Book : The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, Trade Management
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 includes 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.
Why teach?
Why not simply stay in front of the screen and quietly grind out profits?
Whenever I hear this question, I say: “Preaching is good for the preacher.” Showing specific chart patterns and stressing the need for discipline reinforces my own performance.
To master a concept you have to be able to teach it to others.If you can’t explain what you think you know, then you really don’t know it.
Once or twice each year I run a live trading workshop with Kerry Lovvorn, my partner in SpikeTrade.com. At the time of this writing ,we had six such workshops, traded our accounts in each of them, and both of us made money in all six classes.
If you were to take six random days from my trading, I wouldn’t be able to deliver 100% profitability. Neither would Kerry –but we’ve done it in our classes because working in front of a group creates extra pressure to succeed. That’s what I mean when I say that preaching is good for the preacher.
Read this book carefully, take notes, test its lessons on your own data. I want this book to help you as much as writing it helped me.
-Dr. Alexander Elder
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