The New Trading for a Living, by Dr. Alexander Elder, is about “Psychology, Discipline, Trading Tools and Systems, Risk Control, Trade Management”
This Wiley Finance classic was one of the best-selling trading books of all time. And in this book review, we’ll be taking a closer look at the updated 2014 edition! I love reviewing books that have been recently markets, especially anything that deals with technical trading indicators or tactics.
Now, before we get into this book review, there’s a few things you should know about the author. He had a very interesting life before he started trading, and his trip to America was anything but easy. From Dr. Elder’s website:
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’s books, articles, and software reviews have established him as one of today’s leading experts on trading
Now, let me tell you about this terrific trading book:
New Trading For a Living Explained:
The New Trading for a Living is exactly what it sounds like. It’s a practical guide to trading like a professional. The book is suitable for very-interested introductory or intermediate traders who want to learn what it’s like to trade full-time.
The book gives a concise yet comprehensive review of a variety of factors traders must be familiar with, including:
- How markets work
- What securities you can trade
- Investing and trading timeframes
- Chart patterns
- Technical indicators and oscillators
- Price and volume analysis
- Position sizing
- Risk management rules
- Proper trade record-keeping
- Trading psychology
- And much much more…
The New Trading for a Living really does provide an in-depth overview of almost everything a trader should know. The only thing the book doesn’t pay too much attention to is taxes, but you can figure that out on your own depending on where you live, right?
And the best thing about this book is it actually shares trading strategies and methodologies with you. All of the information is actionable and you can use it immediately to help improve your trading. It might take some practice before you get it perfect, but this book is sure to point you in the right direction no matter which area of trading you’re struggling with.
But it won’t just help you today…
New Trading For a Living a reference book that you’ll want to keep around for years to come. I took detailed notes while reading this book, and if you’re especially eager, there’s even a study guide you can buy to quiz yourself on how well you’ve absorbed Dr. Elder’s information.
And one other bonus is that since the book was published so recently, all the examples in the charts are very contemporary. It’s nice to be able to relate to the examples because in some cases, you may have even thought about trading those stocks yourself. This updated version definitely has appeal.
One Small Note of Caution about New Trading For a Living:
New Trading For a Living is a great book, but like any book, it won’t make you a great trader overnight. If you can perfectly apply all of the information in the book, you’re likely to have success in the markets. But that perfect application is easier said than done. So…
Let me just say, even if you read this book a few times in a row, while it will certainly get your trading on the right foot, it won’t make you a millionaire overnight. In the end, the reason so many traders don’t make is not because they have the wrong system, but because they lack the risk management and mastery of emotion that’s required to exploit opportunities in the heat of the market moment. Make sense?
As long as you go into this book with rational expectation, I think you’re sure to find it valuable. Now, that’s just about everything I wanted to tell you about New Trading For a Living.
New Trading For a Living – The Final Word:
New Trading For a Living is a fantastic book that would serve as an exemplary introduction to technical analysis and life as a trader, for anyone who is seriously interested. The book delivers a ton of concrete value with the actionable approach taken by the author. And for this reason alone, I think if you’re serious about being a trader you can benefit from buying The New Trading for a Living on Amazon.
But hey, if you’re still a little unsure about investing in your trading future, you can always watch the video book review below for more information on this intriguing trading book.