Attention Serious traders: BUY THIS BOOK

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	• Come Into My Trading Room: A Complete Guide to Trading Alexander Elder Wiley, 2002 - 320 pages average customer review:based on 101 reviews view larger image
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highly recommended

For me, a turning point!

Outstanding book. So much so that I am now on my third read. It is always near my hand. Dr. Elder introduced me to the powerful concepts of Envelopes and MACD-Histogram and, most importantly, how to interpret and apply them. I love his Impulse system. I can now say I have a trading method that I like and trust.

Attention Serious traders: BUY THIS BOOK

If you are serious about becoming a trader, to either supplement your income or transition into full time, you must read this book. It should be kept in a prominent place on your book shelf for quick referral. This book is for traders not investors. It is important that you understand the basics of the market before reading this book to get its full value. Here are some of the key learnings:

Investing is putting money in a good stock you will hold over a long period. Gambling is putting money in a stock based on a tip, or guess with little or no understanding of the technical or fundamental value of the stock. Trading is speculating that a stock will go up in a short amount of time based on its technicals and price movement. Stock prices for the most part move based on resistance and support for its price in a range until a catalyst moves it up or down to new levels.

It is better to stalk one stock or a few that you know very well than many that you do not.

The Big Three-Mind, Method, and Money

Mind-You must have iron discipline to stay on your system and work your preconceived plan, do not let fear or greed take you astray.
Method-You must develop a good system that gives you an edge over the market. You must trade consistently based on your system.
Money-Limit your risk to no more than 2% of your money per trade, and no more than 6% exposed to risk at any one time. After you lose 6% in a month you are done for that month.

You will receive a lot of information on technical trading along with excerpts from his trading diary. All good traders keep very detailed records of their trades.

It is great that Dr. Elder adds in a few pages on the importance of managing your personal finances and freeing yourself from consumer debt and over spending. I agree that you must master your personal finances first before you attempt to become a successful trader.

I have returned over a 20% average over the past 4 years in my investments
and for me Dr. Alexander Elder is to trading what Warren Buffet is to investing.

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Excellent Book to strat trading

this is the book for the beginner trader, the one that has no plane or little knowledge.
it focus on swing trading, but gives you solid ground where to start and
what to use.
covers the most importent aspects of trading: psycology, methode, money managmet and money.
i highly recommended this book for every one.

rise or fall 60 degrees or more?

On page 75 Elder, discussing trends, writes, "When they rise or fall at 60 degrees or more, their breaks tend to major reversals." Apparently Doctors and Stock Traders don't have to take Algebra. The slope in degrees on any chart is totally a function of the scale used on the time and price axis. Nothing to do with the rate of change of price with time directly.

I earnestly am studing this book and hoped it would help defeat my catastrophic risk averse propensity. But that 60 degree deal really makes me wonder. Maybe this is the Achilles heal of the professional trader and us novices can profit from it.

I read about 50 of the reviews, looking for someone to say, "Hey I really am making money off of these ideas." But nothing.

Maybe we should quit reading these books, writing reviews, put our money into Treasuries and go fishing.

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Great Book

One of the best books I have seen for someone starting out trading. There is still a lot to learn beyond this book but it contains a lot of information to build upon.

reviews: 1, 2, 3, page 4, 5, 6, 7, 8, 9, 10, 11, 12, 13

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