Trading for a living review
Algorithmic Trading Ernie Chan. The Rules of Wealth Richard Templar. Other books in this series. Value Investing in Asia Stanley Lim. Investment Valuation Aswath Damodaran. Trading for a Living Alexander Elder. Expected Returns Antti Ilmanen. Damodaran on Valuation 2E Aswath Damodaran. Deep Value Tobias E.
Quantitative Momentum Wesley R. Pitch the Perfect Investment Paul D. Quantitative Value Wesley R. Alternative Investments Mark J. The Conscious Investor John Price. Flap copy You have just taken a big step away from the crowd of amateurs. By opening Trading for a Living, you've resolved to become a successful trader.
Alexander Elder is a professional trader, a world-class expert in technical analysis, and a practicing psychiatrist. He believes that successful trading is based on three M's: First, you will see that the key to winning is inside your Mind. You will find out how to develop discipline and how to avoid the traps of emotional trading. Second, you will learn how to find good trades by using charts, computerized indicators, and other tools.
You will discover how to combine several analytic Methods into a powerful trading system. Finally, you will learn how to manage Money in your trading account. The rules for limiting risks are as vital to a trader as a safety net is to a high-wire walker. With this book, you are on your way to mastering a new way of trading stocks, futures, currencies, and options.
Alexander Elder helps you embark on an intense pursuit--trading for a living. Back cover copy Trading for a Living Successful trading is based on three M's: 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. Successful trading is based on knowledge, focus, and discipline. The New Trading for a Living will lift your trading to a higher level by sharing classic wisdom along with modern market tools.
Less expensive to order together than apart, and you pay shipping for only one book.. Your email address will not be published. Description Additional information Reviews 0 Description The best-selling trading book of all time — updated for the new era The New Trading for a Living updates a modern classic, popular worldwide among both private and institutional traders. Overcome barriers to success and develop stronger discipline Identify asymmetrical market zones, where rewards are higher and risks lower Master money management as you set entries, targets and stops Use a record-keeping system that will make you into your own teacher Successful trading is based on knowledge, focus, and discipline.
This is when prices have got right away from the consensus of value. This is where the amateurs buy. The only basis for buying away from the day EMA is what Dr Elder calls the "greater fool theory" - that you hope later to sell it at a higher price to a greater fool that yourself.
So, what he does is place buy orders near the day EMA and wait for the market to come back to that level. You need to revise the price each day as the EMA moves.
Dr Elder describes this as being like fishing - you put out a number of lines and then wait for the fish to bite. If the price does not come back to the 22 day EMA, then you do not trade that stock and look for other opportunities at fair value. Most people have trouble with this system. Our modern society is based on instant gratification.
We are impatient to wait for anything - if you drive on our roads, you will know what I mean. They also lack any discipline.