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

3.88 of 5 stars 3.88  ·  rating details  ·  733 ratings  ·  31 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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Anubhav Kandpal
May 17, 2014 Anubhav Kandpal rated it 5 of 5 stars
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
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.
Stephen Gallup
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
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
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
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
Ivan Aguilar
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
Al Fernandez
Provides a good introduction to investing. I particularly benefited from the sections on trading systems and risk management. Areas I need to work on 1) concentrating on trading correctly not on the profits/losses, 2) steady gains and small loses, 3) getting in, and 4) setting stops.
Jacqui Allen
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
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.
Anand Vishnu
perhaps the best book in technical analysis for a beginner
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
Terry Koressel
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.
Duffy Pratt
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.
Alvin Lim
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
I listened to this in just a couple of hours and found it a good introduction. Unfortunately, even though experienced traders review this book as too basic, for me it was still very much on the difficult side just listening one time through. Anyway, as a non-trader wanting to learn a little, it was good to be exposed to this book.
Anton Klink
Having read it quite a number of years ago, I remember liking it, yet I can't seem to remember too many specifics about it. Obviously it wasn't bad, otherwise I would have remembered that, but neither was it good enough to burn a vivid image into my mind, so three stars is probably the fairest rating I can give it.
Dec 31, 2013 Liz rated it 1 of 5 stars
Shelves: own, keep
This book is definitely outdated....he talks the 'New Indicators" that were created in the 80's! I do like that he had a set of rules for trading...but when I created code and put these rules to the test using historical data for a LONG list of stocks, they are not any good. Too bad!
Contains a lot of dated advice but the first few sections on psychology are great in framing trading fundamentally as a profession where psychology is critical. Dr. Elder has insights from counseling professional traders and his own experiences as a reformed trader.
This book provides a highly accessible introduction to technical analysis, examining various quantifiable indicators of trader sentiment which can be used to devise trading strategies. It is noteworthy that the author has a background in psychiatry.
Ed Ball
If you're looking for various investment strategies, and formulas to put them to use, this is your book. Everything you need to know about stock investing is in this one stop shop.
Great introduction to some stock trading concepts. Focuses on the pyschology behind trading and the importance of recognizing it's role in the trading environment.
While it doesn't really achieve it's goal of teaching how to trade "for a living" this was a great book on technical analysis-based stock trading.
Dee Renee  Chesnut
Aug 30, 2009 Dee Renee Chesnut rated it 4 of 5 stars
Recommends it for: traders with an understanding of technical analysis
Shelves: investing, 2009
"Trends need a fresh supplty of losers the way builders of the ancient pyramids needed a fresh supply of slaves."
psychiatrist's view on trading
self discipline is the most important
written in 1993
Excellent basis for Trading System from Dr. Alexander Elder
Barnard Olii
Excellent book for all traders, newbie and professional.
Hamed Samadi
Sep 26, 2007 Hamed Samadi rated it 5 of 5 stars
Recommends it for: eveyone who wants to start trading
This is a great first step for beginners in trading.
Jan 24, 2013 Vip007 marked it as to-read
provide many useful information
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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
More about Alexander Elder...
Come Into My Trading Room: A Complete Guide to Trading Entries and Exits: Visits to Sixteen Trading Rooms Straying from the Flock: Travels in New Zealand Sell and Sell Short Complete Trading for a Living with Companion Study Guide

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“Markets are actually set up so that most traders must lose money” 1 likes
“When a beginner wins he feels brilliant and invincible Then he takes wild risk and loses everything.” 1 likes
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