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Trading for a Living: Psychology, Trading Tactics, Money Management 1st Edition

by Alexander Elder (Author)
4.4 4.4 out of 5 stars 520 ratings
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Trading for a Living Successful trading is based on three M's: Mind, Method, and Money. Trading for a Living helps you master all of those three areas:
* How to become a cool, calm, and collected trader
* How to profit from reading the behavior of the market crowd
* How to use a computer to find good trades
* How to develop a powerful trading system
* How to find the trades with the best odds of success
* How to find entry and exit points, set stops, and take profits
Trading for a Living helps you discipline your Mind, shows you the Methods for trading the markets, and shows you how to manage Money in your trading accounts so that no string of losses can kick you out of the game. To help you profit even more from the ideas in Trading for a Living, look for the companion volume--Study Guide for Trading for a Living. It asks over 200 multiple-choice questions, with answers and 11 rating scales for sharpening your trading skills. For example: Question Markets rise when
* there are more buyers than sellers
* buyers are more aggressive than sellers
* sellers are afraid and demand a premium
* more shares or contracts are bought than sold

* I and II
* II and III
* II and IV
* III and IV
Answer B. II and III. Every change in price reflects what happens in the battle between bulls and bears. Markets rise when bulls feel more strongly than bears. They rally when buyers are confident and sellers demand a premium for participating in the game that is going against them. There is a buyer and a seller behind every transaction. The number of stocks or futures bought and sold is equal by definition.

Previous page
  1. ISBN-10
    0471592242
  2. ISBN-13
    978-0471592242
  3. Edition
    1st
  4. Publisher
    Wiley
  5. Publication date
    March 8, 1993
  6. Language
    English
  7. Dimensions
    6 x 0.88 x 9 inches
  8. Print length
    289 pages
  9. See all details
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  1. Successful trading stands on three pillars. You need to analyze the balance of power between bulls and bears. You need to practice good money management. You need personal discipline to follow your trading plan and avoid getting high in the markets.
    Highlighted by 525 Kindle readers
  2. An astute trader tries to enter the market during quiet times and take profits during wild times.
    Highlighted by 505 Kindle readers
  3. Every winner needs to master three essential components of trading: a sound individual psychology, a logical trading system, and a good money management plan.
    Highlighted by 489 Kindle readers
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Editorial Reviews

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, you've 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 M's: 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 pursuit--trading for a living.

Product details

  • Publisher ‏ : ‎ Wiley; 1st edition (March 8, 1993)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 289 pages
  • ISBN-10 ‏ : ‎ 0471592242
  • ISBN-13 ‏ : ‎ 978-0471592242
  • Item Weight ‏ : ‎ 1.3 pounds
  • Dimensions ‏ : ‎ 6 x 0.88 x 9 inches
  • Customer Reviews:
    4.4 4.4 out of 5 stars 520 ratings

About the author

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Alexander Elder

Alexander Elder

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Alexander Elder, MD, is a professional trader and a teacher of traders, based in New York. He is the author of several best-sellers, considered modern classics among traders. He also wrote books about Russia and New Zealand.

Dr. Elder was born in Leningrad and grew up in Estonia, where he entered medical school at the age of 16. At 23, while working as a ship’s doctor, he jumped a Soviet ship in Africa and received political asylum in the United States. He worked as a psychiatrist in New York City and taught at Columbia University. His experience as a psychiatrist provided him with unique insight into the psychology of trading. Dr. Elder’s books, articles, and software reviews have established him as one of today’s leading experts on trading

Dr. Elder is the originator of Traders’ Camps—week-long classes for traders. He is the founder of the Spike group whose members share their best stock picks each week in competition for prizes. He continues to trade and is a sought-after speaker at conferences in the US and abroad.

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Top reviews from the United States

Steve Burns
5.0 out of 5 stars This book pays for itself
Reviewed in the United States on September 17, 2006
Verified Purchase
If you read and follow the principles in this book you will make enough money on your trades to pay for this book many times over. I have been active in the market for years (Averaging <20% return a year) and I agree with this author completely having lived out the greed, fear, and mistakes he talks about.Read this book and save yourself a lot of unnecessary losses.

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.
44 people found this helpful
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TheSimonCowellofbookreviews
5.0 out of 5 stars Great book. Not for beginners
Reviewed in the United States on May 24, 2015
Verified Purchase
I'm known as the Simon Cowell of book reviews, so when I give 5 stars people know it's not a fluff review or because the author is a friend or family. And this is a 5 star review. The only people who would say this book is only for beginners, must be beginners or near beginners themselves because they can't yet understand what Dr. Elder is conveying in this book. It's not their fault because you have to have a certain level of experience to even recognize what Dr. Elder is revealing in this book. To the beginner, the actual trading part of this book is just a run down of indicators and how to use the indicators. He does explain how the indicators work in their basic technical form, but that is just their face value. The genius of Dr. Elder is he first talks about how markets works first - ie it's people that move the markets, therefore look at indicators as revealing more clues to price action. Beginners would just see the technical indicator sections of this book as a simple presentation. That couldn't be further from the truth. You have to look at indicators in a way that gives you subtle, but important insights into price action, and use them accordingly. People who say indicators don't work simply don't know how to use them. Hint: Dr. Elder points out the most effective way to use indicators is to use them to find divergence, and there is a lot more to divergence then you might think, and if you really read this book, you will understand what I am talking about.

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.
54 people found this helpful
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Dmonk
4.0 out of 5 stars Good Book for a Beginner
Reviewed in the United States on January 8, 2012
Verified Purchase
This is the 5th book I read on trading. The author is very entertaining and there were a lot of sections were I actually laughed out loud. The author assiociates traders who loose with alcoholics. He believes that loosers have a condition and can't help themselves from loosing like alcoholics who can't stop drinking. For instance losers will cashed out of profitable positions to fund their loosing ones or when they start loosing they will double up on the loosing position. According the the author 9 out of 10 new traders will be out of trading in less than 6 months because of this loosing mentality. But the market would not be what it is today if it was not for these loosers. You have to decide if you are a winner or one of the looser mentioned in the book.

The first third of the book focused on the psychology of trading and it was very well written. The middle third of the book talked about the technical ascpect of the book and to be honest the author kind of lost me there. The technical part of the book was a little much for me, it talked about a lot of system traders used back in the day. I have developed my own system and this part of the book really confused me and I recommend skipping it if you already have a system. The last third of the book talked about money management. This part of the book was good and very informative. I have a rule where I would get out of a trade when I was down 10% but the author recommends getting out of trade when you are down 2% of your over all equity. For example if you have 30k in your account you should get out when you are $600 on a trade. This makes much sense and I will incorporate this stategy in my system.

All in all it's a good book and I recommend reading it if you plan to be a fullmtime trader. The technical part of the is a bit much but if you do not have a strategy it might be worth a quick read otherwise i would skip this section.

Good luck

Dmonk.
14 people found this helpful
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Swapnil Shah
5.0 out of 5 stars Great book.
Reviewed in India on May 3, 2021
Verified Purchase
This is one of greatest book I have ever read. This book has everything you need to be a successful trader. I wish I've read this book 12 years ago.
2 people found this helpful
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Jenny
5.0 out of 5 stars Very resourceful and well explained
Reviewed in Canada on October 5, 2018
Verified Purchase
I saw this book on YouTube so I decided to purchase one. Nice book. I recommended
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Jenny
5.0 out of 5 stars Very resourceful and well explained
Reviewed in Canada on October 5, 2018
I saw this book on YouTube so I decided to purchase one. Nice book. I recommended
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Claudio Giorgio
4.0 out of 5 stars Libro
Reviewed in Italy on June 22, 2019
Verified Purchase
Libro in inglese.. bello per chi deve iniziare
One person found this helpful
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Birkan Gormus
5.0 out of 5 stars Informative
Reviewed in Australia on October 5, 2021
Verified Purchase
I loved this book even though it isn't very dip about the subject it is tackling, but great for a beginner, easy to follow and very honest. I practiced with some of the ideas in this book with great results. I recommend, it is great value for money.
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ダニエル
5.0 out of 5 stars I like it
Reviewed in Japan on September 16, 2018
Verified Purchase
I like it
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