Trading for a Living: Psychology, Trading, Tactics, Money Management (Study Guide) / Edition 1

Trading for a Living: Psychology, Trading, Tactics, Money Management (Study Guide) / Edition 1

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by Alexander Elder
     
 

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ISBN-10: 0471592250

ISBN-13: 9780471592259

Pub. Date: 03/28/1993

Publisher: Wiley

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

Overview

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.

Product Details

ISBN-13:
9780471592259
Publisher:
Wiley
Publication date:
03/28/1993
Series:
Wiley Finance Series, #9
Pages:
208
Sales rank:
796,168
Product dimensions:
6.05(w) x 9.00(h) x 0.56(d)

Table of Contents

Partial table of contents:

Trading—The Last Frontier.

The Odds Against You.

INDIVIDUAL PSYCHOLOGY.

Fantasy Versus Reality.

Self-Destructiveness.

Trading Lessons from AA.

Winners and Losers.

MASS PSYCHOLOGY.

What Is the Market?.

The Market Crowd and You.

Managing Versus Forecasting.

CLASSICAL CHART ANALYSIS.

Support and Resistance.

Trendlines.

Chart Patterns.

COMPUTERIZED TECHNICAL ANALYSIS.

Moving Averages.

The Directional System.

Williams %R.

Relative Strength Index.

THE NEGLECTED ESSENTIALS.

Volume-Based Indicators.

Herrick Payoff Index.

STOCK MARKET INDICATORS.

New High-New Low Index.

PSYCHOLOGICAL INDICATORS.

Consensus Indicators.

NEW INDICATORS.

Elder-Ray.

TRADING SYSTEMS.

Triple Screen Trading System.

Channel Trading Systems.

RISK MANAGEMENT.

Money Management.

Afterword.

Sources.

Index.

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Trading for a Living: Psychology, Trading, Tactics, Money Management (Study Guide) 4.1 out of 5 based on 0 ratings. 13 reviews.
Guest More than 1 year ago
I found this to be a good starting point for learning how to trade properly especially in the post-raging bull market era. A friend recommended this and a book by Jeff Cooper, Hit and Run Trading II to start with and I think that these are all I need to trade successfully. Don't get started on the wrong foot trading, it will cost you much more than you can imagine.
Guest More than 1 year ago
This book is a good starting point for someone who wants to get into trading field. It gave me lots of ideas that paid off almost right away. Very good source of information for traders who want to limit gambling factor. Another words, trade with odds in your favor. Good job Mr. Elder. Thank You.
Guest More than 1 year ago
after working these last few busy days, I continue to use many of Dr.Elders' principles he teaches, as I keep this book close to my trading desk for reference. One principle in particular has been so helpful these past few years: that is the suggestion to only buy stocks when they are at rest. In other words, at area of support. In these last few months, I've been stopped out, or made only a few cents as apparent trends reversed, and in general had a pretty difficult time. These last few days several trades have gone pretty well, and in fact I am still in a few of them with good profit. Why? Because I figured out, on a few stocks, to buy them at a moving average that I could actually understand (after looking thru many charts daily). That average helps determine my risk/reward ratio and my stop. I appreciate Dr. Elders' instruction, and look forward to attending another training session soon. In fact, if a person only bought one book to learn trading techniques and psychology, this is the one (along with the study guide)
Guest More than 1 year ago
I have read a number of books on trading and daytrading and this one is hands-down the best. It gives detailed instruction on technical analysis and charting, but explains in terms that even a beginner can understand. For anyone who knows nothing about technical analysis or charting, this book is a must. For those who already have some skills, this book is still great for learning how to relate charts and different methods of analysis. I highly recommend this book.
Guest More than 1 year ago
Dr. Elder's first book is a gem, and is suitable for traders at any level of experience. The reader learns the importance of having and adhering to firm trading rules. Successful money management is a required skill in order to become a successful trader, and Elder offers good advice on this topic. Elder's education (psychiatrist) gives him the perfect background to explain to the reader how to benefit from understanding crowd psychology. Covering such topics as risk management and how to use a trading system, he emphasizes technucal analysis and shares his own personal methods with the reader. You will refer to this book again and again over the years. This book may be 10 years old, but it is still very appropriate today.
Guest More than 1 year ago
I have been an active stock trader for a while now specializing in really small stocks. I have found the ideas in this book to give me an edge in my investing. I apply the information to penny stocks where you can invest a few hundred dollars and have the opportunity to make a few thousand dollars.
reader2014_1227 More than 1 year ago
Good read. Take notes as you read. Arrived in great timing.
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Guest More than 1 year ago
This is the BEST book I've read on trading. It goes right into what trading really is. I wish I read this book b/4 I started trading. IT'S A MUST READ!!! IT'S A MUST READ!!. Elder provides a wide range of trading systems and strategies that can be customized to fit your goals. GREAT READ!!!> Wall street here I come.....