Read Trading for a Living: Psychology, Trading Tactics, Money Management by Alexander Elder Online


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. ExplainsAn 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 why most traders sabotage themselves and how to avoid doing the same....

Title : Trading for a Living: Psychology, Trading Tactics, Money Management
Author :
Rating :
ISBN : 9780471592242
Format Type : Hardcover
Number of Pages : 289 Pages
Status : Available For Download
Last checked : 21 Minutes ago!

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

  • Mike Oksenenko
    2019-05-20 02:55

    Best reading order:1) To Trade or Not to Trade (Alexander Elder)2) Two Roads Diverged (Alexander Elder)3) Trading for a Living (Alexander Elder)4) Entries and Exits (Alexander Elder)5) Come Into My Trading Room (Alexander Elder)6) Sell and Sell Short (Alexander Elder)

  • Mark Speed
    2019-06-02 03:00

    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 expensive (£55, c.$80) but worth every penny. The author is a doctor who escaped to the US from the former Soviet Union, became a psychiatrist and then a very successful trader. I bought this book for its comprehensive section on trading psychology. Alex Elder tells it like it is, in very plain terms. If you trade, you are your biggest enemy. He tells you what to do about it from within quite a harsh frame of reference: that of Alcoholics Anonymous.It misses out on that fifth star because it has not been updated since 1992. The result is that it's very much a pencil-and-paper approach to trading signals, and there's no mention of the internet at all. That didn't bother me too much, but I think it would make some readers feel a bit robbed. On the plus side, he actually talks through the psychology of all the indicators. For me, that was a huge bonus. Even though I'm not big on indicators, the people I trade against are - so I have to know them and read the moves of the crowd.Actually, I'm going to give this five stars. It's a rare thing for me to start re-reading a book on the same day I finished it.

  • Pat Murphy
    2019-06-01 01:55

    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
    2019-06-02 00:03

    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" he describes are about divergences, i.e. catching the moments when the trend breaks and going against it. It's seems almost impossible to combine these two techniques, because divergences on daily graphs are rarely occur in the direction *along* with the weekly trend, they are mostly happening against, before weekly trend changes too.

  • Peter
    2019-05-19 04:39

    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
    2019-05-19 02:47

    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
    2019-05-26 04:54

    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
    2019-06-01 05:51

    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
    2019-06-08 03:39

    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
    2019-06-07 01:06

    Very interesting book which teaches anybody how to start trading with confidence

  • AlokKumarGupta
    2019-05-18 04:54


  • Anand Vishnu
    2019-06-16 03:03

    perhaps the best book in technical analysis for a beginner

  • Arun Kaushal
    2019-06-09 01:41


  • Goh James
    2019-05-30 06:01

    This book was published in 1992. The new version just came out last year. Great book for anyone starting out.

  • Arek Piwowarczyk
    2019-06-13 21:49

    Good book, however there is a new updated version: The New Trading For a Living

  • Ian Cassel
    2019-06-18 02:52

    A great read to look into how traders think and good views on psychology

  • Kire Programista
    2019-06-10 23:47

    This 3 hours audio book is great introduction to trading psychology if you are new to the concepts and probably can learn a few things even if you have experience in this area. The book is about a quarter of a century old but still has great concepts that can be applied to today's market. This is not my first trading psychology book that I have read and still I was introduced to some new aspects. There is the popular believe that trading is a Zero sum game. However, when you pay your commissions to your broker the odds against you are greater. In addition, there is the chance to slippage both negative and positive but chances are you are going to pay extra for negative slippage. So if two people enter into a trade at the same time in opposite direction with same take profit and sell loss one of them is going to be a winner and one of them is going to be a loser. But the one that looses money will be greater than the one that is making money. Personally I do not use the go with the trend technique but it is a personal choice.

  • Matheus Portela
    2019-05-19 03:01

    A good intermediate book on trading indicators and systems. Despite being a bit out-of-date in its examples (and lack of modern computer software), the fundamentals remains solid.I recommend skimming through some indicators and only going deeper when the author talks about indicators that are familiar to you. Otherwise, it can be a troublesome reading. Good advices, although way too abstract in my opinion, can be found in the money management chapter.

  • Stipe
    2019-05-23 23:01

    Nice quote:1. Concentrate on trading right, and not on the money

  • Michael
    2019-06-06 23:58

    **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
    2019-06-03 21:52

    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 to go through the transcript and clean it up.On the other hand, simple though his points may be, they are worth learning. I particularly like his early chapter about gurus and the tendency so many of us have to put our trust in anybody but ourselves (and not only when it comes to trading, I've observed!). Likewise, he has a great analysis of crowd behavior. He's trained as a psychiatrist, so I guess it figures.As far as actual guidance goes, what he has are mostly truisms that nevertheless need to be part of any trader's education. For example: - "Your goal is to trade well, not to trade often." - "You need to know exactly under what conditions you will enter and exit a trade." - "You must not change your plan while you have an open position." It does get a little more technical than that, but for a thorough treatment of indicators like Fibonacci sequences, moving averages, etc. another book would be needed. Elder is best simply at defining what every trader is up against ("The money you want to make belongs to other people who have no intention of giving it to you."). His book doesn't provide a clear path to success at that endeavor. On the other hand, no one should jump into the markets without knowing what it says.

  • Matthew
    2019-05-29 06:01

    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 analysis person (reading this book on a friend's strong recommendation), it was important for me to understand the rationale behind technicals, which I think is valid. How you use the technicals and incorporate them into your trading system (a very useful concept from the book) is another matter -- e.g. if you're a value investor, then your market entry/exit and risk management could be via different means than technicals. But its really interesting to then sit back and consider different trading styles and think about how each is really trying to address similar problems, just using different tools to do so. Anyhow, Elder (a trained psychiatrist who presumably, as he says, trades for a living and practises psychiatry on the weekend) describes charts/candlesticks, gives a comprehensive list of well-worn technical indicators (3 grps: trend-following, oscillators, and miscellaneous), and describes his own trading system. As many Amazon reviews point out, people get a lot from reading and re-reading this book, as I am. Pricey though.

  • Anubhav Kandpal
    2019-06-15 03:00

    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 and3) 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 book different from others:-1) I consider Mr. Alexander Elder is an artist because the way he was expressing out thoughts and facts and able to relate it with ones day to day lives was amazing.2) while reading this book for a moment I thought that a veteran guru was guiding me as to how to trade and how to focus more on risk management.3) Mr. Elder pointed out mistakes that I normally do while Trading and then I realised that every amateur does the same thing and this has helped me to understand the crowd behaviour.For those who know Technical analysis can quickly go through the Trading Tactics part of this book but do read the Crowd psychology of every trends and pattern.

  • Gavin MOK
    2019-05-18 03:41

    Ok ish book for beginners.

  • Joseph
    2019-05-24 05:59

    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 wall that kept animals from wandering away from the settlement at the tip of Manhattan. A bull fights by striking up with his horns, a bear fights by striking down with his paws, sheep are passive and fearful followers of trends, tips and gurus) (b) The decade of the 1930s was the Golden Age of charting..Their work went in two distinct directions. Some, such as Wyckoff and Schabaker saw charts as a graphic record of supply and demand in the markets. Others such as Elliot and Gann searched for a perfect order in the markets, a fascinating but futile undertaking.

  • Russ
    2019-05-29 02:01

    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 the interplay of supply and demand in the marketplace, you will also appreciate his descriptions of various indicators, oscillators, and systems for trading. Just reading the first and last sections of the book would have made me a more successful and happier trader if I had read it when it was first published. I will continue to use it as a reference book in the future.

  • Jacqui Allen
    2019-05-27 00:09

    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 beginning stages or those who want to keep learning.

  • Terry Koressel
    2019-06-05 01:56

    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
    2019-05-30 22:06

    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 confidence.

  • Duffy Pratt
    2019-05-28 23:57

    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.