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Title: Trading for a Living: Psychology, Trading Tactics, Money Management by Alexander Elder ISBN: 0-471-59224-2 Publisher: John Wiley & Sons Pub. Date: 08 March, 1993 Format: Hardcover Volumes: 1 List Price(USD): $75.00 |
Average Customer Rating: 4.37 (138 reviews)
Rating: 2
Summary: For Beginners Only
Comment: Elder begins with a chapter on psychology. Mind as he refers to it. In my experience, success in trading has less to do with understanding "the madness of crowds" and more to do with developing discipline. Read Mark Douglas instead.
Next, Elder spends a lot of pages giving the reader a rundown of the most common price patterns and technical indicators. Which is fine if you don't know them, but has all but the most neophyte readers skipping over great gobs of the book.
Next, Elder trots out his two pet indicators and tells you about them. I have used them and they're about as good as any others that you probably already know about and have already used. In other words, I wouldn't buy the book just to get a peek at them.
Lastly, he goes into money management. Elder has said himself that he wishes he had devoted more time to this section. Once again, unless you are a complete beginner, you won't find much meat here either.
Elder likes trading off moving averages and looking for divergences in certain indicators. Well, I have been trading a fair number of years and am here to tell you, you can do better than that. Much better.
If you're a beginner, try reading Nison and DiNapoli/Boroden. Their material is far more effective and will have a much greater impact on your bottom line.
Rating: 5
Summary: Useful information clearly presented
Comment: What a gem this book is! I own approximately 100 books on the various aspects of trading stocks and options, and Dr. Elder's book is at the top of the list. The 200-page section on technical analysis is the clearest I have read anywhere. The first 70 pages are pop-psychology for would-be traders, but presented in such a way that the advice is actually useful and non-vomitous...In contrast to a spate of recent books with titles like "Trading to Win", most of which are blatant ripoffs advising us to have a positive attitude no matter what. Yeah, right, take it to the bank.
The last section on money management is superficial, but no book is perfect, right? I don't know how this 1993 title escaped my attention until recently, when a fellow trader recommended it. I find the exponential growth of new day-traders extremely worrisome and to you novices out there, I say read this book before you even think about making a trade.
Rating: 5
Summary: The system always wins
Comment: You never know how unrational and emotional man can become. There are no favors in this business. In this business you risk a lifetimes worth of money, all at once. When you loss there is no mercy or forgiveness. There is no safe avenue to hide. It wrenches the soul like wave of pain when wrong. Its eupheric when right. You become invincible, treat people rudely, make impossible demands, and rule like a king. All the religious values are squashed by the feeling of raw power. Never underestimate the power of money. In the end betrayal will cause tears of anquish, as the system forces you into the cruel reality of the world. The innocent and the enemy must be sacrificed too the ambitions of the system. There is no mercy in this game, no friends, and no love. The system will manipulate you in the end.
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Title: Study Guide for Trading for a Living: Psychology, Trading Tactics, Money Management by Alexander Elder ISBN: 0471592250 Publisher: John Wiley & Sons Pub. Date: 08 March, 1993 List Price(USD): $39.95 |
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Title: Come Into My Trading Room: A Complete Guide to Trading by Alexander Elder ISBN: 0471225347 Publisher: John Wiley & Sons Pub. Date: 19 April, 2002 List Price(USD): $49.95 |
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Title: The Master Swing Trader: Tools and Techniques to Profit from Outstanding Short-Term Trading Opportunities by Alan S. Farley ISBN: 0071363092 Publisher: McGraw-Hill Trade Pub. Date: 13 December, 2000 List Price(USD): $55.00 |
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Title: Study Guide for Come Into My Trading Room: A Complete Guide to Trading by Alexander Elder ISBN: 0471225401 Publisher: John Wiley & Sons Pub. Date: 19 April, 2002 List Price(USD): $29.95 |
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Title: Reminiscences of a Stock Operator by Edwin Lefèvre, Marketplace Books ISBN: 0471059706 Publisher: John Wiley & Sons Pub. Date: 11 May, 1994 List Price(USD): $19.95 |
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