The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, wholesale Trade Management (Wiley lowest Trading) online

The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, wholesale Trade Management (Wiley lowest Trading) online

The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, wholesale Trade Management (Wiley lowest Trading) online
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Product Description

The best-selling trading book of all timeupdated for the new era

The New Trading for a Living updates a modern classic, popular worldwide among both private and institutional traders. This revised and expanded edition brings time-tested concepts in gear with today''s fast-moving markets, adding new studies and techniques for the modern trader.

This classic guide teaches a calm and disciplined approach to the markets. It emphasizes risk management along with self-management and provides clear rules for both. The New Trading for a Living includes templates for rating stock picks, creating trade plans, and rating your own readiness to trade. It provides the knowledge, perspective, and tools for developing your own effective trading system.

All charts in this book are new and in full color, with clear comments on rules and techniques. The clarity of this book''s language, its practical illustrations and generous sharing of the essential skills have made it a model for the industry—often imitated but never duplicated. Both new and experienced traders will appreciate its insights and the calm, systematic approach to modern markets.

The New Trading for a Living will become an even more valuable resource than the author''s previous books:

  • Overcome barriers to success and develop stronger discipline
  • Identify asymmetrical market zones, where rewards are higher and risks lower
  • Master money management as you set entries, targets and stops
  • Use a record-keeping system that will make you into your own teacher

Successful trading is based on knowledge, focus, and discipline. The New Trading for a Living will lift your trading to a higher level by sharing classic wisdom along with modern market tools.

From the Inside Flap

The best-selling trading book of all time – updated for the new era

The New Trading for a Living updates a modern classic, popular worldwide among both private and institutional traders. This revised and expanded book brings time-tested concepts in gear with today''s fast-moving markets, adding new studies and techniques for the modern trader.

This classic guide teaches a calm and disciplined approach to the markets. It emphasizes risk management along with self-management and provides clear rules for both. The New Trading for a Living includes templates for rating stock picks, creating trade plans, and evaluating your readiness to trade. It provides the knowledge, perspective, and tools for developing your own effective trading system.

All charts in this book are current, in full color, with clear comments on rules and techniques. The clarity of this book''s language, its practical illustrations, and generous sharing of the essential skills have made it a model for the industry – often imitated but never duplicated. Both new and experienced traders will appreciate its insights and the calm, systematic approach to modern markets.

The New Trading for a Living will become an even more valuable resource than the author''s previous books:

  • Overcome barriers to success and develop stronger discipline
  • Identify asymmetrical market zones, where rewards are higher and risks lower
  • Master money management as you set entries, targets, and stops
  • Use a record-keeping system that will make you into your own teacher

Successful trading is based on knowledge, focus, and discipline. The New Trading for a Living will lift your trading to a higher level by sharing classic wisdom along with modern market tools.

Study Guide for the New Trading for a Living

You may read the best trading book, but how much of that knowledge will you retain a week later? This is why you need the Study Guide for The New Trading for a Living, created by its author to help you master the key points of his new book.

The Study Guide''s 170 multiple-choice questions are divided into 11 chapters, each with its own rating scale. They cover the entire range of trading topics, from psychology to system design, from risk management to becoming an organized trader. Each question is linked to a specific chapter in the main book, while the Answers section functions like a mini-textbook with extensive comments on both the correct and incorrect answers.

This Study Guide also contains 17 charts that challenge you to recognize various trading signals and patterns.

The Study Guide for The New Trading for a Living is a valuable resource for any trader who wants to achieve sustainable market success.

From the Back Cover

Why teach?

Why not simply stay in front of the screen and quietly grind out profits?

Whenever I hear this question, I say: "Preaching is good for the preacher." Showing specific chart patterns and stressing the need for discipline reinforces my own performance.

To master a concept you have to be able to teach it to others. If you can''t explain what you think you know, then you really don''t know it.

Once or twice each year I run a live trading workshop with Kerry Lovvorn, my partner in SpikeTrade.com. At the time of this writing, we had six such workshops, traded our accounts in each of them, and both of us made money in all six classes.

If you were to take six random days from my trading, I wouldn''t be able to deliver 100% profitability. Neither would Kerry – but we''ve done it in our classes because working in front of a group creates extra pressure to succeed. That''s what I mean when I say that preaching is good for the preacher.

Read this book carefully, take notes, test its lessons on your own data. I want this book to help you as much as writing it helped me.

-Dr. Alexander Elder

About the Author

About the author

ALEXANDER ELDER, MD, is a professional trader and teacher of traders. He is the author of several best-sellers, considered modern classics among traders. He also wrote books about Russia and New Zealand.

Dr. Elder was born in Leningrad and grew up in Estonia, where he entered medical school at the age of 16. At 23, while working as a ship''s doctor, he jumped a Soviet ship in Africa and received political asylum in the United States. He worked as a psychiatrist in New York City and taught at Columbia University. His experience as a psychiatrist provided him with unique insight into the psychology of trading.

Dr. Elder is an active trader, but he continues to teach and is a sought-after speaker at conferences in the US and abroad. Dr. Elder is the originator of Traders'' Camps – week-long classes for traders. He is the founder of the SpikeTrade group, a community of traders whose members share their best stock picks each week in competition for prizes.

www.elder.com
www.spiketrade.com

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4.7 out of 54.7 out of 5
649 global ratings

Top reviews from the United States

Fourfman
4.0 out of 5 starsVerified Purchase
Trading for a living isn''t for the faint of heart
Reviewed in the United States on August 31, 2017
I think a beginner has to start somewhere and this is a good book to read. I would say you shouldn''t read too many trading books. The reason I say this is Traders trade and writers write. Most of the books available are a mishmash of nonsense. I have been a... See more
I think a beginner has to start somewhere and this is a good book to read. I would say you shouldn''t read too many trading books.
The reason I say this is Traders trade and writers write. Most of the books available are a mishmash of nonsense.
I have been a professional trader for over thirty years and things change and are changing faster all the time. So any book you read is dated from the get go. This is a hard profession not for the faint of heart. Discipline is one of the hardest things to control. You must have a method and I always say to people TTT test trust and then trade. Then does your method fit your personality. Do you have enough money and time to begin and stay, risk of ruin is always there.
I think the most important books I have read are Reminiscences of a Stock Operator, How to make money in Stocks, and Trade your way to financial freedom. But this is a good book for beginners.
Buy with caution, take your time, becoming a pro takes time and perseverance.
Just remember Luck has nothing to do with trading and the markets don''t give a damn if you win or lose, only you do!
266 people found this helpful
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protrader
5.0 out of 5 starsVerified Purchase
One of the best.
Reviewed in the United States on November 18, 2016
If you want to do this for living and survive the brutality of the markets this book is a must read. The risk management section is worth the price of book alone. Risk management is the key to being successful. I''m not a huge fan of Elder''s setups, But his... See more
If you want to do this for living and survive the brutality of the markets this book is a must read. The risk management section is worth the price of book alone. Risk management is the key to being successful.

I''m not a huge fan of Elder''s setups, But his approach to back-testing, risk management, and philological aspects of trading are pure gold. I totally agree on developing a system that gives less signals and less trading. Not forcing trades and taking trades that are 100% part of the plan, no deviation, no winging it.

There are some really great reviews here so I''m not going to bore anyone with another one. But buy this book, read it, comprehend it, and follow it.

Forget about the money and just trade well. Plan the trade, trade the plan.
81 people found this helpful
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Andrew M Berke
5.0 out of 5 starsVerified Purchase
One of the all-time absolute best books on trading.
Reviewed in the United States on May 17, 2020
The New Trading for a Living is one of only two books on the desk in my trading room. As a full-time private trader this book - alongside Dr. Elder''s equally as brilliant The New Sell and Sell Short - are the two most transformative works I''ve encountered on the subject... See more
The New Trading for a Living is one of only two books on the desk in my trading room. As a full-time private trader this book - alongside Dr. Elder''s equally as brilliant The New Sell and Sell Short - are the two most transformative works I''ve encountered on the subject (and I''ve read dozens and dozens of books on financial markets over the first ten years of my career). When friends and family express an interest in the stock market this is the one book I recommend they begin with. It''s equally as insightful for more advanced professionals as well.

One of the many reasons this book is an international best-seller is Dr. Alexander Elder''s talent for articulating concepts that transcend ever-changing markets and demonstrate long-term success. Also the author''s background in psychology leads to some unique insights about crowd behavior as it applies to financial markets.

I had already been trading for several years before I came across The New Trading for a Living. It completely transformed the way I thought about risk management and is the single greatest influence on how I currently manage my stock portfolio.

I could go on and on. Do yourself a favor and read this life-changing book.
22 people found this helpful
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Thomas Morrow
3.0 out of 5 starsVerified Purchase
Interesting but a little thin
Reviewed in the United States on December 27, 2019
This is a good airplane read if you are interested in the practice of trading. I have been trading on and off for thirty years, so I found nothing new in it, but you might, especially if you are a neophyte. It was interesting to hear his discussion on ETF''s (the author... See more
This is a good airplane read if you are interested in the practice of trading. I have been trading on and off for thirty years, so I found nothing new in it, but you might, especially if you are a neophyte. It was interesting to hear his discussion on ETF''s (the author believes they are broadly manipulated, a fact which the Wall Street Journal touched on several weeks ago. The WSJ''s opinion was not that manipulation was as widespread as the author alleges, just that it could and probably did happen. Since then, a large trading house has acknowledged publicly that it attempted to push ETF markets around and that they succeeded on a number of occasions. The issue the author missed is that, if you are a good trader, manipulation by someone else works in your favor by creating a more coherent trend. His objection was that the manipulation operated to mask the influence of the price movements of the underlying security(ies) or commodity. Once again, however, what the author missed is that, if you are a technical trader as he claims to be, the fundamentals of the underlying should concern you very little if at all. I personally am neither a strong fundamental trader nor strong technical trader. I am more of a quantitative trader and I was disappointed that the author spent no time with these methods. I won''t read this book again, but I am not disappointed that I read it this once.
8 people found this helpful
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Sabina
5.0 out of 5 starsVerified Purchase
An absolute MUST HAVE for anyone who wants to learn more about trading
Reviewed in the United States on October 25, 2017
I have read several books about trading and this is the best one. If you want to gain more knowledge and get better, or if you are just starting to trade, save your money and instead of buying multiple books, just get this one. From trading tools and systems,... See more
I have read several books about trading and this is the best one. If you want to gain more knowledge and get better, or if you are just starting to trade, save your money and instead of buying multiple books, just get this one.

From trading tools and systems, trade management techniques, reading the charts, to controlling your risk and learning to keep your emotions in order and not necessarily following the crowd like a sheep, this book is your must have.

I do not consider myself a trading guru (in fact far from it), but I understood the information and read the book with ease.
18 people found this helpful
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Dylon
5.0 out of 5 starsVerified Purchase
LOVE this guide
Reviewed in the United States on April 6, 2017
LOVE this guide. Has helped me become more disciplined and understand the psychology driving market movements which directly impacts my decision making. Prior to this "road map" I was more of less breaking even, now I''m steadily building equity. Rather than merely a... See more
LOVE this guide. Has helped me become more disciplined and understand the psychology driving market movements which directly impacts my decision making. Prior to this "road map" I was more of less breaking even, now I''m steadily building equity. Rather than merely a formula to follow to trade, it teaches you how to understand what is happening in the market and act accordingly. Continuing my education on Elder''s SpikeTrade.com website and find the membership cost completely worth it.
18 people found this helpful
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Avid Amazon Customer/Reader
5.0 out of 5 starsVerified Purchase
Trading for a living
Reviewed in the United States on September 30, 2016
Fantastic read. I have read 40-50 books about trading, and this one is of the best. As a beginner in the trade world, detailed and real world trading advice from the experts isn''t always helpful, but seemingly drafted with the intention of selling that author''s trading... See more
Fantastic read. I have read 40-50 books about trading, and this one is of the best. As a beginner in the trade world, detailed and real world trading advice from the experts isn''t always helpful, but seemingly drafted with the intention of selling that author''s trading system. I was pleasantly surprised that Mr. Elder focused on "teaching" as opposed to selling. I learned a lot that will greatly help in my endeavors to become a better trader.
24 people found this helpful
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Public Name
5.0 out of 5 starsVerified Purchase
It''s the best there is for beginners
Reviewed in the United States on February 28, 2017
This is the best "getting started" trading book I''ve read. The trading techniques mentioned are best suited for swing traders and should help traders of any holding period. The chapters cover a variety of topics that are useful for trading. Getting all of this... See more
This is the best "getting started" trading book I''ve read. The trading techniques mentioned are best suited for swing traders and should help traders of any holding period. The chapters cover a variety of topics that are useful for trading. Getting all of this information in one, well-written volume is worth the price.

Suggestions for next edition:
1. More charts covering technical analysis features e.g. RSI bullish/bearish divergences.
2. A chapter on valuations of companies or ways to research what a company could be worth.
15 people found this helpful
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Top reviews from other countries

Dr W. H. Konarzewski
5.0 out of 5 starsVerified Purchase
Sensible clear advice
Reviewed in the United Kingdom on May 31, 2021
Dr Alexander Elder trained as a psychiatrist and approaches his subject from both a psychological and technical viewpoint. He writes with clarity and conviction. On the psychology side, he enables readers to analyse their own strengths and weaknesses. He also explains how...See more
Dr Alexander Elder trained as a psychiatrist and approaches his subject from both a psychological and technical viewpoint. He writes with clarity and conviction. On the psychology side, he enables readers to analyse their own strengths and weaknesses. He also explains how the market is largely driven by psychological factors - these create irrational price movements and present opportunities for watchful traders. On the technical side, he examines various indicators. Of these I found his comments on MACD and Moving Averages the most helpful. I particularly liked his concept of a ''value zone'' in which one buys between the 13 and 26 period moving averages. He recommends weekly charts as they give a better indication of long term trends. Some of his indicators are not readily available. He speaks, for example, of a Force Index in which price moves and volumes are combined. There are also digressions into methods of assessing market strength in terms of Advancers and Decliners. I did not find these digressions particularly helpful. After all, one can assess market strength quickly and adequately by using MACD and Moving Averages in the main indexes. Overall, this book ranks in the top ten of stock trading manuals and holds its own with books by Mark Minervini and Stan Weinstein. The quality of print and the charts is good.
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John Shepherd
5.0 out of 5 starsVerified Purchase
Excellent Book
Reviewed in the United Kingdom on April 17, 2020
Bought the first version many years ago. This have been brought up to date with many new insights and methodology. Probably the best single book on trading you will find, the updated version although expensive is excellent vfm. His other books are excellent to, like in...See more
Bought the first version many years ago. This have been brought up to date with many new insights and methodology. Probably the best single book on trading you will find, the updated version although expensive is excellent vfm. His other books are excellent to, like in particular sell and sell short.
3 people found this helpful
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W. Stimpson
5.0 out of 5 starsVerified Purchase
Well written, clear and instructive
Reviewed in the United Kingdom on May 23, 2021
Like many people over the last few years I''ve been dabbling in stocks. What I''ve never taken the time to do is build a systematic approach to doing so and treating my trading as a business. While I have made money, I''ve bought some terrible stocks and others right at the...See more
Like many people over the last few years I''ve been dabbling in stocks. What I''ve never taken the time to do is build a systematic approach to doing so and treating my trading as a business. While I have made money, I''ve bought some terrible stocks and others right at the top of a peak. What this book provides is an insight into the mechanics of trading, the psychology of trading and a process to systematise your approach. It''s even a fairly lively read for what could be a dry subject.
One person found this helpful
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Claire
5.0 out of 5 starsVerified Purchase
but I think it''s probably one of the best. It'' s a trading Bible
Reviewed in the United Kingdom on December 12, 2017
It'' my first book, but I think it''s probably one of the best. It'' s a trading Bible. I followed the routine, and my trades , the small ones for the beggining, went very fine, without a fuss. I had a plan, I followed the plan and that was that. Great book !
5 people found this helpful
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Patrick
1.0 out of 5 starsVerified Purchase
Bad print ink smudged
Reviewed in the United Kingdom on March 11, 2021
Ordered the book twice and on both occasions the ink was smudged on multiple pages to the point that it is hardly readable. Disappointing as this is an expensive book and quality is expected. Great content indeed from the author but unfortunately let down by poor quality...See more
Ordered the book twice and on both occasions the ink was smudged on multiple pages to the point that it is hardly readable. Disappointing as this is an expensive book and quality is expected. Great content indeed from the author but unfortunately let down by poor quality print.
One person found this helpful
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The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, wholesale Trade Management (Wiley lowest Trading) online

The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, wholesale Trade Management (Wiley lowest Trading) online

The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, wholesale Trade Management (Wiley lowest Trading) online

The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, wholesale Trade Management (Wiley lowest Trading) online

The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, wholesale Trade Management (Wiley lowest Trading) online

The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, wholesale Trade Management (Wiley lowest Trading) online

The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, wholesale Trade Management (Wiley lowest Trading) online

The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, wholesale Trade Management (Wiley lowest Trading) online

The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, wholesale Trade Management (Wiley lowest Trading) online

The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, wholesale Trade Management (Wiley lowest Trading) online

The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, wholesale Trade Management (Wiley lowest Trading) online

The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, wholesale Trade Management (Wiley lowest Trading) online

The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, wholesale Trade Management (Wiley lowest Trading) online

The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, wholesale Trade Management (Wiley lowest Trading) online

The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, wholesale Trade Management (Wiley lowest Trading) online

The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, wholesale Trade Management (Wiley lowest Trading) online

The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, wholesale Trade Management (Wiley lowest Trading) online

The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, wholesale Trade Management (Wiley lowest Trading) online

The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, wholesale Trade Management (Wiley lowest Trading) online