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The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, Trade Management |  |
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The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, Trade Management | |
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 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 teacherSuccessful 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.
作者简介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
Preface xiii
Introduction 1
1. Trading—The Last Frontier 1
2. Psychology Is the Key 3
3. The Odds against You 5
ONE Individual Psychology 9
4. Why Trade? 9
5. Reality versus Fantasy 10
6. Self-Destructiveness 16
7. Trading Psychology 19
8. Trading Lessons from AA 21
9. Losers Anonymous 23
10. Winners and Losers 27
TWO Mass Psychology 31
11. What Is Price? 32
12. What Is the Market? 33
13. The Trading Scene 36
14. The Market Crowd and You 39
15. Psychology of Trends 43
16. Managing versus Forecasting 46
THREE Classical Chart Analysis 49
17. Charting 50
18. Support and Resistance 55
19. Trends and Trading Ranges 60
20. Kangaroo Tails 65
FOUR Computerized Technical Analysis 69
21. Computers in Trading 69
22. Moving Averages 74
23. Moving Average Convergence-Divergence: MACD Lines and MACD-Histogram 80
24. The Directional System 89
25. Oscillators 95
26. Stochastic 95
27. Relative Strength Index 99
FIVE Volume and Time 103
28. Volume 103
29. Volume-Based Indicators 107
30. Force Index 112
31. Open Interest 117
32. Time 121
33. Trading Timeframes 126
SIX General Market Indicators 133
34. The New High–New Low Index 133
35. Stocks above 50-Day MA 139
36. Other Stock Market Indicators 140
37. Consensus and Commitment Indicators 142
SEVEN Trading Systems 149
38. System Testing, Paper Trading, and the
Three Key Demands for Every Trade 151
39. Triple Screen Trading System 154
40. The Impulse System 162
41. Channel Trading Systems 166
EIGHT Trading Vehicles 173
42. Stocks 175
43. ETFs 176
44. Options 178
45. CFDs 186
46. Futures 187
47. Forex 194
NINE Risk Management 197
48. Emotions and Probabilities 197
49. The Two Main Rules of Risk Control 202
50. The Two Percent Rule 203
51. The Six Percent Rule 208
52. A Comeback from a Drawdown 210
TEN Practical Details 215
53. How to Set Profit Targets: “Enough” Is the Power Word 215
54. How to Set Stops: Say No to Wishful Thinking 219
55. Is This an A-trade? 225
56. Scanning for Possible Trades 230
ELEVEN Good Record-Keeping 233
57. Your Daily Homework 234
58. Creating and Scoring Trade Plans 238
59. Trade Journal 243
A Journey without an End:
How to Continue Learning 249
Sources 253
Acknowledgments 257
About the Author 259
Index 261
网友对The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, Trade Management的评论
I wish I had read this book years ago. Dr. Elder explains all aspects of trading in accessible language that just about everyone can understand. He describes the psychological issues that keep us from doing what is needed to succeed (i.e. cut losses), risk mangement practices that keep us from destroying ourselves, and a general explanation of how the most common indicators work and their relationship with timeframes and trends. Combined, it makes it much easier to find and execute A+ trades.
If you were trapped in a locked room with your trading computer and could only bring one book, this is the one you want.
(P.S. The only real problem with the book is that he occasionally refers to a Sherlock Holmes story to describe times when trades defy all expectations, i.e. the dog that didn't bark. He calls this a "Hound of the Baskervilles" signal when the correct Sherlock Holmes story is the case of "Silver Blaze." A minor quibble, but a glaring one to Sherlock Holmes fans out there.)
I had read the original version of this book. I bought this updated version a couple of months ago. So far I have read many books on trading or on areas which relate to trading. I would rank this book as the best since it covers all important aspects related to trading (mind, method and money management) with great clarity. If one just plans to get a couple of books on trading, this should definitely be on the list! This book helps me on many fronts. It is well structured and full of practical tips. I just list a few of them here:
1. Market "gurus" come and go. In the end, it should be the trader who has to take the responsibility for each trading. One can not blindly follow any guru's advices and has the delusion of making money.
2. Trading is the most demanding on human psychology. This book offers psychology explanation for many market/trading behavior.
3. "Money management" is important as traders can easily be biased based on the short term experience and public media. Having a proper money management will give traders better chance to survive.
4. Need to check whether current market behavior show "A" trade characteristics before committing to the trade. This helps a lot on patience and reduces impulsive trading. In the end, it will significantly improve trading results.
5. There are many 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.
The updated classic is worth adding to any consummate traders desk pile. The new strategies, risk management sections, and classic psychology are powerful tools to move the beginning trader to true position management and profitability. Boasting glossy pages, the new layout and design of the book is friendlier to the reader and better for study than the 1st edition. What sets Dr Elder apart in the field of TA (Technical Analysis) and trading is the practical lessons from the everyday grind vs the endless dribble of theories so many authors promote. I have the feeling many inexperienced traders and armchair newbies will pass on the psychology of losing, and buy into the myth that these methods are not advanced enough for the modern market, assuming the intellectual error that complexity equals profits. Often the new trader fails to realize of how little of importance indicator soup is to the professional vs a well defined plan with a few highly probable patterns and correct risk management. Elder gives the necessary skill base and emotional acumen that is necessary for success, while covering a broad topic geared toward trading vs merely teaching TA. This edition was like a warm novel in my hands, and has found its home on my trading desk.
My only complaint with both editions is with the zeal in which Elder condemns the very snake oil world of Gann marketing. I have studied WD Gann for 4 years at a very high level and have concluded that 95% of everything written about his methods is a waste of time. It is best to study his courses, books, and reading list than to buy the third party research. Mr. Elder is very condemning of this segment of analysts and rightly so as they prey on a less than knowledgeable and or gullible group. However, I have tested Gann's astronomical, numerical, and philosophical tenets in the markets and use them every week in my Soybean trades. I do not claim to be an astrologer or numerologist though I understand the tenets of both and how Gann applied them to markets. Gann's overall theory is more based in numbers than subjectivity of interpretations and can be calculated vs lines on a chart, or watching planetary aspects etc. In my own trading I have made incredible calls on the markets using his methods, however you can still trade incorrectly with a correct call (ask an experienced trader.) I can understand why Elder discounts the body of knowledge that is public and purports to be "holding some secret" which is associated with natural law, as this group is commonly riddled with failed traders turned marketers and egotist. Beginning traders often like many funny little lines on charts and adding neat little indicators vs studying 60 or more books to understand ancient mathematical concepts so they can research one mans life work. Perhaps Elder is premature in condemning the whole segment of Gann marketing and Gann's work without a complete depth of study, however he rightly jokes that an Uranus aspect is not the answer to real trading problems. If your mind is not prepared to deal with fear and greed with the shrewdness of calculated businessman you are not ready to trade. In the words of WD Gann "You cannot make a success trading on hope and fear, you must trade from knowledge, and face facts when you are wrong." Dr. Elder will certainly teach you how to adopt that mindset.
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.
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