Trading for a Living by Dr. Alexander Elder

[Soultrader 12]

When I first found this book as a beginning trader, I fell in love with it. Definitely a book all traders should read. This is an in-depth book on trading psychology, market indicators, trading strategies, and money management. Without controlling your risk, a trader is desinted to fail. Dr. Alexander Elder focuses on the three M's of trading: Mind, Method, and Money.

 

I wrote to him once concerning a question I had about his trading and I recieved a reply the next day! He his a famous trader/speaker in the trading industry and also did a webinar with the Chicago Board of Trade which can be found in their archives. His writing style makes it interesting to learn about trading. Advanced traders may crave for more but I do recommend this to new and medium level traders.

[rangerdoc 13]

I found this book very early in my trading journey. I consider it a very fortunate stroke of luck. Years later I see that there are a lot of books out there that cover essentially the same materials, but for some reason this one really stands out for me. Possibly I have a special place for Dr.Elder because he was the first person to point me in any specific direction, but this book or its follow-up "Come Into My Trading Room" would stay on my shelf if I were only allowed to keep 5 trading books & had to discard the rest. In fact, if I knew that tomorrow I would wake up and not remember anything at all about trading and could only keep one book with which to start over, this may well be the one.