Trading for A Living by Dr. Alexander Elder

Superb book which is both highly informative, and also delightful reading. Covers 3 primary skills essential to successful trading: Psychology, market analysis and trading methods, and principles of money management. The coverage of psychology is both from an individual perspective, and from that of the crowd, or majority of market participants. Teaches a new approach to managing your own emotions as a trader, also how to understand and benefit from the crowd psychology of markets. One of Ed Dobson's favorites. (289 pages)

Quoted from the book cover: Dr. 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: Mind, Method, and Money. 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. Dr. Elder helps you embark on an intense pursuit---Trading for a Living.

Table of Contents

  • Introduction
  • Trading --- The Last Frontier
  • Psychology is the Key
  • The Odds Against You
  • Individual Psychology
  • Why Trade
  • Fantasy vs. Reality
  • Market Gurus
  • Self-Destructiveness
  • Trading Psychology
  • Trading Lessons from AA
  • Losers Anonymous
  • Winners and Losers
  • Mass Psychology
  • What is Price?
  • What is the Market?
  • The Trading Scene
  • The Market Crowd and Your
  • Psychology of Trends
  • Managing vs. Forecasting
  • Classical Chart Analysis
  • Charting
  • Support and Resistance
  • Trend and Trading Range
  • Trendlines
  • Gaps
  • Chart Patterns
  • Computerized Technical Analysis
  • Computers in Trading
  • Moving Averages
  • Moving Average Convergence-Divergence (MACD) and MACD Histogram
  • The Directional System
  • Momentum, Rate of Change, and Smooth Rate of Change
  • Williams %R
  • Stochastic
  • Relative Strength Index
  • The Neglected Essentials
  • Volume
  • Volume-Based Indicators
  • Open Interest
  • Herrick payoff Index
  • Time
  • Stock Market Indicators
  • New High-New Low Index
  • Traders' Index and Other Stock Market Indicators
  • Psychological Indicators
  • Consensus Indicators
  • Commitment Indicators

New Indicators

  • Elder-ray
  • Force Index
  • Trading Systems
  • Triple Screen Trading System
  • Parabolic Trading System
  • Channel Trading Systems
  • Risk Management
  • Emotions and Probabilities
  • Money Management
  • Exiting Trades
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