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

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Summary: Essential Reading for Traders
Review: Trading For A Living was exactly what I needed to improve my trading ability as a position trader. It explains the best technical analysis methods and when a technique is appropriate for a given market condition. Dr Elder's explanation of the psychological forces behind each technique was most interesting to me. This is essential knowledge for every trader.

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Summary: Dr. Elder goes right to the heart of successful trading.
Review: It's hard to understand how anyone who understands trading stocks could not love this book. Dr. Elder explains, in easy to understand terms, how to protect your money as well as how to make money. This is a book for beginners as well as seasoned traders. This is the first book all potential traders should start with. It doesn't waste time on boring mathematical formulas or an in depth history of trading. It glosses over the trivial and focuses on the important things that will make you money. I teach stock market classes and this is the first book I recommend to all my students. It was recommended to my nephew as THE book to read by Bert Dohmen, a millionaire options trader.

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Summary: EXCELLENT BOOK
Review: The book does not promise the stars and the sun, instead, it helps your brain to start working towards developing your own system, and understanding the behavior of the market crowd. Elder also explains technical indicators in the way no other trading book does.

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Summary: Now I know the rest of the story!!!!
Review: Thanks for telling us the rest of the story. I traded commodities for two years and was lucky to survive. I know no who was taking the other side of my trade and making the profit. I have been looking for the answers. Thanks again!!

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Summary: Best Trading Book I've Ever Read
Review: Thanks Dr. Elder for an extraordinary book! What I like most about it is the to-the-point, honest and frank way in which you make us face our own psychological shortcomings and the reality of the fierce battle in the futures markets! No get-rich-quick hype here, no promise of easy money, just plenty of good, solid tools one can use to vastly improve your odds of survival, and ultimately, success. How I wish I had read it sooner. I have read quite a few books on trading over the last eight years, but if I had to keep just one, it would undoubtedly be yours. Psychology, trading tactics and money management are the key. Thanks again for a brilliant work!

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Summary: A broad look at technical analysis and pyschology
Review: This is one of the better books out there on the subject of technical analysis. The pyschology section has some interesting remarks about the so-called "gurus" of the futures industry. Elder discusses sentiment and other specific stock-market timing indicators as well. Overall I think he has done an admirable job, however there is just one problem. He really negelects to tell the reader that most indicators (including to a large extent, those covered in the book) are just plain old garbage! If you don't agree with me then I can merely refer you to the William Eckhardt and Monroe Trout interviews in the "New Market Wizards". Schwager has a much better TA book. Spend your hard earned money on that instead.

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Summary: Close, but no cigar
Review: I bought this book based on these rave reviews. Was I disappointed! As with so many of this genre, there is an awful lot of fluff to wade through; in this case it is a lot of psycho-babble. After all that, there is wide coverage of topics (indicators, and such) but not a lot of depth-- some pretty skimpy. Not a bad book for the serious novice.

Rating:
Summary: Phenomenal!
Review: I've seen some reviews that say this book is not worthwhile and I'm not sure if the people writing them read the same book I did. Dr. Elder has managed to distill a lot of knowledge into simple, easy to follow analogies. A basic understanding of the securities markets is necessary when reading this book--I suspect thos reading this book who are ignorant of market mechanics are the people who say it is a mediocred read. This is a book that is geared towards active traders who would like to refine their trading methodologies. My performance has improved dramatically after applying the concepts outlined in the book to my trading. This is a book to read and re-read. Each time you pick it up, you'll find something you missed a previous time.

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Summary: Excellent in both psychology of trading and system design.
Review: Of the 20 or more books I have read in the past 2 years on the subject of trading, this book has been the most useful. It deals with the psychology behind trading and establishes concrete ways to limit losses. The system for stock selection is simple but thorough. It also compares the professionals' approach to trading and that of the novice. The sooner one learns what money managers do, the easier it is to understand some of the moves in the market. I highly recommend this book.

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Summary: a great explanation of forces, which drive capital markets
Review: I have read this book in its translation into Polish. I find it outstanding for two reasons: 1.Not only is it a very easy to follow manual for beginners, but it also appers to be an excellent lecture for advanced traders. All written in a very communicative way, with an educational talent. 2. Dr Elder shows that the main force which drives markets is a resultant balance between greed and fear, to which every trader contributes.

I have been carried out a reserch on capital markets phenomena and a new more precise model and indicators,and I found those based upon the assumption of mental feedback between a trader and the market to be best. In closing: a very good no mumbo-jumbo lecture, which deserves 5 stars, even if some details on technical analysis could have been a subject for a discussion.