Download Trading for a Living: Psychology, Trading Tactics, Money Management
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Trading for a Living: Psychology, Trading Tactics, Money Management
Download Trading for a Living: Psychology, Trading Tactics, Money Management
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Product details
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Audible Audiobook
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, English
ASIN: B000A7KJK4
Amazon Best Sellers Rank:
The author of this book comments aggressively on negative reviews. This probably means that negative reviews of this book could have been deleted from amazon (not by amazon). Negative reviews tend to receive a lot of negative feedback when the author has a coterie of devotees. By bullying such reviewers to remove their reviews, the book will score higher.I just had a look at the review "'THE' Best Book on Trading" (currently top review on the list). That reviewer states that he has read more than 40 trading books. This book by Elster is the only useful one. So why has the author only reviewed the Elster book? There might be legitimate reasons, but the book just have too many reviewers like that.Here is my review: This book covers technical analysis and money management for beginner-traders. If you are a novice my recommendation is to buy a couple of books with more focused content. Since they are more focused they will take you to a higher level of understanding. I provide a list of such books on my amazon page.If you for some reason only want to buy one book, you can consider the current book. However, be aware that trading is not easy and most fail because they don't have a money management systems (as the book points out).If you are not a beginner I do not think this book will give you anything.
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.SKEPTICSI'm not saying any book will make you a trader. It's more complicated than that. But Elder gives you a great foundation, especially his triple screen method and his ranking the success of various patterns and indicators in different markets (bull, bear, trading range).From there, it's experience. I've been day trading for 11 years. I've made great money and had some loosing years, but mostly it was when I didn't follow Elder's advise. One of his great pieces of wisdom is (paraphrased) "Great trades scream out to you," meaning don't trade to trade, wait for super setups.
This is the 5th book I read on trading. The author is very entertaining and there were a lot of sections were I actually laughed out loud. The author assiociates traders who loose with alcoholics. He believes that loosers have a condition and can't help themselves from loosing like alcoholics who can't stop drinking. For instance losers will cashed out of profitable positions to fund their loosing ones or when they start loosing they will double up on the loosing position. According the the author 9 out of 10 new traders will be out of trading in less than 6 months because of this loosing mentality. But the market would not be what it is today if it was not for these loosers. You have to decide if you are a winner or one of the looser mentioned in the book.The first third of the book focused on the psychology of trading and it was very well written. The middle third of the book talked about the technical ascpect of the book and to be honest the author kind of lost me there. The technical part of the book was a little much for me, it talked about a lot of system traders used back in the day. I have developed my own system and this part of the book really confused me and I recommend skipping it if you already have a system. The last third of the book talked about money management. This part of the book was good and very informative. I have a rule where I would get out of a trade when I was down 10% but the author recommends getting out of trade when you are down 2% of your over all equity. For example if you have 30k in your account you should get out when you are $600 on a trade. This makes much sense and I will incorporate this stategy in my system.All in all it's a good book and I recommend reading it if you plan to be a fullmtime trader. The technical part of the is a bit much but if you do not have a strategy it might be worth a quick read otherwise i would skip this section.Good luckDmonk.
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