The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, Trade Management (Wiley Trading)

A really good one recomended 5

The updated classic is worth adding to any consummate traders desk pile. The new strategies, risk management sections, and classic psychology are powerful tools to move the beginning trader to true position management and profitability. Boasting glossy pages, the new layout and design of the book is friendlier to the reader and better for study than the 1st edition. What sets Dr Elder apart in the field of TA (Technical Analysis) and trading is the practical lessons from the everyday grind vs the endless dribble of theories so many authors promote. I have the feeling many inexperienced traders and armchair newbies will pass on the psychology of losing, and buy into the myth that these methods are not advanced enough for the modern market, assuming the intellectual error that complexity equals profits. Often the new trader fails to realize of how little of importance indicator soup is to the professional vs a well defined plan with a few highly probable patterns and correct risk management. Elder gives the necessary skill base and emotional acumen that is necessary for success, while covering a broad topic geared toward trading vs merely teaching TA. This edition was like a warm novel in my hands, and has found its home on my trading desk.My only complaint with both editions is with the zeal in which Elder condemns the very snake oil world of Gann marketing. I have studied WD Gann for 4 years at a very high level and have concluded that 95% of everything written about his methods is a waste of time. It is best to study his courses, books, and reading list than to buy the third party research. Mr. Elder is very condemning of this segment of analysts and rightly so as they prey on a less than knowledgeable and or gullible group. However, I have tested Gann's astronomical, numerical, and philosophical tenets in the markets and use them every week in my Soybean trades. I do not claim to be an astrologer or numerologist though I understand the tenets of both and how Gann applied them to markets. Gann's overall theory is more based in numbers than subjectivity of interpretations and can be calculated vs lines on a chart, or watching planetary aspects etc. In my own trading I have made incredible calls on the markets using his methods, however you can still trade incorrectly with a correct call (ask an experienced trader.) I can understand why Elder discounts the body of knowledge that is public and purports to be "holding some secret" which is associated with natural law, as this group is commonly riddled with failed traders turned marketers and egotist. Beginning traders often like many funny little lines on charts and adding neat little indicators vs studying 60 or more books to understand ancient mathematical concepts so they can research one mans life work. Perhaps Elder is premature in condemning the whole segment of Gann marketing and Gann's work without a complete depth of study, however he rightly jokes that an Uranus aspect is not the answer to real trading problems. If your mind is not prepared to deal with fear and greed with the shrewdness of calculated businessman you are not ready to trade. In the words of WD Gann "You cannot make a success trading on hope and fear, you must trade from knowledge, and face facts when you are wrong." Dr. Elder will certainly teach you how to adopt that mindset.

“The New Trading for a Living” remains one of the most foundational trading books available, especially for those looking to build a disciplined, risk-aware approach applicable across multiple asset classes. It teaches how to think and survive in trading, which is more valuable than any one strategy.

On tone and well oackagedgood

I have read all of Dr. Alexander Elder's trading books , most of them re-read couple of times.His Original "Trading For a Living" hit me like a hammer on the head. If you are into trading, you got to read this book. You can easily relate to him. Most of us are starting off much better than he started in USA. As a Russian Refugee, he started his life in USA with no english skills , no relatives and $25 in his pocket. Trading was expensive forte of the elite back then.PSYCHOLOGY BEHIND TRADING TOOLS:The Book addresses the psychological issues. Every aspect of trading, even the reasoning behind technical indicators are analyzed from a psychological perspective. For example, here is Dr.Elder's take on "SUPPORT AND RESISTANCE":"Buying and selling by crowds create support and resistance. Support and resistance exist because people have memories. Support and resistance exist because masses of traders feel pain and regret. Traders who hold losing positions feel intense pain. Losers are determined to get out as soon as the market gives them another chance. Traders who missed an opportunity to buy or sell short feel regret and also wait for the market to give them a second chance. Feelings of pain and regret are mild in trading ranges when swings are relatively small and losers do not get hurt too badly. Breakouts from these ranges create much more intense pain and regret". The pain of bears and regret of bulls makes them eager to buy, creating support.ATTENTION TO NEWBIES:The book will be useful to everyone. Even the high frequency professionals. It could be a lesson or a refresher, but everyone will find it useful. Useful enough Here the author has taken care to fit in a newbie's shoes every step of the way. The glossy eye catching charts, by themselves are self explanatory. He goes to the extend of suggesting to go with some basic software and upgrade as you get better. To prove the point, all the charts from stockcharts.com's free version. Buy something simple and inexpensive and upgrade later (With Dr. Elders's Punchline "It's a date,not a marriage"). And here is a suggestion that helped me (especially in Options), disable a common feature that shows your equity gains or losses in real time. Watching dollars jump up or down at every tick is stressful and distracting".MONEY MANAGEMENT: This is one of the best takeaways of the book. Sooner or later, you will be hit with losses ( probably you already got hit and the reason why you are planning to buy the book). You need staying power and the 2 % rule or the 6 % rule are valuable. Helps you to come back and fight again another day.CONS: The tiny fonts chosen for the book makes me think this book was primarily reviewed and edited on a Kindle Format. A pain to read that never goes away. Completely neutralizes the effect of glossy paper and cool charts. My 4 stars is because of this presentation. Also the price is little on the higher side. If you think it is not affordable, go with Dr. Elder's masterpiece for much lower price Come Into My Trading Room: A Complete Guide to Trading. Impulse System, Triple screen system were introduced in that book and only costs less than half this book.GOLD STANDARDS:Investing appears easy, but damn tough for a retail investor.It is all the more tougher if you do not have a large pot to start. As Mike Tyson said "Everyone has a plan until the first punch hits your face". This book helps every step of the way. I found a fast track `success' path in stock market and here it is:FAST TRACK TO WEALTH OPTION:If you are one of the masses, GOOGLE FOR 'TASTYTRADE'. It is a free website by Tom Sosnoff , founder of ThinkorSwim who is giving away brilliant pieces of research analysis and advice for free after big wins in his career.Also search for "KAREN SUPER TRADER" in youtube who made 45 MILLION DOLLAR GAINS in few years using techniques similar to Tom Sosnoff methodology. he is employing Datascientists, Research programmers, tons of back testing reports etc never even imaginable for a common man and giving away everything for free. His tradable and actionable content crushes CNBC. ( Nope, I am not paid by Tastytrade). He is proving to the world `option's is not reckless.Remember , Discipline and rules of Dr. Elder still applies .THE SAFER SPEED LIMIT APPROACH: If you are not comfortable with options, Dr.Elder's triple screen and Impulse System are very good ones There are plenty of tools, analytic software and techniques available, but don't forget Dr. Elder's core philosophy - Biggest barrier to success is inside your skull.SUMMARY:If you are reading this book for the first time, don't rush. Read just few pages so your focus is totally on this book. After finishing the book , come back to it after a month or so and re-read again. You can be in stocks, options, futures or anything but the rules of the book are immutable. Also read but more importantly watch tastytrade.