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

Features

• Cover Type: Hard Cover with 289 pages
• Published by: Wiley
• Edition: 1st Edition March 8, 1993
• Written in: English
• ISBN 10 Number: 0471592242
• ISBN 13 Number: 978-0471592242
• Book Dimensions: 9.1 x 6.3 x 1 inches
• Weighs: 1.2 pounds

From Library Journal
Soviet-born author and practicing psychiatrist Elder (director, Financial Trading Seminars, Inc.) shares his learning over the years as a professional trader and expert in technical analysis and his principle of understanding the three Ms (Mind, Method, Money), which will strengthen the discipline required to be successful in trading. He explores crucial factors in the markets that most experts overlook, including time, volume, and open interest, and describes little-known indicators to track them profitably. In addition, he covers many of the more technical approaches to investing in futures, such as factoring in the meaning from the Elliott Wave, oscillators, moving averages, Market Logic, and point-and-figure charting. His unique viewpoints in this overly saturated genre explain his particular view that most traders sabotage themselves, while offering tips for others to avoid doing the same. The narration by Richard Davidson soundly guides the listener through this highly specialized work that, although first published seven years ago, remains recommended for university libraries supporting a finance and business curriculum.DDale Farris, Groves, TX
Copyright 2001 Reed Business Information, Inc. --This text refers to the Audio CD edition.

From AudioFile
The author, a psychiatrist, talks about how human nature intersects with the investment world. Narrated with over-the-top gravitas start to finish, the program warns the listener to keep a close eye on emotion and to do the homework required to understand the many variables in the market. The author's knowledge of technical trading methods is also outstanding, and he is most effective when blending this expertise with his insights about human nature. Presenting the big picture without over-simplifying, he helps serious students stand back from the fray when making investment decisions. This title is an outstanding integration of the technical language of economics and the language of emotion familiar to a broader range of listeners. T.W. © AudioFile 2003, Portland, Maine-- Copyright © AudioFile, Portland, Maine --This text refers to an out of print or unavailable edition of this title.

Reader Reviews
If somebody bought, read and judged the book by whether it could really help him or her to go "trading for a living", that somebody would definitely be disappointed. Even the author himself pointed out that the success rate for the conversion of ex institutional traders to independent traders was very low owing to the much higher psychological load of trading one's own money than that of trading OPM. Despite the over-promise of the book title and the second half of it discussing mostly technical tools, the book is quite well written. There are plenty of bright ideas, some with originality that can be attributed to the author's M.D. and psychiatrist background. In particular I like the following points much:- - That trading is a minus sum game (considering commission and slippage) and the mass media or gurus or prevalent market view are almost always wrong. - The analogy of the market as an ocean and a huge crowd of people, in either case an individual can have no control of but have to follow (or leave) emotionlessly for long term profit. - The analogy of Alcoholic Anonymous with Loser Anonymous that requires the same treatment for true recovery, whereas accepting oneself as an alcoholic or a loser is the very first step of healing. - The need for discipline and patience as individual traders' only weapon to against institutional traders advantages in faster information, better research reports, lower psychological burden for trading OPM, etc - Price is a psychological event, a momentary balance of opinion between bulls and bears, its pattern reflects the mass psychology of the market. - Last but not least, the opening prices are determined primarily by amateurs whilst the closing prices are determined by professionals. In short, the book is well worth the price and I do recommend it to those who study continuously for self improvement in their trading. Remarks:- The author claimed that he personally did so, too.