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Trading for a Living: Psychology, Trading Tactics, Money Management (Hardcover)
by Alexander Elder
| Category:
Leadership, Organization development, Leadership development, Inspiration |
| Market price: ¥ 708.00
MSL price:
¥ 598.00
[ Shop incentives ]
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| Stock:
Pre-order item, lead time 3-7 weeks upon payment [ COD term does not apply to pre-order items ] |
MSL rating:
 Good for Gifts |
MSL Pointer Review:
A moving, intelligent and thought-provoking book that will help you do a better job as the boss.
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Author: Alexander Elder
Publisher: Wiley; 1 edition
Pub. in: March, 1993
ISBN: 0471592242
Pages: 289
Measurements: 9.1 x 6.3 x 1 inches
Origin of product: USA
Order code: BA01339
Other information: ISBN-13: 978-0471592242
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Rate this product:
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- MSL Picks -
The dichotomy of trading is that it appears deceptively easy when in fact it is painstakingly difficult to get off to a successful start. Many trading books take advantage of this misperception and neglect to mention the difficulties and oversimplify or even misrepresent the necessary basics, much like the shop keepers, the saloon owners, and other merchants did to prospective gold seekers during the California gold rush.
Dr. Elder is one of the few honest merchants in this field who explores the dark side of trading up front. In fact the first impression this book will make on a new trader is how difficult it is going to be to consistently make money in the market through short term trading. But alas, most good things in life come with a bit of difficulty and those who are willing to pay the price by studying, even mastering the basics, will in the end be rewarded with a career that offers many perks.
This book should be considered the text for Trading 101 as it explains in a simple way the basics necessary to succeed. As another reviewer has mentioned it is unnecessary to strain yourself by learning charting techniques reading 400+ pages of Murphy's "Technical Analysis of the Futures Markets." If you are willing to master the material in Elder's book, it is arguable that, along with a good candlestick-charting book, you will have sufficiently mastered the charting techniques necessary to find a good degree of success in finding a good trade to enter. It is doubtful that if you are new to charting that you will ever look at a stock chart the same after reading this book. The difference in how you view a chart when you are finished with this book is akin to the comparison of how a non Russian speaking person views the Cyrillic alphabet and how Vladimir Putin sees the words on a Tolstoy novel.
As founder of a web site dedicated to the success and education of our subscribers, we continually recommend this book to those who are serious about making a career as a trader.
(From quoting ProfitWaves, USA)
Target readers:
Managers, business and government leaders and MBAs.
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ALEXANDER ELDER, MD, 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 escaped from a Soviet ship in Africa and received political asylum in the U.S.A. He continued to work as a psychiatrist in New York City, served as book editor of The Psychiatric Times, and taught at Columbia University. After becoming involved in financial trading, Dr. Elder published over 50 articles, software, and book reviews, and spoke at many conferences. In 1988 he founded Financial Trading Seminars, Inc., an educational firm for traders.
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From Publisher
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.
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| View all 5 comments |
Library Journal (MSL quote), USA
<2008-04-18 00:00>
Soviet-born author and practicing psychiatrist Elder (director, Financial Trading Seminars, Inc.) shares his learning over the years as a professional trader and expert in technical analysis and his principle of understanding the three Ms (Mind, Method, Money), which will strengthen the discipline required to be successful in trading. He explores crucial factors in the markets that most experts overlook, including time, volume, and open interest, and describes little-known indicators to track them profitably. In addition, he covers many of the more technical approaches to investing in futures, such as factoring in the meaning from the Elliott Wave, oscillators, moving averages, Market Logic, and point-and-figure charting. His unique viewpoints in this overly saturated genre explain his particular view that most traders sabotage themselves, while offering tips for others to avoid doing the same. The narration by Richard Davidson soundly guides the listener through this highly specialized work that, although first published seven years ago, remains recommended for university libraries supporting a finance and business curriculum.DDale Farris, Groves, TX
Copyright 2001 Reed Business Information, Inc. |
AudioFile (MSL quote), USA
<2008-04-18 00:00>
The author, a psychiatrist, talks about how human nature intersects with the investment world. Narrated with over-the-top gravitas start to finish, the program warns the listener to keep a close eye on emotion and to do the homework required to understand the many variables in the market. The author's knowledge of technical trading methods is also outstanding, and he is most effective when blending this expertise with his insights about human nature. Presenting the big picture without over-simplifying, he helps serious students stand back from the fray when making investment decisions. This title is an outstanding integration of the technical language of economics and the language of emotion familiar to a broader range of listeners. T.W. © AudioFile 2003, Portland, Maine |
The publisher, John Wiley & Sons, USA
<2008-04-18 00:00>
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.
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From the Inside Flap, USA
<2008-04-18 00:00>
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.
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