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

Rating:
Summary: No better book to start learning about trading!
Review: Together with John Murphy's and Martin Pring's technical analysis books, *Trading for a living* is the best book out there for someone to start learning about trading. It must be purchased together with the accompanying workbook *Study guide for Trading for a living* to be complete. Somebody reading other books to start trading will end up being confused.
Dr. Elder's original theory is actually laid out in 3-4 pages but the other chapters in his book are useful in offering the budding trader insights into other aspects he - a newbie - must consider and learn more about if he is to grow.
Elder's Triple Screen system cannot be automatically backtested by the current software packages but it is a profitable method alltogether. Other traders who have been influenced by Elder's work came out with the Balance of Power and Bull/Bear Power concepts to complement his approach (see the Technical Analysis of Stocks and Commodities magazine, http://www.Traders.com), but they don't necessarily translate into more hefty profits. The original theory is good enough as it is if well apllied.
This is a book for every trader's personal library that will provide pleasurable re-readings over time! It has already changed the lives of many traders, speculators and investors for the better since 1993 when it was first published.

John Craciun,
http://www.MarketTide.com

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Rating:
Summary: Highly Recommended
Review: This is a very clearly written book (unlike some others) written on the basics of trading the markets, with sage advice on the biggest challenge of all - managing yourself! Elder is a Russian born psychiatrist and understandably has a lot to say about trading psycholgy and the self-destructive traps people get into when they dive into the financial markets without a good plan and without an awareness of their own foibles. The market will exploit their weaknesses and leave them penniless. Yet, the market can offer great opportunities, if the trader engages in some self discipline and avoids reacting emotionally to the markets vicissitudes. This is what the book is about and why it is the all time best seller (I am told) in the field on this subject. Highly recommended!

Rating:
Summary: One of the best
Review: This one is the first book i read on the psychology involved in trading. And up to now, i think i would still rate it in my top 10 books.

Rating:
Summary: Trading for a Living: Psychology, Trading Tactics, Money Man
Review: Trading for a Living: Psychology, Trading Tactics, Money Management
by Alexander Elder talks about how human nature intersects with the investment world.

Rating:
Summary: An excellent addition to your trading library!
Review: Elder does an excellent job of addressing the three pillars of trading: method, mind, and money management. Most other authors just focus on the trading methodology, but neglect the other equally important areas. This is a great book to open your eyes to all the key areas that you need to master to become a successful trader.

Rating:
Summary: Disappointing
Review: Elder's "Trading for a Living" is a much-acclaimed tome on, well, trading. He covers the three pillars of the trading profession- psychology (attitude), technical analysis, and money management- adequately, but without any new insights into any of the three.
The segment of the proper attitude and demeanor one needs to be a successful trader is probably the weakest part of the book. It is also overly patronizing, the overriding theme being 'don't think like all those other losers out there.' His recommendation that the fledging trader attend some AA meetings to gain perspective on a "loser's mentality" is likely to strike a lot of readers as bizarre.
The technical analysis discussion is clear and instructive. His summary of each technical indicator, however, concludes with the trite note that each day's market activity is a titanic struggle between 'bulls and bears.' A little literary creativity and originality would have helped here. Schwager's 1995 book on technical analysis and John Murphy's 2000 update of his classic technical analysis treatise are far superior to Elder's discussion of this topic.
I'd skip this book; if you are going to spend fifty bucks on a trading volume, Elder's more current book, "Come into my Trading Room" is much better than "Trading for a Living."