Product Description

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
• How to find the trades with the best odds of success
• How to find entry and exit points, set stops, and take profits

Trading for a Living helps you discipline your Mind, shows you the Methods for trading the markets, and shows you how to manage Money in your trading accounts so that no string of losses can kick you out of the game. To help you profit even more from the ideas in Trading for a Living, look for the companion volume—Study Guide for Trading for a Living. It asks over 200 multiple–choice questions, with answers and 11 rating scales for sharpening your trading skills. For example: Question Markets rise when

1. there are more buyers than sellers
2. buyers are more aggressive than sellers
3. sellers are afraid and demand a premium
4. more shares or contracts are bought than sold

1. I and II
2. II and III
3. II and IV
4. III and IV

Answer B. II and III. Every change in price reflects what happens in the battle between bulls and bears. Markets rise when bulls feel more strongly than bears. They rally when buyers are confident and sellers demand a premium for participating in the game that is going against them. There is a buyer and a seller behind every transaction. The number of stocks or futures bought and sold is equal by definition.

---

Product Details

• Amazon Sales Rank: #71477 in Books
• Published on: 1993-04-20
• Number of items: 1
• Binding: Hardcover
• 289 pages

Sunday Business 12/09/99
".... should be compulsory reading. He debunks the myths and brutally focuses on the nitty-gritty of how to survive and prosper in an extremely tough environment."

Synopsis
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 traderHow to profit from reading the behavior of the market crowdHow to use a computer to find good tradesHow to develop a powerful trading systemHow to find the trades with the best odds of successHow to find entry and exit points, set stops, and take profitsTrading for a Living helps you discipline your Mind, shows you the Methods for trading the markets, and shows you how to manage Money in your trading accounts so that no string of losses can kick you out of the game. To help you profit even more from the ideas in Trading for a Living, look for the companion volume - Study Guide for Trading for a Living. It asks over 200 multiple-choice questions, with answers and 11 rating scales for sharpening your trading skills. For example: Question Markets rise when there are more buyers than sellersbuyers are more aggressive than sellerssellers are afraid and demand a premiummore shares or contracts are bought than sold I and IIII and IIIII and IVIII and IVAnswer B. II and III.

Every change in price reflects what happens in the battle between bulls and bears. Markets rise when bulls feel more strongly than bears. They rally when buyers are confident and sellers demand a premium for participating in the game that is going against them. There is a buyer and a seller behind every transaction. The number of stocks or futures bought and sold is equal by definition.

From the Author
Best Wishes for Successful Trading
Dear Trader,

Thank you for reading my book and leaving your wonderful comments here. I am happy to see that so many people in different countries are benefiting from my work. I had put my heart, soul and more than three years of my life into writing this book, but never imagined that my baby will become so popular. Thank you!

Traders sometimes ask what has changed in my approach since TRADING FOR A LIVING was published. My key ideas on trading psychology remain valid - the human nature changes slowly, for better or worse. My ideas on technical analysis have stood the test of time, and I still trade the Triple Screen system. Of course, I continue to tweak its parameters, striving to improve my performance. The one thing I'd do differently if I were writing this book today, I'd cover a bit less of technical analysis and write a lot more about risk control and money management.

Readers of TRADING FOR A LIVING often ask what else I can do to help them become better traders. Several times a year I run a Traders' Camp, taking a small group of traders to a resort where we spend a week learning to analyze markets, find good trades, and develop better trading techniques. If you'd like to receive a video clip of our Camp, please email me.

Best wishes for successful trading!

Dr. Alexander Elder New York, 1999

---

Customer Reviews

A superb book for technically-orientated traders
This book really opened my eyes to the power of technical indicators as real world trading tools. Dr Elder very clearly explains the important inidicators and how to adapt them to your trading method. He also explains some new indicators that he devised himself, as well as the importance of analysing markets in different timeframes. He also spends a huge amount of time on trader psychology which he is very well qualified to do being a professional psychologist. His psychological insights are fascinating and a must read for anyone serious about trading.

Not too bad ......
I bought this book in 2002 and find myself re-reading it once a year. It's got some good basics and is helpful in formulating your own trading rules and maintaining that discipline. I day-trade and also use CFD as well as classic long term longs ... I use MetaStock to get my information and use a l2 streaming service to day trade. All of this is part of a personal method and plan I follow based upon my own experience. The book won't tell you how to be successful but more like it acts as a guide as to developing yourself and your skills to get the best out of any situation. I'm tempted to see if I were to start all over again I'd probably go do a trading course. Sure it's wayyy more expensive but it's far more confidence building and being confident and positive is 90% of the battle when trading.

Misleading title and introduction
The most part of this book deals with technical analysis; a few pages explain how the individual and mass psychology influence traders. Unfortunately, the author says little about 'money management'. Actually, the author places great emphasis on psychology and money management in the 'Introduction', so I assumed that he would take up and explore the two issues: 'psychology' and 'money management' in details. However, it appears that this book is organized in a way which falls short of the goals stated in the 'Introduction' and blurs the subtitle of this book.

Having said all that, the second part of this book provides a good overview of technical analysis. It's still a good read, but don't expect any in-depth psychology or money management analysis from this book.