 'Reminiscences of a Stock Operator' (everything) as a basic educational course for the autodidactic semi/discretionary trader in all markets, later to be supplemented by market- (such as options) and technique-specific books, and hopefully eventually ones on machine learning, pattern recognition, and system optimization for those who become serious about 'Trading for a Living'.
Some sections stronger than others, I give between 3 and 5 stars overall: let's call it 4.
Suggestions for next edition:
1. More charts covering technical analysis features e.g. RSI bullish/bearish divergences.
2. A chapter on valuations of companies or ways to research what a company could be worth.
From trading tools and systems, trade management techniques, reading the charts, to controlling your risk and learning to keep your emotions in order and not necessarily following the crowd like a sheep, this book is your must have.
I do not consider myself a trading guru (in fact far from it), but I understood the information and read the book with ease.