Rating: 
Summary: Great book!
Review: Trading Room is a great book! I'm very impressed. I've read all the masters' books and have been trading and analyzing markets and trading systems for years. The writing is excellent and the ideas are superb. As always, the depth of Dr. Elder's insights is remarkable. His ideas are elegant and easy to apply and like all great teachers, he raises his students to his level. Thankfully, he's willing to share his ideas, and provide continuous help to those of us on this difficult, though rewarding journey
Rating:
Summary: An Excellent Investment
Review: As a novice trader, I found this book a wonderful resource. It details clear concrete steps to devloping successful trading practices without being overtechnical. It discusses a straightforward decision process for stock selection, entry and exit points, understandable analysis methods, and money management rules. This book updates and expands the triple screen method presented in his prior book "Tradeing for a Living."For me, the difference between this book and other tradeing books is Dr. Elder's background as a psychiatrist. He provides vauble insights into understanding the human element of market behavior, and the individual trader that makes his work unique. He also has a companion workbook that I am finding valuble to test the comprehesion of his ideas before risking money in the market.
Rating: 
Summary: One of the better trading books, but...
Review: I browsed this book tonight at the bookstore. There are many good ideas in it, especially for stock traders, but also for futures traders. A few interesting ideas include--using a long term trend following system for low priced, small cap stocks, while swing trading the larger, more liquid, and more volatile stocks. Elder provides a lot of food for thought about picking the markets you wish to trade in. However, he annoys me when he talks about options trading by spouting off inconsistent and contradictory advice. He overemphasizes the risk of buying options while underemphasizes the risks of writing options. Nowhere in his book does he even mention structuring delta neutral (price neutral) trades, nor does he mention spread trades, which can significantly reduce the time decay risk of holding long options. His caution about options might save total novices a bit of cash by scaring them out of the market, but more experienced and knowledgable traders won't be impressed with his advice on how to use options. Indeed, in one section of the book, he advises potential option buyers to select far out of the money options ("options that have all hope squeezed out of them") if you expect a strong move up or down. (This isn't bad advice as the Black-Scholes model underprices options close to expiration). But, in the next few pages, he advises traders to sell these very same options (because that is what the pros do). That isn't necessarily true is poor advice to most traders with limitted capital, who should focus on spread trades. Still, the book is better than most trading books out there. Read it, absorb what is useful, reject what is useless, and add something specifically your own.
Rating:
Summary: Buy Recommendation
Review: Having gone through the Trading for a Living book, I found this both a thoughtful update of his core concepts and a great synthesis of more current trading concepts. I think that new readers will be very pleased and readers of his first book will not be disappointed. I like to think that this book combined with the recent Mark Douglas book and the Connors VIX book provide an excellent triumvirate of core trading books to follow, especially if you are just starting out.
Rating:
Summary: Excellent Book, Must have it !!!!
Review: I pre ordered the book and got it yesterday with the beautiful autograph
I scanned few pages and started with Disciplined trader chapter. It really had so much wealth of information and Really amazed my self
Read the chapter, Reviewed it again, done the study guide for that chapter. It really gave me all the info I need to go in the right direction
I attended lot of seminars, purchased software, etc ....
everything was related to knowledge only, I am not doing anything in terms of discipline. That is what I need and I am lacking in that. Working on it right now Also, I was confused about how to document trades
The book gave excellent idea of three step process
- Excel work sheet: Entry/Exit details
- Equity curve: How the overall portfolio doing
- Trader's Dairy: Detailed comments on trade and Charts What I want to say is I just read one chapter and got full worth of the book, could not wait to Thank you.
Working on the rest of the book, I am not hurrying to finish the book but concentrating on every detail, making notes, reviewing
again and again till I get it I enjoyed the first book, "Trading for A living" very much. It is the best book that combined the 3Ms(Mind,Method and Money) required for successful traders Once again I thank you very much and hope to be a successful trader (I am already on my way as I have gone from Loosing to NOT loosing, Next step is NOT loosing to making money)
Rating:
Summary: Great book. This should be the first one you buy.
Review: The book is very well written and drives home the three Ms over and over. You can't hear it enough because when your finger is on the trigger, this training will help you execute with confidence. You will not be a loser if you follow the plan. The problem is, very few have the discipline. I have long been and investor, but I wanted to improve my exit strategies. I knew successful traders had to have great exit strategies or they could not survive very long. Consequently, I actually bought a book on trading. The book helped me with exit strategies, but also completely opened up the world of trading. While I still invest for the long term, I have set up an account for short term trading. I read the book and worked through the workbook in about three days. I already had much of the preliminary work established from my investing experience. Within about a month, I had a trading plan that I liked and a sound money management and trade evaluation system. While I still primary invest in longer term trends, I have had a blast making numerous small short-term trend trades. This book will help any trader who reads it with an open mind and strictly adheres to the Three Ms - Mind, Method, and Money (Management). If you are and investor, then this book will expose you to what else is going on with your markets.
Rating:
Summary: Great Book
Review: I have read both of Dr Elder's books. Come Into My Trading Room is an excellent book. I have developed a system based on MACD-Hist, ADX, Impulse Buy/Sell, and a 6 month exponential moving average. I have back-tested the system from 1975-2004. Based on 30 years of back-testing I had only one losing year -12%. The winning years had profits greater than 100% of a few occasions. However, most of the time the profits ranged from 30-40%. I will take those kind of numbers any day. The trades were executed on the following commidity markets... C, S, SM, BO, CL, HO, HU, NG, SP, TY, and US.
I also used the money management system that he talked about in the book... 2% stop loss per trade and a max loss of 6% for the month. The system that I developed didn't trigger a bunch of trades. For all 30 years I never executed more than 75 trades in a single year.
The trading style that Dr. Elder recommends in his book is not going to make you rich overnight; however, it will provide you with consistent steady returns year after year. By bankrolling profits from year to year one can become a millionaire in due time.
I am currently going to paper trade my system for the entire year of 2005 to verify that it is as profitable in real time as in back testing. I will send out another review in 2006 detailing my results.
Rating:
Summary: Outstanding
Review: This is a great book in itself, and an excellent sequel to Trading for a living by Alexander Elder. The author is a psychologist turned professional trader and his writing shows his education/prior experience as a psychologist. This book deals mostly with the mentality one should have in order to successfully trade and financial/risk management...both go hand in hand. The book also touches upon technical analysis and serves as a good intro to it. You won't be dissapointed by this book.
Rating:
Summary: Simply yet powerful
Review: It's a testament to the strength of this book that, having never purchased a share in my life, I was able to start trading with an edge only two days after finishing this book. Elder provides a complete trading manual, covering topics such as entry/exit points, trading psychology, money management, capital requirements and so forth. The methods he uses are not overly complicated yet still very powerful when properly implemented. He's well aware that the efficient market hypothesis invalidates technical trading, yet he provides a convincing argument as to why the academics have in this case got it wrong. Elder's style is easy to read and he combines his trading insights with a wry sense of humour. Most importantly, it is abundantly clear that Elder is a trader himself and many of his assertions are backed by years of experience. Overall I would highly recommend this text for those involved in technical trading.
Rating:
Summary: Come Into My Trading Room: A Complete Guide to Trading
Review: Come Into My Trading Room: A Complete Guide to Trading
by Alexander Elder offers a complete introduction to trading essentials and an overview of trading psychology, both individual and mass psychology of the markets. Provides a step by step guide to risk control and money management.
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