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Trading for a Living: Psychology, Trading Tactics, Money Management
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Trading for a Living: Psychology, Trading Tactics, Money Management

3.95  ·  Rating Details ·  1,329 Ratings  ·  55 Reviews
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 ...more
Hardcover, 289 pages
Published March 22nd 1993 by John Wiley & Sons (first published 1993)
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Mark Speed
Feb 15, 2015 Mark Speed rated it it was amazing
I don't think this is necessarily a book for beginners. However, it's a book that beginners should read. You will learn that it's all about hard work, and that the folks who sell you systems are selling you fool's gold. (I learnt this the hard way, and then had it demonstrated by my mentor.) You'll also learn exactly why you will fail, and what to do to turn yourself into a successful trader.

One of the best and most comprehensive books I've read on trading - and that's saying something. It was e
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Pat Murphy
Aug 05, 2015 Pat Murphy rated it liked it
A difficult read. This book made a lot more sense after I had read a few other books about the stock market and then read this again. Ok, I read this a second time.
Alex
Jan 06, 2015 Alex rated it it was amazing
Shelves: trading
It was my second re-read of the Russian version, which includes workbook which amounts to almost half of the volume. Going through exercises was interesting and revealed that areas I thought I knew well were not so good and vice versa.

One controversy which bugs me after reading this book is that on one hand Dr. Elder talks about "not trading against a long term trend", i.e. going along with weekly and monthly trends ("first screen"). On the other hand, most of the "strongest technical signals" h
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Peter
Jun 23, 2014 Peter rated it really liked it
Excelent, MUST READ book for traders.
It may not be as extensive as Murphys (considered the bible of AT), but its a bit more complex in some aspects, giving more of the authors particular views on trading, his indicators and strategies.
I think it would have been a perfect book if it had more about money management and portfolio management.
I enjoyed reading it. Simple and direct style from the author makes it easy to go through.
Hank
Jan 23, 2010 Hank rated it it was ok
This gentleman is clearly smart and I gained some good nuggets of wisdom from listening to this on CD. But I am just not wired to try to predict fluctuations in the market based on the statistics of graphed wave lengths of human behavior - I gravitate toward looking at the business's model of performance & intent.
Mike
Nov 21, 2015 Mike rated it liked it  ·  review of another edition
Treat this book like a text book on the psychology behind trading stocks. The author is basing his approach to trading stocks on the thought processes of crowds. It sounds well thought out; but does it really help trade for a profit? Expect to put a lot of time into this one if you really want to learn enough to try it out, even if only on paper.
Michael Roman
Mar 28, 2016 Michael Roman rated it liked it
Fascinating beginning about the psychology of trading and prices. Read the whole first section and last section. The middle portion of the book about technical analysis was a bit too much for me to read in full.
Daniel
Mar 20, 2016 Daniel rated it really liked it
Un libro interesante con todo lo básico del trading, la parte más importante no son el manejo de los indicadores técnicos sino la psicología del trading y el money management. En definitiva, este libro debe estar en la biblioteca de los traders.
Rami
Nov 04, 2015 Rami rated it it was amazing
Very interesting book which teaches anybody how to start trading with confidence
Anand Vishnu
Jul 24, 2014 Anand Vishnu rated it really liked it
perhaps the best book in technical analysis for a beginner
Goh James
This book was published in 1992. The new version just came out last year. Great book for anyone starting out.
Arek Piwowarczyk
Mar 14, 2015 Arek Piwowarczyk rated it really liked it
Good book, however there is a new updated version: The New Trading For a Living
Ian Cassel
Jan 16, 2016 Ian Cassel rated it it was amazing
A great read to look into how traders think and good views on psychology
Michael
Mar 06, 2017 Michael rated it it was amazing
**Audio book version** an absolutely perfect read for any new Trader. filled with solid tips and techniques to ensure your success and prevent your failure. Should have some good market knowledge and trading sense before reading.
Stephen Gallup
Jan 15, 2010 Stephen Gallup rated it liked it
I first read this classic in 1995, when I was more or less holding my own in commodity trading (a dangerous pasttime I eventually gave up because the modest profits I saw did not justify the emotional wringer I was going through every day). I remember being a little annoyed with Elder's way of restating fairly basic points again and again in choppy, repetitious paragraphs. That style is still a problem. At times it seems that he must have dictated his thoughts into a recorder and never took time ...more
Matthew
Jan 31, 2009 Matthew rated it really liked it
Shelves: economics
Really excellent and clearly written. It's most valid point, to me, was in explaining the underlying motivation behind technical analysis, which is a better understanding of market psychology and sentiment. The point is that the market is a real-time discussion about how much assets are worth, and so there's a lot of group psychology involved, and technical indicators are simply different ways to cut the price and volume data to figure out what active traders are thinking. As a fundamental analy ...more
Anubhav Kandpal
May 13, 2014 Anubhav Kandpal rated it it was amazing
Recommends it for: beginner level traders
Recommended to Anubhav by: Mr. Sanjay Vaidya
This is one of the best books for all the beginner level traders.the whole book is based on
1) behaviour,
2) Basic technical analysis and
3) Risk and Money Management.

when I was doing MBA, my professor of Technical analysis subject recommended me this book and he said that this book has changed his trading style and also has helped him to focus more on his loss trades.

There are many investing and trading psychology and technical analysis books available but there are many things that make this boo
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Gavin MOK
Feb 11, 2017 Gavin MOK rated it it was ok
Ok ish book for beginners.
Joseph
Dec 02, 2012 Joseph rated it really liked it
This is a great book. It basically focuses on 3 aspects of trading:

(1) psychology
(2) Market analysis and trading system
(3) money management

..of which the concepts are crystallized into 3 Ms (mind, method and money)..

A good book on psychology and money management and a wonderful brief history on Wall Street ( why are bulls, bears, sheep being used in the trading parlance) and how technical analysis developed into 2 schools of thought.)


p/s: (taken from the book):
(a) Wall Street is named after a w
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Russ
Jul 01, 2013 Russ rated it it was amazing
This is the single best book for anyone who either currently invests or wants to start investing in any financial instrument. Elder addresses both the psychology of trading as well as the techniques of trading. He teaches different methods of technical analysis while avoiding fundamental analysis. If you are completely opposed to technical analysis, you can still gain by studying his sections on market psychology and risk management. If you believe that technical analysis attempts to understand ...more
Jacqui Allen
Jan 15, 2014 Jacqui Allen rated it really liked it
Considered one of the trading bibles for beginning traders - it has taken me a very long time to get around to reading this book. After seeing Dr Elder speak in Singapore last year, I was persuaded to explore his trading ideas further.

This book is based on 3 m's - Mind, Method and Money Management. I have a method I am pretty happy with so only skimmed through this section picking out more juicy details but I definitely enjoyed the mind and money management sections.

Good book for those in the b
...more
Terry Koressel
Aug 27, 2011 Terry Koressel rated it really liked it
Exceeded my expectations. I was so impressed that I purchased another book of Alexander Elder's...."Step into My Trading Room". The focus is on short-term technical trading but it is one of the best books on the subject I have read. And Mr. Elder tells it like it is. It is VERY difficult to be a successful short-term trader. There is a tremendous learning curve...made longer due to the requirement to overcome basic human nature and human instincts. I loved the book....I highly recommend.
Yasser Hassan
A review of the audio book edition: A very good book about stock trading that not only gives an insight into the trading process but also a glimpse of psychology that's worth something in its own. It explains how psychology plays an important role in the stock markets and how it affects the traders' decisions which armors the trader with a new weapon in his trading and lets him look beyond the cold world of technical trading. Reading/listening to this book can make you approach your trading with ...more
Duffy Pratt
Nov 29, 2010 Duffy Pratt rated it liked it
The best part of this book is the discussion of mass psychology and how it relates to technical analysis. Otherwise, i found the book a bit repetitive. Much of the description of technical analysis tools struck me as shallow. And the sections on Money Management also seemed very basic. But I enjoyed and learned something from the discussions both of individual and mass psychology. And the book was very easy to read.
Ivan Aguilar
Apr 26, 2014 Ivan Aguilar rated it it was amazing
Even tough was wrote in 1992, yes that's right, more than 22 years old !! The information contained in this book is just invaluable , gives you the insights for the trading systems and how to prepare and take advantage of those systems. This is one of the classics books for any serious trader, it doesn't matter if you are trading stocks, currency, commodities, index, etc, this is a must read. Period
Javier Mateos
Nov 25, 2016 Javier Mateos rated it it was amazing  ·  review of another edition
Libro muy recomendado para quien acaba de introducirse en el mundo de la bolsa y está desorientado con el análisis técnico.

Su enfoque de la bolsa y los gráficos desde la psicología de los mercados es magistral. Lectura obligada para conocer cómo piensan los inversores y el por qué de los movimientos de los gráficos.
Jason Willson
Aug 05, 2016 Jason Willson rated it liked it
I finished this book feeling a little disappointed. Was I looking for the shortcut to improving my trading? Probably. A point made by the book. It reinforced a number of practical points and good sense rules that you can find elsewhere... Don't expect silver bullets but some practical psychological advice; open mind and reflection required!
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Dr. Alexander Elder is a professional trader based in New York City. He is the author of a dozen books, including Come into My Trading Room (Barron's 2002 Book of the Year) and Trading for a Living, considered modern classics among traders.

Dr. Elder 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 jumped a S
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“When a beginner wins he feels brilliant and invincible Then he takes wild risk and loses everything.” 3 likes
“Markets are actually set up so that most traders must lose money” 2 likes
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