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Save the price of this book and buy a lotto ticket. I tossed mine in the recycling bin rather than donate it to the library book sale. The risk/reward is better.I've bought a lot of investment books. What a piece of trash this book is. All these old trading maxims and catch phrases are really a lot of hogwash. This really is the worst. The positive reviews here make me seriously question the legitimacy of amazon book reviews.
After years of trading, I still go back and re-read this book.It has it all:- Trading Psychology- Money Management- Trading Systems- Technical AnalysisWell written and very easy to understand, this book is a must to have in your Stock Trading resource library.
However, reexamining this book after I made my quantum leap, there are 3 critical factors that need to be addressed if you want to take your trading from "mildew to barbecue" in the shortest time possible. You can't hide forever behind your trading system if you have not squared up with yourself. Trading is 90% inner game. Elder covered a lot of ground when discussing the psychological aspect to trading, looking back, I respectfully disagree with his notion that trading psychology begins and ends with every trade you make. Elder makes a respectable contribution in explaining the mechanics of how mass trading psychology works, the book gives the impression that its influence is somehow "apart" from the individual trader, and that all the trader needs to do is learn how to "out maneuver" the crowd by more sophisticated means.
Don't trim branches, kill the roots.To make the most of this book, start thinking from the inside out. Get out your notepad and crayons because I am going to show you how to make this good book a better one for you. The reality is that there is no such thing as "trading-related problems." Furthermore, trading doesn't exist in a vacuum. Again, trading is 90% inner game. For many of the reasons that reviewers gave **** and ***** ratings with regard to its features, I concur.
Don't look down at the markets, look at the man in the mirror.3.You are godWhen you read this book, you may get the impression that more stock is given to trading indicators and other external factors. The danger here is that it creates an unnecessary schism in the mind of the trader who doesn't know any better.To take your trading game to the next level, you must back away from the illusion of "me versus the markets" like spilt hot coffee. I duly understand how the markets move from one extreme to the other by the often primitive-driven actions of the "herd mentality." Although Dr. Issues that find their way into trading are already happening in your life.
If you desire to follow a set of trading rules that you want to sustain you financially, then first become a person of character and integrity. The ideas that Dr. This book played an integral part in me being able to develop a top-notch trading game, therefore I duly recommend it. The reality is that the financial markets are YOU and you ARE the markets. The same primitive drives that run amuck in the markets are what also drive you to make irrational trading decisions. I understand that this appeals to those who have yet to enjoy consistent trading success and are more interested in "tips and suggestions." But if you want to play this game from a position of strength, then you must stop giving away your power to technical indicators and other external devices. 2.You are the marketsOne of my pet peeves was his discussion on crowd psychology. Elder present in this book or any trading concepts you create or acquire are for you to breathe life into and not to be worshiped.When you buy Trading For A Living and take these points to heart, trading success will began to be IN you and not on you like a t-shirt.Henry "Solomon" Billingslea, Jr.
If it worked for me, I am sure it can work for you.1.Trading for a living means you first live how you want to tradeEven though Dr. author of: Pimping Wall Street The Player's Guide To Trading The Markets, Vol. The quality of your trading is reflected in not what you do but who you are. I agree with the author that one should understand crowd psychology and how it fits into the overall scheme of trading the financial markets. You show me someone who declares that "XYZ trading indicator no longer works," and I will show you someone who is looking for trading salvation outside of their self. I
Read the book before you begin trading. Professional education can easily run $300 per day so this book is well worth the price. It will save you thousands if you retain and apply the concepts. Working on reading his second book now.
I've spent the past year reading trading books. And always assume there's something going on that you don't know or understand. Pay attention.
This one, along with "Winning the Trading Game" by DraKoln, "Trading Rules that Work" by Jankovsky, and "Adventures of a Currency Trader" by Booker are the only books I would recommend. Watch order flow (aka reading the tape). I bought many, including the ones recommended by reviewers who seemed to "get it." Looking back on it, I wasted a lot of time and money.
Watch Volume and Open Interest. Read them more than once. Paper trade for a while (but do it the old fashioned way, like Harry does in "Adventures"), then start trading (you'll never learn until you do).
Think about what underlies market moves. Good luck.
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