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

This book changed my life and changed the way I trade. Part of the reason I can say that is the fact that I developed my all-time most reliable and profitable trade from Elder's simple explanations. Fully 80% of my trades are based on a formation that occurs using two indicators described in this book. Elder even identifies the formation as being "the strongest signal in technical analysis." I will certainly agree, though it took me some time to find the ideal market and time-frame for it. If you trade futures, stocks, or currencies with Candlesticks, the secret is in this book. It gave me the edge I needed to become consistently profitable. I own more than 60 trading related books (those are just the keepers) and I think what makes Elder stand out is the fact that he is/was a successful trader for many years and that the content of this book is the hard-won wisdom of those years. This is not a book written by some infomercial peddler who makes his living selling trading "courses." I chuckle when I see the price for this book is $47.25 because I would have counted it a steal at a hundred times that. To unlock the strategies in Trading for a Living you will have to adapt them to your own trading style, vehicle, and funds. I agree with another reviewer who said this book is for a person who is more than an amateur but not yet a pro. I believe that the techniques used by most very sophisticated professional traders are built on the indicators and principles found in this book.

2 Years ago I became a full-time trader after taking several courses and reading more than 40 books on trading. Dr. Elder's book is the ONLY one that has made me money, a lot of money (603% last year). The first half of the book deals with the psychology of both the market and the trader. I didn't fully appreciate this portion of Dr. Elder's book until I began trading. This is the biggest obsticle of the trader. His insight has really helped me to understand the movements of the market and myself as a trader.The second half of 'Trading for a Living' deals with technical analysis and money management. This has proved invaluable to me. There is so much accurate information I've read the book eight times, that's how jam packed it is with useable information. Also, every word matters--no fluff at all--unlike most of the books on trading I've read. And, don't overlook his money management chapter. This is where amatuers fail. His simple money management system will help to elivate you to a professional trader. If you want to make money, this is the book.

Every now and then someone writes a really good book. This is one of those. It's pricey, but it's worth it.At first blush I thought, what's a psychiatrist doing writing a book about trading stocks and commodities? On second thought, what does a psychiatrist know about the financial markets anyway? Therein lies the genius behind this book. What amateur stock and commodity traders fail to realize is how psychological the whole market is. The biggest enemy of the stock trader is not the market, it's what goes on inside the trader's head. The first few chapters in this book were priceless. It was all about psychology. If you have ever tried investing and lost a lot of your money, he will tell you why. He described my early trading right down to the thoughts that went through my head as I continued to lose on trade after trade. It was eerie.I would say that this book is split into two parts. The first part is pure psychology. That may turn off some people, and that's a shame. As the author points out, so many people who are educated think that because they are "school smart" that they must be able to master the financial markets just as well. It's all numbers right? Nope. It's psychology. It's the psychology and the mentality that goes into it. The author likens a typical losing trader (in other words, most traders) to an alcoholic in denial. Traders are addicted to losing money. They get such a thrill from trading that they don't care if they win or lose. It becomes a game if you will. One where most people lose unfortunately. There's some really good observations in here. It really opened my eyes.The second part of the book, which is really the bulk of the book, is various trading strategies and technical information. If you're an experienced trader, you'll recognize most of it. I got confused with all the scientific explanations having been reared on the "buy low, sell high" and "short high, cover low" school of thought. I think the author did an excellent job of covering a wide variety of strategies and trading tools. If you're new to trading, it may confuse the daylights out of you. If you have some experience trading, this book will be immensely helpful. I found more than a few good nuggets in here. There were a few things that I had suspected and one little known trading strategy that I discovered on my own that were confirmed for me. Sometimes we notice patterns on our own, and it's good to have someone with experience like this confirm it. I even found out they have names for some of these things that happen in the market.Overall, I think this is an excellent book. If you've ever lost money in the market, read this book, especially the first part about the psychology of trading. It answered a lot of questions and cleared up a lot of issues for me. When the market is going down and performing miserably, and you're losing your you know what in the market, those chapters will really help out. Losing in the market is nothing personal. We all fall

I have to say after reading Dr. Elders book for the second time, I am even more impressed with the wealth of knowledge and understanding of what makes the markets move. I prefer the triple screen method that is presented. This book covers all of the basic knowledge for the beginner as well as the experienced trader. If you are new to trading you will find this an excellent source to build your dreams on. I believe study is the key to sucess in any endeavor. This book is easy to read and you will be amazed at the insight you will gain as to the day to day operation of the markets. I think it is important to decide on what method makes the most sense to your trading style and then learn all you can about it. The more knowledge you have the better decisions you make. I find the hardest part being money management. I have to control my urge to follow my gambling impulse to bet the farm on what looks good in the charts. Even though I know it is a sure way to loose in the market. This is a game of the most interesting kind that changes on a moment by moment basis. What a great way to make money. My word of advice on any trade where you have the slightest doubt of why you are in it is to GET OUT IMEDIATLEY ! . If you do not know why you are in a trade and what you expect to happen and why, then you are guessing. If guessing is what you like to do go to Las Vegas and have a great time. Best to you all in trading. If anyone has a real-time quote service they are proud to have please let me know who they are. Thanks