A superb book for technically-orientated traders
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This book really opened my eyes to the power of technical indicators as real world trading tools. Dr Elder very clearly explains the important inidicators and how to adapt them to your trading method. He also explains some new indicators that he devised himself, as well as the importance of analysing markets in different timeframes. He also spends a huge amount of time on trader psychology which he is very well qualified to do being a professional psychologist. His psychological insights are fascinating and a must read for anyone serious about trading.
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Not too bad ......
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I bought this book in 2002 and find myself re-reading it once a year. It's got some good basics and is helpful in formulating your own trading rules and maintaining that discipline. I day-trade and also use CFD as well as classic long term longs ... I use MetaStock to get my information and use a l2 streaming service to day trade. All of this is part of a personal method and plan I follow based upon my own experience. The book won't tell you how to be successful but more like it acts as a guide as to developing yourself and your skills to get the best out of any situation. I'm tempted to see if I were to start all over again I'd probably go do a trading course. Sure it's wayyy more expensive but it's far more confidence building and being confident and positive is 90% of the battle when trading.
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Misleading title and introduction
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The most part of this book deals with technical analysis; a few pages explain how the individual and mass psychology influence traders. Unfortunately, the author says little about 'money management'. Actually, the author places great emphasis on psychology and money management in the 'Introduction', so I assumed that he would take up and explore the two issues: 'psychology' and 'money management' in details. However, it appears that this book is organized in a way which falls short of the goals stated in the 'Introduction' and blurs the subtitle of this book.
Having said all that, the second part of this book provides a good overview of technical analysis. It's still a good read, but don't expect any in-depth psychology or money management analysis from this book.
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Excellent
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This is the book that got me started in trading (I actually read the UK version, 'Financial trading') and it should be compulsory for beginning traders. You will progress as a trader far quicker if you read this book, simply by avoiding the pitfalls that most of us go through and which are described in detail by Dr Elder. While a fellow reviewer complained that 60% of the book is on technical indicators and that the author appears repetitive, I believe this helped me greatly (and probably helped that reviewer too). The reason I say this is because at the end of a comprehensive read of this book you have the fundamentals of trading (technical and psychological) absolutely drilled into your mind. Given Dr Elder's background as a psychiatrist it does not suprise me that he reinforces these concepts so often. Unlike many average trading books that receive five stars this (and the author's other book, 'Come into my trading room') genuinely deserve maximum praise and both should be read before and during your trading career; independent or company supported.
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An amateurs' dream
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I was impressed by the credentials of Alex Elder , coming from the background that he did.As an amateur I am, as it were, walking through a minefield. This book has shown me that in very clear terms.I am in the very early stages of learning how to trade and the psychology in this book makes great sense.On the downside , although Elder states clearly the pitfalls facing amateurs ( those who trade from home)he doesn't say how best to avoid them.Slippage and commissions are two such problems. Commissions have to be paid , yes but slippage is something which no amateur can combat. As "paper", amateurs are at the mercy of the trading floor.How to avoid being wiped-out by this would be a very usefull piece of information.The book is well written, if sometimes obscure in its use of the English language.Caution is my watchword but I will be buying his other book just as soon as I've finished this one. Buy it.
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United States | 
United Kingdom | 
Canada