The New Trading for a Living: Psychology, Trading Tactics, Risk Management, and Record-Keeping by Alexander ElderThe best-selling trading book of all time--updated for the new eraThe 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 todays 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 incudes 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 have been updated and are in full color, with clear comments on rules and techniques. The clarity of this books 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 expands upon the original to become an even more valuable resourceOvercome barriers to success and develop stronger disciplineIdentify asymmetrical market zones, where rewards are higher and risks lowerMaster money management as you set entries, targets and stopsUse 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.
Alexander Elder Books
Cancel anytime. Douglas uncovers the underlying reasons for lack of consistency and helps traders overcome the ingrained mental habits that cost them money. He takes on the myths of the market and exposes them one by one teaching traders to look beyond random outcomes, to understand the true realities of risk, and to be comfortable with the "probabilities" of market movement that governs all market speculation. Every trader is an entrepreneur. And just as a new business must capitalize upon the strengths of its founders, a career in the markets crucially hinges upon the assets - personal and monetary - of the trader.
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Read in: 4 minutes Favorite quote from the author:. Alexander Elder published this trading classic in In , it was updated and expanded to help new traders turn pro even faster. Elder has been teaching traders for decades, his own experience coming from…his medical degree. After being born in Russia, Elder moved to Estonia and started medical school — at age Working as a psychiatrist in New York City and eventually teaching at Columbia University allowed him to base his trading strategy not so much on tactics, but more on human psychology.