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Come Into My Trading Room: A Complete Guide to Trading |  |
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Come Into My Trading Room: A Complete Guide to Trading | |
网友对Come Into My Trading Room: A Complete Guide to Trading的评论
An outstanding introduction for the beginning trader. Dr. Elder presents the SafeZone trailing stop indicator, a very simple but effective trading method based on price divergences from long term trends, and his Triple Screen System - which means using multiple time-frames to determine entry points. However, the method is presented as an example to illustrate the actual substance of the book - How To Become a Successful Trader.
Dr. Elder covers the three aspects of success:
Mind - Mastering your own mind is at the core of being successful in anything. Here he discusses the psychology of trading - how close it can come to gambling and how to avoid that.
Method - Your actions must be correct to achieve success. Dr. Elder shows how to apply the concept of mastering your mind to an actual trading system.
Money - Trading is a risky enterprise. "Managing risk" is another term for "trading profitably." - provided you own your 'mind,' and you've chosen a working 'method.'
I don't believe there's anything wildly 'new' in "Come Into My Trading Room." It is not a technical analysis textbook (plenty of those around,) and it's certainly not a trading system in itself. It's a very clearly written, broad introduction to trading and a hands-on-guide to teaching yourself to be a successful trader.
Most useful? If you already know all about keeping comprehensive records and written trading plans, if you've mastered self-discipline to prevent the gambling trap, then the next most valuable tool Dr. Elder gives us is a grading method to objectively measure the success of our trades, and ultimately our overall progress as traders. The SafeZone and Force Index indicators are clearly valuable, but they're like the secret spy ring to the rest of the books delicious Cracker-Jacks.
Highly recommended as a 'First Read.'
My rating of 4 stars is an average of 5 stars for beginners and 3 stars for experienced traders.
A significant part of this book is dedicated to psychology and money management which are aspects of trading that any experienced , profitable trader should have overcome. The portion of the book dedicated to trading methodology is slightly more than half of the pages in the book, which would be ok if it wasn't for the fact that very few new trading ideas are presented. The bulk of the trading techniques presented are based on divergences between specific technical indicators and price which are common knowledge to most moderately experienced traders. The author does present a couple of ideas that may be new to inexperienced traders such as Triple screen , however for me at least , this was a renaming of what most experienced traders commonly do ; that is look at both weekly and daily charts or multiple timeframes to insure that any stock they trade is trending their way over the long term.
About 20 pages starting on page 193 deal with trading options which was done in a very basic way. This is to be expected since the book is mainly about stocks but what I felt was unwarranted was the negative view on options indicating that they are just empty hopes. Read the sentence on page 193: "Most hopes never get fulfilled but people keep hoping and buying options. Fund Managers....sell hope by the truckload to amateurs that buy calls in bull market and puts in bear markets". While this may be true on the surface, traders do make money with options often selling them or using them to augment their stock trading profit.
In summary, this book can offer some useful ideas if you are a beginner , however if you have moderate trading experience your likely benefit is very limited.
I believe a strong number of people will consider purchasing this book because they desire to learn how to become a 'technical' trader. There is of course nothing wrong with such reasoning. For this purpose alone, 'Come Into My Trading Room' is a brilliant piece of writing. But this book is FAR BEYOND that. The author takes from illustrations from his own life, mistakes in trading, examples from individuals he knows and first delves into topics such as :
Disciplined Trading
Business Risk vs. Trading Loss
The Mature vs Immature Trading Psyche
Equity Money Management
It is OK to Make Mistakes but Not OK to Repeat Them
In other words, forget about learning how to become a technical trader if you do not follow disciplined, technical trading rules, do not set losses at a certain percent of equity and not change it, love trading for the action and not have a defined moral purpose. As the author states, you are a loser and your trading account value will continually prove it.
Yet if you are willing to change how you currently trade, have hit rock bottom and discipline sounds like the salvation you need, or not get the trading results you are striving for, 'Come Into My Trading Room' is an absolute gem! Very easy to read, no Wall Street jargon even as he describes in detail various technical trading tools and the logic behind it. By-the-way; the Kindle version allows you the ability to add your own personal notes.
I've read all of Dr. Elder's books.
This one is the best.
This book contains three parts : Mind, Method, Money management
The "Mind" is about trading psychology.
The "Method" is about technical analysis.
The "Money management" is about ... well.... money management !
The book is overall very good, because it details how to combine different indicators (EMAs, MACD), how to create a trading journal, gives sound money management rules, and, in a global way, places you on the path of profitable trading.
I don't give five stars because of those two reasons :
- the "Mind" part is not that great ... Trading for A Living has a much more profound section on this topic.
- the "Method" doesn't work with me, meaning that I can't make any money following what's written in this book ... although I'm a true believer of MACD divergences, the method doesn't allow your profits to run ... once I set up a different exit strategy (a trailing stop instead of a channel exit), my trading turned profitable.
This book is highly recommended, although you may need to find other "systems" than the one which is presented here (for that, you can check Dr. Thomas Carr, Daryl Guppy, Dr. Samir Elias or Alan Farley).
What Dr Elder delivers which few other authors do, is a complete understanding of his trading plan and how it works. This also highlights what you have to do to make your trading work.
I've been really impressed with everything that I have seen come from the desk of Dr Elder.
Purchasing directly from elder.com (via Amazon) also has substantial benefits, as it links into links and offers from Dr Elder.
If you are looking for a get rich quick method, this book is not for you. If you are looking for a detailed rational plan on how to make money trading, then this - if not the start - is certainly a good place to regroup and plan you next attack.
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