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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