Trading for a Living
Hightlight
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Ethics
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Psychology
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Strategy & Tactics
Trading for a Living: Psychology, Trading Tactics, Money Management
Author
Alexander Elder
Published Date
1993 (with updated editions)
Page Count
Approximately 289 (in recent editions)
Overview
“Trading for a Living: Psychology, Trading Tactics, Money Management” by Alexander Elder is a comprehensive guide that combines psychological strategies, trading tactics, and money management techniques crucial for success in the stock market. Elder, a professional trader and psychiatrist, provides insights into understanding oneself, the market, and how to develop disciplined trading strategies.
Key Themes
- Psychological Aspects of Trading: Focuses on the mental and emotional disciplines required for successful trading.
- Technical Analysis and Trading Tactics: Offers detailed analysis of technical indicators and trading tactics.
- Risk Management: Emphasizes the importance of managing risk and protecting capital.
- Developing a Trading System: Guides readers on creating a personalized and effective trading system.
Historical Context
First published in the early 1990s, the book has been updated to reflect changes and advancements in the financial markets, including the rise of electronic trading.
Author’s Background
Alexander Elder is a practicing psychiatrist and a professional trader, bringing a unique perspective to the psychological challenges of trading. His insights are based on both his psychiatric expertise and practical trading experience.
Impact and Legacy
The book is considered a classic in the field of trading, particularly renowned for its emphasis on the psychological aspects of trading which are often overlooked.
Strengths and Weaknesses
Strengths: The book’s combination of psychological insights, technical analysis, and practical advice makes it a comprehensive guide for traders.
Weaknesses: Some trading techniques and examples may be dated, and readers may need to adapt strategies to current market conditions.
Who Should Read This?
Ideal for both novice and experienced traders looking to understand the psychological challenges of trading and to learn effective trading strategies and risk management techniques.
