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Title: Trading for a Living: Psychology, Trading Tactics, Money Management (Wiley Audio) by Alexander, Dr Elder, Richard Davidson ISBN: 1-56015-043-2 Publisher: Wiley Audio Pub. Date: 01 April, 2000 Format: Audio Cassette Volumes: 2 List Price(USD): $18.95 |
Average Customer Rating: 4.35 (141 reviews)
Rating: 2
Summary: Not a bad book, but some common misconceptions
Comment: Dr. Elder has written an ok book here, but he falls into some of the same traps that I have seen in many books on trading that I have read. If I had to boil it down, I would say that the problem is that the writer presents an oxymoron something like this:
1. In order to succeed in trading, you have to find your own way and discover your own methods.
2. Now that you know that, here is MY method.
I have seen this time and time again. The writer talks about how no one can be trusted- except him. That every trader must take their own path- or take the writer's, its as good as any you can discover yourself. In my humble opinion the triple screen trading method is a good way to get your nose bloodied by the way.
I am also curious about how so many writers present trading as a state of conflict. Elder uses very graphic images as far as how trading is a bloody battle. I think this is not a very helpful way to view trading, and furthermore it is unnecessary. It is hard not to have emotional feelings when you have the mental imagery of being in a battle. I prefer to see trading as a mental exercise, because in truth all it really is is numbers on a screen, and in spite of all the complex garbage out there prices can only do three things: go up, go down or go sideways.
Lastly I think Elder is remiss in hammering low commissions to the exclusion of everything else. If you find some lousy discount broker who has rock bottom commissions, guess what- chances are the execution slippage you will get will take ten times more money out of your pocket than paying a few more bucks at a more reputable firm. Call me biased 'cause I'm in the biz, but I've seen it.
Rating: 5
Summary: Must Read for Beginners. . .Couldn't hurt advanced traders..
Comment: Best comprehensive book I've ever read. Especially liked the simplicity with which he describes the technical indicators. I'm and engineer, and never found a simple explanation for the indicators... Until this book.
I finally bought it after 3 unrelated persons recommeded it. I'd already plodded through Murphy's "Technical Analysis of the Futures Markets." Wish I had saved the time ($.. and 400+ pages too...) and just read this instead. Must more concise and a faster read.
I just implemented his suggestion of printing out a chart on the left side of your trading journal before you place a trade, then printing out the chart after the trade and pasting it on the right of side of your journal... It's already making a big difference in my trading.
Thank You Dr. Elder....
Rating: 2
Summary: technically worthless
Comment: I am a professional trader. This book has a good section on psychology but thats it. Totally worthless when it comes to the technical part. In fact I always wondered what made this book so popular with the public. I guess most people read the books but don't use the knowledge in them.
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Title: Study Guide for Trading for a Living: Psychology, Trading Tactics, Money Management by Alexander Elder ISBN: 0471592250 Publisher: Wiley Pub. Date: 08 March, 1993 List Price(USD): $45.00 |
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Title: Come Into My Trading Room: A Complete Guide to Trading by Alexander Elder, Alexander Elder ISBN: 0471225347 Publisher: Wiley Pub. Date: 19 April, 2002 List Price(USD): $49.95 |
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Title: Study Guide for Come Into My Trading Room: A Complete Guide to Trading by Alexander Elder ISBN: 0471225401 Publisher: Wiley Pub. Date: 19 April, 2002 List Price(USD): $29.95 |
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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: Japanese Candlestick Charting - Second Edition by Steve Nison ISBN: 0735201811 Publisher: Prentice Hall Art Pub. Date: 30 October, 2001 List Price(USD): $90.00 |
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