- Hardcover: 289 pages
- Publisher: Wiley; 1 edition (March 8, 1993)
- Language: English
- ISBN-10: 0471592242
- ISBN-13: 978-0471592242
- Product Dimensions: 6.3 x 1.2 x 9.1 inches
- Shipping Weight: 1.1 pounds (View shipping rates and policies)
- Average Customer Review: 248 customer reviews
- Amazon Best Sellers Rank: #79,169 in Books (See Top 100 in Books)
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Trading for a Living: Psychology, Trading Tactics, Money Management 1st Edition
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From the Publisher
An eminent futures trader explores crucial factors in the markets that most experts overlook--time, volume and open interest--and describes little-known indicators to profitably track them. Covers all the popular technical approaches to futures, options and stock markets including Elliott Wave, oscillators, moving averages, Market Logic, point-and-figure charting. Explains why most traders sabotage themselves and how to avoid doing the same.
From the Inside Flap
You have just taken a big step away from the crowd of amateurs. By opening Trading for a Living, youve resolved to become a successful trader. Dr. Alexander Elder is a professional trader, a world-class expert in technical analysis, and a practicing psychiatrist. He believes that successful trading is based on three Ms: Mind, Method, and Money. First, you will see that the key to winning is inside your Mind. You will find out how to develop discipline and how to avoid the traps of emotional trading. Second, you will learn how to find good trades by using charts, computerized indicators, and other tools. You will discover how to combine several analytic Methods into a powerful trading system. Finally, you will learn how to manage Money in your trading account. The rules for limiting risks are as vital to a trader as a safety net is to a high-wire walker. With this book, you are on your way to mastering a new way of trading stocks, futures, currencies, and options. Dr. Alexander Elder helps you embark on an intense pursuittrading for a living.
Top customer reviews
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Dr. Elder also points out the fallacy of Gurus. Gurus don't make a living from trading - they make their living from selling their courses and training. One of the most famous Guru was Gann. Gann was nothing but a scammer. We all grew up hearing about the myth of Gann and how he was this amazing trader making millions, and people are still trying to promote Gann as legit so they can sell their own books and courses around Gann's supposed effective methods. Gann was a fraud, and Dr. Elder didn't just analyze his methods and make his own conclusions about Gann. Dr. Elder went to the source and interviewed Gann's son, and Gann's own son verified his father couldn't trade and made all of his money from selling his courses and self promoting himself as a great trader. We should all be grateful for Dr. Elder for exposing this fraud. Gann fan lines are nothing but made up silly fantasy lines.
It just doesn't get more advanced than Dr. Elder. Some people say this book is for beginners, yet they can't come up with an author more advanced. Buy this book, read it, learn it, trade, then read it again and you will start seeing things you didn't see before. Great book.
The first section of this book teaches you the psychology of successful trading:
1). You must be committed to being a trader for the long haul.
2). Learn all that you can, but be skeptical, go with what works.
3). Develop a method for analyzing the market.
4). Develop a money management plan.
5). Do not get greedy and rush trades.
6). Understand that you can be your own worst enemy through greed, fear, and emotions.
7).You must change to be a winner.
He introduces his own trading tactic of "Elder-ray" and also force index, triple screen,parabolic, and channel trading.
In the Risk Management section he covers the most important strategy of when to exit? He suggests setting a stop-loss on every trade at it's past days low and if it ticks up to reset a protect profit stop at 50% of your paper profit.
He also suggests never risking more than 2% of your account on any one trade, and never losing more than 6-8% of your account in any one month.
He makes a great point that all true professionals in any field do not count there money daily. Traders should focus on their trading not their daily paper profits.
Buy this book, you will profit from it, whether you are a beginner or an advanced trader, it will make you more professional and logical.