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Trading for a Living: Psychology, Trading Tactics, Money Management

Trading for a Living: Psychology, Trading Tactics, Money Management

List Price: $75.00
Your Price: $47.25
Product Info Reviews

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Rating: 5 stars
Summary: well-written trading book for beginners
Review: Dr. Elder gives a unique view on the stock market and the different trading mentalities of the professional traders and the amatuer. It's very helpful for beginners to understand psychology behind the actions. His trading system is easy to follow. Highly recommended.

Rating: 5 stars
Summary: The best book on trading psychology.
Review: I have read several books on short-term trading, and this is by far the best, not for its up-to-date content, but rather for its first section on investor psychology. I guarantee that anyone reading this book will be able to identify with the "loser" depicted in the book's first section.

The section on technical analysis is good, although there are better books on the subject.

The first section of the book dealing with trader psychology warrants a 5-star rating.

Rating: 5 stars
Summary: Awesome Course on Trading
Review: I've recommended this book to many of my friends, but I never loan it out, because I can't bear to be without it since I find it so useful. It's really helped me to clean up my trading. I think it ought to be a beginner's first book.

Rating: 5 stars
Summary: Simply the best there is....
Review: I have read dozens of books on technical analysis and trading psychology... never have I encountered anything like this - Elder not only teaches all the key technical indicators, he explains exactly why and how each and every one of them works. I have been applying his technical systems for several months now - completely sidestepped the fall of 1998 and now have positioned long the stock market, using Elder's New High - New Low Index. This is the most straightforward, useful, practical book on trading I have read... and I have read dozens of them. Hugely recommended!!!

Rating: 5 stars
Summary: Clear and lucid descriptions of technical indicators
Review: I felt the author did a very good job of making a dry subject come to life. He gave many examples and described the techniques in a clear and lucid manner. Technical indicators short hand might be my breif description.

Rating: 3 stars
Summary: The good, the bad, and the ugly
Review: Elder's writing style (especially his profuse use of creative analogies) is attention-grabbing. The book is a great read in all aspects except the 60%+ of the book dealing with technical indicators. Rather than highlighting the top 3-4 indicators in each category (trend-following, leading, coincident) which have worked well for Elder, he gives his version of a comprehensive synopsis of every modern and not-so-modern indicator known to man... providing little value-added commentary in terms of the usefulness of each. (Then again, he admits that he uses 12-13 indicators at any given time.) He also repeats the characteristics of each broad category of indicators when describing each individual indicator - which is great if you do not learn unless you read the same thing 50 times, but otherwise it's extremely tedious.

Let's face it - the book is designed for position traders but as a primer for those interested in short-term trading of futures and equities, it's a potentially useful resource. Elder's book's major shortcoming is that it tries to be everything to everyone, therefore it does not deserve rave reviews from anyone but the absolute beginner who's starting from scratch.

One useful concept, proprietary to the author, is called the Triple Screen trading system. But for the intermediate and advanced trader looking for a new strategy or a twist on an existing one, I suggest you look elsewhere.

Rating: 5 stars
Summary: For those serious in becoming Private Traders
Review: This book requires you to have a strong will and desire to achieve the goal of being a trader. With that, you will be fully able to summon your mental resources to try to understand this excellent book. If you don't have the will & desire, then it will just be another technical analysis book with many tools. I enjoyed this book tremendously and am now slowly but surely moving forward along the difficult path to becoming a private trader. I wish you good trading ahead!

Rating: 5 stars
Summary: Wish I had read it 2 years ago!
Review: Having finished reading Trading for a Living, I wish I could shake the author's hand. I am a private investor and have been making all the mistakes he writes about. I can see things in myself, the market and the charts today that I disn't have a clue were there before. I was smart enogh to know that something was very wrong with what I was doing. This book has helped me see so much more of the real picture and has inspired me to keep looking for things still out of view.

If only I had only read this book before I started investing two years ago, I would be thousands ahead at this point. But in reality, Iprobably have gotten more out of the book by being one of the humble "losers" that is mentioned in the book so often. I doubt that I would be such a beliver in his approach if I hadn't been whipped at first. Thanks to the book I am now only taking small losses and my win/loss record is improving daily.

Rating: 2 stars
Summary: Not exactly textbook material
Review: Dr. Elder begins the book with wonderful insights and practical methods for trading in our current volatile market. But once that fifth of the book is over, there isn't really that much left worth reading. A big chunk of the book deals with Technical Analysis (TA), and while TA hasn't been proven or disproven, Dr. Elder offers little in the way of true advice. His suggestions in this part of the book are about as useful as a winter jacket in Hawaii. For those who are truly interested in "Trading for a Living", there are many, many better and more insightful books out there. Then again, that's just my opinion.

Rating: 5 stars
Summary: Excellent reference
Review: Dr Elder provides an excellent and practical guide to trading and methodology.

If you read this book just once, you don't have what it takes to be a trader. So keep your day job.


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