The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, Trade Management (Wiley Trading) 1st Edition

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.

The New Trading for a Living is as great as his original book Trading for a Living (1993) but it comes with some pluses, the Charts are colored which it really helps see it as Dr. Elder explains, There are more updated contents and Dr. Elder shares his latest improvements on his trading techniques. There are some contents that are similar to his first book but the overall content in this book is worth the price 10 folds.Some people complain that he sometimes seems repetitive but there is a reason for that, like the old say goes: "Repetition is the Mother of Skill"... thanks to this approach and since I consider myself in the Newbie phase. I was able to "get it" . At first I did not fully understood the whole concept but because later on in other chapters he provides different examples for the same topic I "got it"I read almost a dozen books on trading ( most of them were good books but did not show everything that you needed to know if you are a newbie). By far this is the best book where he puts everything that you would need to do to trade from A to Z , he shows a clear path , very well explained examples and each chapter builds on the previous a very thought out book.The author shares everything with you, no encrypted words or incomplete examples.Dr Elder also have a study guide that follow New Trading for a Living which a highly recommend to reinforce the concepts that he taught.After this book I also would recommend "Come into my Trading room", it has some of the same material but explained through a new angle plus new examples.Sometimes just a word , a sentence or a new example said differently will give you the AHA!! moment that you needed it. Repetition is the Mother of Skill...I HIGHLY recommend this great book.Thanks Dr. Elder !!!

After having read several trading books, I find this is the one I will need to reread and implement while reading. I currently have a mental block, but this has enough details and explains the why behind it very well. I also got the companion study guide. Didn't get perfect scores which tells me I may have been going too fast just to finish the book instead of the really learn the material. I have decided I won't read another book until I have applied this in my trading. I will take what is in the book and create my own trading plan and setup rules and system configurations. There are several things (rules) that are discussed here that I haven't read in any of my 12+ other books or heard in any of my classes or YouTube videos. I believe those rules will help me create my personal trading plan and setups that will provide the edge I need to overcome my mental block.

The New Trading for a Living is one of only two books on the desk in my trading room. As a full-time private trader this book - alongside Dr. Elder's equally as brilliant The New Sell and Sell Short - are the two most transformative works I've encountered on the subject (and I've read dozens and dozens of books on financial markets over the first ten years of my career). When friends and family express an interest in the stock market this is the one book I recommend they begin with. It's equally as insightful for more advanced professionals as well.One of the many reasons this book is an international best-seller is Dr. Alexander Elder's talent for articulating concepts that transcend ever-changing markets and demonstrate long-term success. Also the author's background in psychology leads to some unique insights about crowd behavior as it applies to financial markets.I had already been trading for several years before I came across The New Trading for a Living. It completely transformed the way I thought about risk management and is the single greatest influence on how I currently manage my stock portfolio.I could go on and on. Do yourself a favor and read this life-changing book.