Trading for a Living: Psychology, Trading Tactics, Money Management [Abridged] [Audible Audio Edition] Author: | Language: English | ISBN:
B000A7KJK4 | Format: PDF, EPUB
Trading for a Living: Psychology, Trading Tactics, Money Management Free PDFDownload for free books Trading for a Living: Psychology, Trading Tactics, Money Management Free PDF from 4shared, mediafire, hotfile, and mirror link
A hundred-thousand investors have turned to this best-selling guide for mastering successful trading by Dr. Alexander Elder, a professional trader, a world-classs expert in technical analysis, and a practicing psychiatrist. He believes that successful trading is based on three M's: Mind, Method, and Money.
Trading for a Living helps discipline your Mind, shows you the Methods for trading the markets, and show you have to manage Money in your trading accounts.
Trading for a Living will help you master:
Individual pyschology: How to become a disciplined trader
Mass psychology: Know when to join the crowd and when to leave it
Classical charting: Identify support and resistance, place stops
The neglected essentials: Read volume, open interest, and time cycles
Psychological indicators: Profit from contrary opinion theory
Trading systems: Learn about the Triple Screen trading system
Risk management: All about stops and profit targets Download latest books on mediafire and other links compilation Trading for a Living: Psychology, Trading Tactics, Money Management [Abridged] [Audible Audio Edition] Free PDF
- Audible Audio Edition
- Listening Length: 2 hours and 58 minutes
- Program Type: Audiobook
- Version: Abridged
- Publisher: Penton Overseas, Inc.
- Audible.com Release Date: July 8, 2005
- Language: English
- ASIN: B000A7KJK4
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.
By A Customer
If somebody bought, read and judged the book by whether it could really help him or her to go "trading for a living", that somebody would definitely be disappointed. Even the author himself pointed out that the success rate for the conversion of ex institutional traders to independent traders was very low owing to the much higher psychological load of trading one's own money than that of trading OPM.
Despite the over-promise of the book title and the second half of it discussing mostly technical tools, the book is quite well written. There are plenty of bright ideas, some with originality that can be attributed to the author's M.D. and psychiatrist background. In particular I like the following points much:-
- That trading is a minus sum game (considering commission and slippage) and the mass media or gurus or prevalent market view are almost always wrong.
- The analogy of the market as an ocean and a huge crowd of people, in either case an individual can have no control of but have to follow (or leave) emotionlessly for long term profit.
- The analogy of Alcoholic Anonymous with Loser Anonymous that requires the same treatment for true recovery, whereas accepting oneself as an alcoholic or a loser is the very first step of healing.
- The need for discipline and patience as individual traders' only weapon to against institutional traders advantages in faster information, better research reports, lower psychological burden for trading OPM, etc
- Price is a psychological event, a momentary balance of opinion between bulls and bears, its pattern reflects the mass psychology of the market.
- Last but not least, the opening prices are determined primarily by amateurs whilst the closing prices are determined by professionals.
In short, the book is well worth the price and I do recommend it to those who study continuously for self improvement in their trading. Remarks:- The author claimed that he personally did so, too.
By ServantofGod
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