Trading for a Living: Psychology, Trading Tactics, Money Management

I own the book as well as the set of CDs and have listened to and read over again. I can't say enough good about the content and I've read lots of trading books. You'll get more than your money's worth on the psychology of trading, money management and trading tactics. Definitely a keeper!

If you read and follow the principles in this book you will make enough money on your trades to pay for this book many times over. I have been active in the market for years (Averaging <20% return a year) and I agree with this author completely having lived out the greed, fear, and mistakes he talks about.Read this book and save yourself a lot of unnecessary losses.

The first section of this book teaches you the psychology of successful trading:
1). You must be committed to being a trader for the long haul.
2). Learn all that you can, but be skeptical, go with what works.
3). Develop a method for analyzing the market.
4). Develop a money management plan.
5). Do not get greedy and rush trades.
6). Understand that you can be your own worst enemy through greed, fear, and emotions.
7).You must change to be a winner.

He introduces his own trading tactic of "Elder-ray" and also force index, triple screen,parabolic, and channel trading.

In the Risk Management section he covers the most important strategy of when to exit? He suggests setting a stop-loss on every trade at it's past days low and if it ticks up to reset a protect profit stop at 50% of your paper profit.

He also suggests never risking more than 2% of your account on any one trade, and never losing more than 6-8% of your account in any one month.

He makes a great point that all true professionals in any field do not count there money daily. Traders should focus on their trading not their daily paper profits.

Buy this book, you will profit from it, whether you are a beginner or an advanced trader, it will make you more professional and logical.

The info in this book stays current it's the "Art of War" of trading

If your are going to buy a single book on trading, this is it. Go ahead and buy it! This is a scolarly book that explains the complex workings of successful trading in simple and clear terms. Don't hessitate and get it it is worth it

This book changed my life and changed the way I trade. Part of the reason I can say that is the fact that I developed my all-time most reliable and profitable trade from Elder's simple explanations. Fully 80% of my trades are based on a formation that occurs using two indicators described in this book. Elder even identifies the formation as being "the strongest signal in technical analysis." I will certainly agree, though it took me some time to find the ideal market and time-frame for it. If you trade futures, stocks, or currencies with Candlesticks, the secret is in this book. It gave me the edge I needed to become consistently profitable. I own more than 60 trading related books (those are just the keepers) and I think what makes Elder stand out is the fact that he is/was a successful trader for many years and that the content of this book is the hard-won wisdom of those years. This is not a book written by some infomercial peddler who makes his living selling trading "courses." I chuckle when I see the price for this book is $47.25 because I would have counted it a steal at a hundred times that. To unlock the strategies in Trading for a Living you will have to adapt them to your own trading style, vehicle, and funds. I agree with another reviewer who said this book is for a person who is more than an amateur but not yet a pro. I believe that the techniques used by most very sophisticated professional traders are built on the indicators and principles found in this book.