The New Trading for a Living by Dr. Alexander Elder
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"The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, Trade Management" by Dr. Alexander Elder, published in 2014, is an updated and revised version of his classic book "Trading for a Living," which originally came out in 1993. This comprehensive guide covers essential aspects of trading, from psychological preparation and risk management to technical analysis and trading systems.

Dr. Alexander Elder, a professional trader and former psychiatrist, combines his expertise in both fields to provide a holistic approach to trading. The book is divided into several key sections:

  1. Psychology: Elder emphasizes the importance of mental discipline and emotional control. He explains how psychological factors can affect trading decisions and provides strategies to develop the mindset necessary for successful trading. This includes understanding one's own psychological tendencies and overcoming common pitfalls like fear and greed.
  2. Technical Analysis: The book covers various technical analysis tools and techniques, including chart patterns, indicators, and trading systems. Elder explains how to use these tools to identify trading opportunities and make informed decisions. He also introduces his own indicators, such as the Elder-ray Index and the Force Index.
  3. Trading Systems: Elder discusses the creation and implementation of trading systems, focusing on developing strategies that suit individual trading styles and goals. He explains the importance of backtesting and refining systems to improve their effectiveness.
  4. Risk Management: A crucial component of successful trading, risk management is thoroughly explored. Elder provides practical advice on how to manage risk through position sizing, setting stop-loss orders, and diversifying trades to protect against significant losses.
  5. Trade Management: The book offers guidance on managing trades once they are initiated, including techniques for monitoring positions, adjusting stop-loss levels, and exiting trades at the right time to maximize profits.

"The New Trading for a Living" also includes updated content to reflect changes in the markets and advancements in trading technology since the original publication. This makes it relevant for contemporary traders who need to adapt to modern market conditions.

Overall, Dr. Elder's book is highly regarded for its practical insights and comprehensive coverage of trading principles. It serves as a valuable resource for both novice and experienced traders looking to improve their trading skills and achieve consistent success in the financial markets.

5,325.00 ₱ 5325.0 PHP 5,325.00 ₱

5,325.00 ₱

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