ePub × A Complete Guide to Trading ó Dr Alexander Elder M.D.
The trading bible for the new millennium In Come Into My Trading Room noted trader and author Dr Alexander Elder returns to expand far beyond the three M's Mind Method and Money of his bestselling Trading for a Living Shifting focus from technical analysis to the overall management of a trader's money time and strategy Dr Elder takes readers from the fundamentals to the secrets of being a successful trader identifying new little known indicators that can lead to huge profitsCome Into My Trading Room educates the novice and fortifies the professional through expert advice and proven t An outstanding introduction for the beginning trader Dr Elder presents the SafeZone trailing stop indicator a very simple but effective trading method based on price divergences from long term trends and his Triple Screen System which means using multiple time frames to determine entry points However the method is presented as an example to illustrate the actual substance of the book How To Become a Successful TraderDr Elder covers the three aspects of successMind Mastering your own mind is at the core of being successful in anything Here he discusses the psychology of trading how close it can come to gambling and how to avoid thatMethod Your actions must be correct to achieve success Dr Elder shows how to apply the concept of mastering your mind to an actual trading systemMoney Trading is a risky enterprise Managing risk is another term for trading profitably provided you own your 'mind' and you've chosen a working 'method'I don't believe there's anything wildly 'new' in Come Into My Trading Room It is not a technical analysis textbook plenty of those around and it's certainly not a trading system in itself It's a very clearly written broad introduction to trading and a hands on guide to teaching yourself to be a successful traderMost useful? If you already know all about keeping comprehensive records and written trading plans if you've mastered self discipline to prevent the gambling trap then the next most valuable tool Dr Elder gives us is a grading method to objectively measure the success of our trades and ultimately our overall progress as traders The SafeZone and Force Index indicators are clearly valuable but they're like the secret spy ring to the rest of the books delicious Cracker JacksHighly recommended as a 'First Read'
Dr Alexander Elder M.D. ó reader
Come Into My Trading Room A Complete Guide to Trading 146Oom gives readers the knowledge and insight to enter the market with confidence and exit with profits Unparalleled depth and a wide range of coverage will keep all levels of traders engaged informed and returning to Come Into My Trading Room again and again Dr Alexander Elder New York NY is a professional trader technical analysis expert and practicing psychiatrist He is the founder of Financial Trading Inc providing intensive trading camps to traders all over the world Elder's first book Trading for a Living Wiley 0471592242 and the companion study guide have sold over 160000 copies When I first started out in trading stocks 9 years ago I set out by researching virtually every trading strategy and method available It wasn't until I began discounting many of the strategies that I learned forming a philosiphy on how I think the markets worked and applying a single method in trading based on how I think the stock market works that I began to stop losing money Only until I learned how to overcome emotional barriers did I begin to actually start making moneyThere are way too many books out there that limit themselves on how to draw trendlines how to calculate Stochastics etc We don't need any books that spend pages on head and shoulders and limit the entire book on technical patterns and oscillators information that can be found on many other books out there Come into My Trading Room is not another of those books It is by no means a definitive guide to chart patterns or oscillators We don't need any of those we need books like this that go beyond that on application mindset trading size recordkeeping keeping yourself in check and other important parts that make a well rounded traderTrading is hard I think harder than investing due to the substantial psychological barriers that you must overcome To that point I was expecting from the Mind part of the book considering he was a trader as well as psychologistI already have my bullets as the author talks about and won't be using the Elder Ray or his other proprietary indicators I'm sure they may be good indicators but they don't fit in with my strategy they may very well work wonders for some of the people that read this book and use them I did pick up a few things from this book I found useful and this is coming from one of those guys that's read literally 100 books on the matter I think this is ia good book and recommend it to everyone especially for the new trader or the trader not using a predefined system that tells him exactly what to do This is a good book even if you don't use the tecnical analisys methods he talks about He is basically saying this is what I do use them or something else but understand thoroughly whatever it is you useI do disagree with Elder that mechanical systems traders are doomed to fail and are lazy and want some computer to do their thinking for them Some may be but some market students have done well using mechanical systems Sheldon Knight made a fortune using his system Ed Seykota makes money only when he uses his system I doubt that Elder would not consider Ed Seykota is not a lazy person wanting a system to do his work for him had he met him or read any of his writings There are some out there but you can't be lazy and limit your knowledge to some little computerized system and it's very hard to stick with a computer program when it's going through a large drawdownTrading is hard For some it's harder than others It was very difficult for me starting out because I made every mistake possible for one thing I realized looking back my commissions caused a majority of my losses and I definitely went about it the wrong way If I read and APPLIED the teachings in this book I would have been a lot better off long ago You don't even have to use his bullets as he talks about in this bookThis is a good book for any trader to read