Book Review: Trading for a living
I would like to take just a moment today to talk about a book that I have mentioned several times in my lessons Dr. Alexander Elder’s book Trading for a Living: Psychology, Trading Tactics, Money Management
The Book is approx. 304 pages long and take approx… 4 to 10 days to read depending upon your reading speed and catching power. I personally completed this book last week in 4 days. Maybe because I had read this earlier :).
I feel the fact that in addition to being a practicing psychologist Dr. Elder actually trades himself allows him a special ability to weave the psychology of trading into all the other aspects which go into successful trading to create as complete a guide as I have seen on the subject.
In this book, you will learn not only about common psychological behaviors which destroy many traders, but also tactics for focusing your own mind in the right direction so you can avoid the common psychological pitfalls that destroy so many traders. In addition, Dr. Elder talks about how to read the overall mood of the market and looks at what things such as support and resistance, trends, gaps, and other chart patterns tell a trader about the psychology of the overall market at a given time.
Words are not enough to describe this epic bible of traders.
Lastly, Dr. Elder covers several trading strategies which traders can use in their own trading and introduces two new indicators which he developed himself the Elder Ray and Force Index.
If you are seeking a book which ties together the psychology of trading, methods for trading the markets, and ways of protecting your trading capital into one cohesive easy to read the book then I highly recommend Trading for a Living.
Also, read how much capital is required for Trading for a living.