The best-selling trading book of all time--updated for the new era

The New Trading for a Living updates a modern classic, popular worldwide among both private and institutional traders. This revised and expanded edition brings time-tested concepts in gear with today's fast-moving markets, adding new studies and techniques for the modern trader.

This classic guide teaches a calm and disciplined approach to the markets. It emphasizes risk management along with self-management and provides clear rules for both. The New Trading for a Living incudes templates for rating stock picks, creating trade plans, and rating your own readiness to trade. It provides the knowledge, perspective, and tools for developing your own effective trading system.

All charts in this book are new and in full color, with clear comments on rules and techniques. The clarity of this book's language, its practical illustrations and generous sharing of the essential skills have made it a model for the industry--often imitated but never duplicated. Both new and experienced traders will appreciate its insights and the calm, systematic approach to modern markets.

The New Trading for a Living will become an even more valuable resource than the author's previous books:

• Overcome barriers to success and develop stronger discipline
• Identify asymmetrical market zones, where rewards are higher and risks lower
• Master money management as you set entries, targets and stops

• Use a record-keeping system that will make you into your own teacher

  Successful trading is based on knowledge, focus, and discipline. The New Trading for a Living will lift your trading to a higher level by sharing classic wisdom along with modern market tools.

  Autorentext

  ALEXANDER ELDER, MD, is a professional trader and teacher of traders. He is the author of several best-sellers, considered modern classics among traders. He also wrote books about Russia and New Zealand. 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 is an active trader, but he continues to teach and is a sought-after speaker at conferences in the US and abroad. Dr. Elder is the originator of Traders' Camps - week-long classes for traders. He is the founder of the SpikeTrade group, a community of traders whose members share their best stock picks each week in competition for prizes.

  Klappentext

  THE BEST-SELLING TRADING BOOK OF ALL TIME - UPDATED FOR THE NEW ERA The New Trading for a Living updates a modern classic, popular worldwide among both private and institutional traders. This revised and expanded book brings time-tested concepts in gear with today's fast-moving markets, adding new studies and techniques for the modern trader. This classic guide teaches a calm and disciplined approach to the markets. It emphasizes risk management along with self-management and provides clear rules for both. The New Trading for a Living includes templates for rating stock picks, creating trade plans, and evaluating your readiness to trade. It provides the knowledge, perspective, and tools for developing your own effective trading system. All charts in this book are current, in full color, with clear comments on rules and techniques. The clarity of this book's language, its practical illustrations, and generous sharing of the essential skills have made it a model for the industry - often imitated but never duplicated. Both new and experienced traders will appreciate its insights and the calm, systematic approach to modern markets. The New Trading for a Living will become an even more valuable resource than the author's previous books:

• Overcome barriers to success and develop stronger discipline
• Identify asymmetrical market zones, where rewards are higher and risks lower
• Master money management as you set entries, targets, and stops

• Use a record-keeping system that will make you into your own teacher Successful trading is based on knowledge, focus, and discipline. The New Trading for a Living will lift your trading to a higher level by sharing classic wisdom along with modern market tools.

  Zusammenfassung
  The best-selling trading book of all time updated for the new era The New Trading for a Living updates a modern classic, popular worldwide among both private and institutional traders.

  Inhalt

  Preface xiii

  Introduction 1

  1. Trading-The Last Frontier 1

  2. Psychology is the Key 3

  3. The Odds against You 5

  One Individual Psychology 9

  4. Why Trade? 9

  5. Reality versus Fantasy 10

  6. Self-Destructiveness 16

  7. Trading Psychology 19

  8. Trading Lessons from AA 21

  9. Losers Anonymous 23

  10. Winners and Losers 27

  Two Mass Psychology 31

  11. What is Price? 32

  12. What is the Market? 33

  13. The Trading Scene 36

  14. The Market Crowd and You 39

  15. Psychology of Trends 43

  16. Managing versus Forecasting 46

  Three Classical Chart Analysis 49

  17. Charting 50

  18. Support and Resistance 55

  19. Trends and Trading Ranges 60

  20. Kangaroo Tails 65

  Four Computerized Technical Analysis 69

  21. Computers in Trading 69

  22. Moving Averages 74

  23. Moving Average Convergence-Divergence: MACD Lines and MACD-Histogram 80

  24. The Directional System 89

  25. Oscillators 95

  26. Stochastic 95

  27. Relative Strength Index 99

  Five Volume and Time 103

  28. Volume 103

  29. Volume-Based Indicators 107

  30. Force Index 112

  31. Open Interest 117

  32. Time 121

  33. Trading Timeframes 126

  Six General Market Indicators 133

  34. The New High-New Low Index 133

  35. Stocks above 50-Day MA 139

  36. Other Stock Market Indicators 140

  37. Consensus and Commitment Indicators 142

  Seven Trading Systems 149

  38. System Testing, Paper Trading, and the Three Key Demands for Every Trade 151

  39. Triple Screen Trading System 154

  40. The Impulse System 162

  41. Channel Trading Systems 166

  Eight Trading Vehicles 173

  42. Stocks 175

  43. ETFs 176

  44. Options 178

  45. CFDs 186

  46. Futures 187

  47. Forex 194

  Nine Risk Management 197

  48. Emotions and Probabilities 197

  49. The Two Main Rules of Risk Control 202

  50. The Two Percent Rule 203

  51. The Six Percent Rule 208

  52. A Comeback from a Drawdown 210

  Ten Practical Details 215

  53. How to Set Profit Targets: "Enough" is the Power Word 215

  54. How to Set Stops: Say No to Wishful Thinking 219

  55. Is This an A-trade? 225

  56. Scanning for Possible Trades 230

  Eleven Good Record-Keeping 233

  57. Your Daily Homework 234

  58. Creating and Scoring Trade Plans 238

  59. Trade Journal 243

  A Journey without an End: How to Continue Learning 249

  Sources 253

  Acknowledgments 257

  About the Author 259

  Index 261