The trading bible for the new millennium In Come Into My Trading Room, noted trader and author Dr. Alexander Elder returns to expand far beyond the three M’s of his bestselling Trading for a Living. Come Into My Trading Room educates the novice and fortifies the professional through expert advice and proven trading methodologies. The next section – The Organized Trader – takes you where no trading book has ever gone before, teaching you how to organize your time and effort. You learn to select the best markets for trading and design a decision-making tree. A complete recording, read by the author, Dr Alexander Elder. Would you rather listen to a book while driving, doing chores, or mowing the lawn?
Going further deep into the book, the author mentions clearly, where to start your trading career and how to develop the same. The book which is divided in to three sections includes the basics of trading as seen through a trader’s eye, written by an experienced author. The first part of the book is an entry for a fresher into the trading world. This part is written in a simple and interesting manner such that, every new comer will continue reading further by understanding clearly the idea behind trading. The second part gives idea about the three M’s in trading – Mind, Method and Money.
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What you see on the surface is often deceptive – in trading, as well as in life. A trend may appear strong, while below the surface it may be weak Come into my trading room and ready to reverse. Elder shares real-world examples that show how to manage your positions by adjusting your exit points as a trade unfolds.
I use some of his lessons in my everyday approach to trading. This was one of the first books I read on trading psychology and it is well worth spending the money. It largely depends on the general trend of the stock market. A rising tide will lift all the boats just as surely as a falling tide will smash them against the rocks. The New High – New Low Index is the best leading indicator of market tides.
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They approach trading with a cool, emotionless process. They know that sometimes they will have winning trades Fresh Forex Reviews And User Ratings and sometimes they will have losing trades. Most people approach trading the same way they approach gambling.
You may read the best trading book, but how much of that knowledge will you retain a week later? This is why you need this Come into my trading room Study Guide for The New Trading for a Living. It’ll give you a firmer grasp of the essential trading rules and skills.
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He provides valuable insights into understanding the human element of market behavior, and the individual trader that makes his work unique. Dr Elder shares his own, successful trading strategy in a clear, concise, and easy to understand style. He does a great job showing some of his successful trades. I’m sure this is one of the finest books on developing trading skills. It is not only fun and easy to read but it is profitable. ALEXANDER ELDER, MD, is a professional trader, an expert in technical analysis, and a practicing psychiatrist.
Elder also includes a section on the psychology of trading. Perhaps this is because the author has a separate book, Trading for a Living, which covers this information in more detail. Shifting focus from technical analysis to the overall management of a trader’s money, time, and strategy, Dr.
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Use Dr. Elder’s Study Guide together with Entries & Exits to learn how to make the most of market opportunities. The New Highs are the stocks rising to a new yearly high on any given day. These are the strongest stocks on the exchange, the leaders in strength. The New Lows are the stocks that fall to a new yearly low on any given day.
- He is the author of several international best-sellers, including Trading for a Living .
- Understanding where and when to sell is essential to successful trading.
- The next section – The Organized Trader – takes you where no trading book has ever gone before, teaching you how to organize your time and effort.
- When a friend tells me they would like to learn about trading, this is the first book I recommend they read.
- The third M, Money, refers to how you manage your trading capital for long-term survival and success (i.e. money management).
- Interesting to note how at the end of the day there are just so many ways to trade.
- I really like this book because it offers tons of clear, practical information that we can use to become successful trades.
Learning to read its messages will help you become a better investor and trader. Alexander Elder, MD, is a professional trader and a teacher of traders, based in New York. He is the author of several best-sellers, considered modern classics among traders.
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Elder’s second book was quite an enjoyable ‘easy’ read. Not something easily said when it comes to books on Trading. The book is primarily split into 3 parts, Mind, Method & Money Management , dealing with Trading Psychology, Technical analysis and Management respectively.
Instead he spends the majority of time discussing the psychology, discipline, money management and risk management of trading. The latter is certainly helpful for individuals wanting to take trading seriously. Also enjoyed the discussion on the amount of effort,time and mindset required to get from a beginner to a semi-pro and then to a professional.
It is an excellent follow up to Trading For a Living and for those interested in short term trading I would recommend both these works. Fortunately, I realized the folly and stress that goes with short term trading and have moved on. Having said that, Dr Elder’s books are very very good and my one criticism of them is that after reading them there is a tendency to trade for shorter terms and more frequently. Alexander Elder’s book Come Into My Trading Room is a comprehensive text outlining how to design and utilize a trading program from the ground up. Elder begins by describing how to use technical analysis to find trades with a high probability of profit and a low probability of loss.
It’s an allegory about a guy who has a terrible job, and how he overcomes challenges to achieve his dreams. Another important part of trading is actually learning to trade. What most people do is open up a trading account with their life savings, and start trading. After a few months their account is down 50% or 75%, or completely blown out .
Posted by: Michael Sheetz