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Patriarch of online trading
psychology
Alex Elder invites you
into his trading room
Come Into My Trading Room , Dr.
Alexander Elder, John Wiley & Sons, 2002, 311 pp. ($77.99)
Study Guide for Come Into My Trading
Room ,
Dr. Alexander Elder, John Wiley & Sons, 2002, 201 pp.
($47.99)
Are you new to
the rapid pace of online
trading, as opposed to longer term online "investing" that's
more of a buy and hold operation? Or, have you been an
online investor for a while, and now want to learn more about what active traders
and day traders do, and how they do it?
Then, starting with
this book is a pretty good idea. Dr. Alexander Elder is one of
the patriarchs of the online trading industry.
Dr. Elder is an
expert in technical analysis and also a practicing psychiatrist.
He has
been a professional trader, as well as a trading teacher, for more
than 20 years. Although not a recent book, Come Into My
Trading Room was voted Best
Investment Book of 2002 by Barron’s. Not bad credentials or
accolades.
The book offers a
complete introduction to trading essentials, an overview of
trading psychology, (both individual and mass psychology of the
markets), a practical overview of technical analysis, a
step-by-step guide to risk control and money management, and
instructions for keeping good records.
 Come into My
Trading Room teaches the three key
aspects of trading: mind, method, and money. Then, active
traders learn how to find the best trades. He shares his
favourite analytical tools and covers system testing, day
trading, as well as longer-term swing trading.
He shows active
traders how to structure their account like a submarine, divided
into many compartments, so that it won’t sink if one section
becomes flooded. Remember, active traders accept the fact that
they don’t come out ahead on every trade.
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In the final
section of the book, readers accompany Dr. Elder as he executes
six trades, illustrating entries and exits with charts. There’s
nothing quite like sitting at the knee of the master.
The Study Guide
features 100 questions and answers and almost 50 charts for
active traders to test themselves. Active traders can grade
themselves to make sure they know enough about the nine key
areas of trading including: trading for babes in the woods,
discipline, basic charting, indicators, trading concepts,
day-trading, advanced concepts, money management, and how to get
organized.
Next, active
traders work through eight case histories, select entry and exit
points, and find out how well they understand what needs to be
done in every trade.
Dr. Elder’s first
book, Trading for a Living and its companion Study
Guide, have sold more than 160,000 copies in English and
have been translated into nine languages.
Visit Dr. Elder’s
website:
www.elder.com
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