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Also, chapter six details a decent introduction to futures and options. This has to be the best book that I’ve read on the subject of trading so far. This is not a book that is going to teach you the technicalities of trading such as patterns and trend indicators.
The section is replete with examples and charts which make the techniques involved perfectly clear even to a new trader. This was one of the first books i read on the trading. he goes into detail on trading psychology and all his strats and thoughts on the market. The comments in the back of the book provide detailed explanations of the right and wrong answers to the multiple-choice questions.
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Elder’s second book was quite an enjoyable ‘easy’ read. Not something easily said when it comes to books on Trading. The book is primarily split into 3 parts, Mind, Method & Money Management , dealing with Trading Psychology, Technical analysis and Management respectively.
What you see on the surface is often deceptive – in trading, as well as in life. A trend may appear strong, while below the surface it may be weak and ready to reverse. Elder shares real-world examples that show how to manage your positions by adjusting your exit points as a trade unfolds.
Going further deep into the book, the author mentions clearly, where to start your trading career and how to develop the same. The book which is divided in to three sections includes the basics of trading as seen through a trader’s eye, written by an experienced author. The first part of the book Invest In Tax Free Municipal Bonds is an entry for a fresher into the trading world. This part is written in a simple and interesting manner such that, every new comer will continue reading further by understanding clearly the idea behind trading. The second part gives idea about the three M’s in trading – Mind, Method and Money.
Instead he spends the majority of time discussing the psychology, discipline, money management and risk management of trading. The latter is certainly helpful for individuals wanting to take trading seriously. Also enjoyed the discussion on the amount of effort,time and mindset required to get from a beginner to a semi-pro and then to a professional.
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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 of his bestselling Trading for a Living. Come Into My Trading Room educates the novice and fortifies the professional through expert advice and proven trading methodologies. The next section – The Organized Trader – takes you where no trading book has ever gone before, teaching you how to organize your time and effort. You learn to select the best markets for trading and design a decision-making tree. A complete recording, read by the author, Dr Alexander Elder. Would you rather listen to a book while driving, doing chores, or mowing the lawn?
You may read the best trading book, but how much of that knowledge will you retain a week later? This is why you need this Study Guide for The New Trading for a Living. It’ll give you a firmer grasp of the essential trading rules and skills.
Elder also includes a section on the psychology of trading. Perhaps this is because the author has a separate book, Trading for a Living, which covers Come into my trading room this information in more detail. Shifting focus from technical analysis to the overall management of a trader’s money, time, and strategy, Dr.
Learning to read its messages will help you become a better investor and trader. Alexander Elder, MD, is a professional trader and a teacher of traders, based in New York. He is the author of several best-sellers, considered modern classics among traders.
What stood out most for me was the Mind & Management parts of the book, really well written and easy to follow, topics that really make you think. I took note of a lot of his ideas and will apply some of them to my own trading plan after testing them. The language used in the book is very simple which makes the book most incredible. Every section and pages in the book is so informative that no newcomer should miss the book. The starting chapters, mentioning the difference between, investors, traders and gamblers itself will surely make anyone who reads the book to stick more to know more.
I use some of his lessons in my everyday approach to trading. This was one of the first books I read on trading psychology and it is well worth spending the money. It largely depends on the general trend of the stock market. A rising tide will lift all the boats just as surely as a falling tide will smash them against the rocks. The New High – New Low Index is the best leading indicator of market tides.
In conclusion, the final chapter – Come into my trading room, is basically a tutorial of some of his trades and a breakdown of his thought process with a step by step guide. The author explained his reasons for each entry with the help of MACD and other indicators. I find the systematic practice/plan rather enlightening. It makes for a fun read with his analogies, his timeless psychological trading tips and this book covers in more detail risk management, which is the core soul of any trader/investor. Beginners focus on analysis, but professionals operate in a three dimensional space.
Reviewed by: Chauncey Alcorn
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