Hugendubel.info - Die B2B Online-Buchhandlung 

Merkliste
Die Merkliste ist leer.
Bitte warten - die Druckansicht der Seite wird vorbereitet.
Der Druckdialog öffnet sich, sobald die Seite vollständig geladen wurde.
Sollte die Druckvorschau unvollständig sein, bitte schliessen und "Erneut drucken" wählen.

The New Trading for a Living

Psychology, Discipline, Trading Tools and Systems, Risk Control, Trade Management
Wileyerschienen am01.07.2014
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.



About the author

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.
www.elder.com
www.spiketrade.commehr
Verfügbare Formate

Produkt

KlappentextThe 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.



About the author

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.
www.elder.com
www.spiketrade.com
Details
Weitere ISBN/GTIN9781118963678
ProduktartE-Book
EinbandartE-Book
FormatEPUB
Verlag
Erscheinungsjahr2014
Erscheinungsdatum01.07.2014
Seiten304 Seiten
SpracheEnglisch
Dateigrösse5094
Artikel-Nr.3134726
Rubriken
Genre9201

Inhalt/Kritik

Leseprobe
ââââ
Introduction
â  1. Trading-The Last Frontier

You can be free. You can live and work anywhere in the world. You can be independent from routine and not answer to anybody.

This is the life of a successful trader.

Many aspire to it but few succeed. An amateur looks at a quote screen and sees millions of dollars sparkle in front of his face. He reaches for the money-and loses. He reaches again-and loses more. Traders lose because the game is hard, or out of ignorance, or from lack of discipline. If any of these ail you, I wrote this book for you.
How I Began to Trade

In the summer of 1976, I drove from New York to California. I took along a few books on psychiatry (I was a first-year psychiatric resident), several histories, and put a paperback copy of Engel's How to Buy Stocks into the trunk of my old Dodge. Little did I know that a dog-eared paperback, borrowed from a lawyer friend, would in due time change the course of my life. That friend, incidentally, had a perfect reverse golden touch-any investment he touched went under water. But that's another story.

I gulped down the Engel book in campgrounds across America, finishing it on a Pacific beach in La Jolla. I had known nothing about the stock market, and the idea of making money by thinking gripped me.

I grew up in the Soviet Union in the days when it was, in the words of a former U.S. president, an evil empire. I hated the Soviet system and wanted to get out, but emigration was forbidden. I entered college at 16, graduated medical school at 22, completed my residency, and then took a job as a ship's doctor. Now I could break free! I jumped the Soviet ship in Abidjan, Ivory Coast.

I ran to the U.S. Embassy through the clogged dusty streets of an African port city, chased by my ex-crewmates. The embassy put me in a safe house and then on a plane to New York. I landed at Kennedy Airport in February 1974, arriving from Africa with $25 in my pocket. I spoke some English, but did not know a soul in this country.

I had no idea what stocks, bonds, futures, or options were and sometimes got a queasy feeling just from looking at the American dollar bills in my wallet. In the old country, a handful of them could buy you three years in Siberia.

Reading How to Buy Stocks opened a whole new world for me. When I returned to New York, I bought my first stock-it was KinderCare. A very bad thing happened-I made money on my first trade and then the second one, leaving me with a delusion that making money in the markets was easy. It took me a couple of years to get rid of that notion.

My professional career proceeded on a separate track. I completed a residency in psychiatry at a major university hospital, studied at the New York Psychoanalytic Institute, and served as book editor for the largest psychiatric newspaper in the United States. I still have my license, but my professional practice these days is at most an hour or two per month. I am busy trading, love traveling, and do some teaching.

Learning to trade has been a long journey-with soaring highs and aching lows. In moving forward-or in circles-I repeatedly knocked my head against the wall and ran my trading account into the ground. Each time I returned to a hospital job, put a stake together, read, thought, did more testing, and then started trading again.

My trading slowly improved, but the breakthrough came when I realized that the key to winning was inside my head and not inside a computer. Psychiatry gave me the insight into trading that I will share with you.
Do You Really Want to Succeed?

For many years I had a friend whose wife was fat. She was an elegant dresser, and she had been on a diet for as long as I had known her. She said she wanted to lose weight and she didn't eat cake or potatoes in front of people-but when I came into her kitchen, I'd see her go at it with a big fork. She said she wanted to be slim, but remained fat.

The short-term pleasure of eating was stronger for her than the delayed pleasure and health benefits of weight loss. My friend's wife reminded me of a great many traders who say they want to be successful but keep making impulsive trades-going for the short-term thrills of gambling in the markets.

People deceive and play games with themselves. Lying to others is bad, but lying to yourself is hopeless. Bookstores are full of good books on dieting, but the world is still full of overweight people.

This book will teach you how to analyze and trade the markets, control risks, and deal with your own mind. I can give you the knowledge. Only you can supply the motivation.

And remember this: an athlete who wants to enjoy risky sports must follow safety rules. When you reduce risks, you gain an added sense of accomplishment and control. The same goes for trading.

You can succeed in trading only if you handle it as a serious intellectual pursuit. Emotional trading is lethal. To help ensure success, practice defensive money management. A good trader watches his capital as carefully as a professional scuba diver watches his air supply.
â  2. Psychology Is the Key

Remember how you felt the last time you placed an order? Were you anxious to jump in or afraid of losing? Did you procrastinate before entering your order? When you closed out a trade, did you feel elated or humiliated? The feelings of thousands of traders merge into huge psychological tides that move the markets.
Getting Off the Roller Coaster

The majority of traders spend most of their time looking for good trades. Once they enter a trade, they don't manage it but either squirm from pain or grin from pleasure. They ride an emotional roller coaster and miss the essential element of winning-the management of their emotions. Their inability to manage themselves leads to poor risk management and losses.

If your mind is not in gear with the markets, or if you ignore changes in mass psychology of crowds, you have no chance of making money trading. All winning professionals know the enormous importance of psychology. Most losing amateurs ignore it.

Friends and students who know that I am a psychiatrist often ask whether this helps me as a trader. Good psychiatry and good trading have one important principle in common. Both focus on reality, on seeing the world the way it is. To live a healthy life, you have to live with your eyes open. To be a good trader, you need to trade with your eyes open, recognize real trends and turns, and not waste time or energy on fantasies, regrets, and wishful thinking.
A Man's Game?

Brokerage house records indicate that most traders are male. The files of my firm, Elder.com, confirm that approximately 85 to 90 percent of traders are male. The percentage of women traders among my clients, however, has more than doubled since the original edition of Trading for a Living was written twenty years ago.

The English language being what it is, he flows better than he or she or jumping between the two pronouns. To make reading easier, I'll use the masculine pronoun throughout this book. Of course, no disrespect is intended to the many women traders.

As a matter of fact, I find that the percentage of successful traders is higher among women. As a group, they tend to be more disciplined and less arrogant than men.
How This Book Is Organized

The three pillars of successful trading are psychology, market analysis, and risk management. Good record-keeping ties them together. This book will help you learn the essentials of all these areas.

Part One of this book will show you how to manage emotions in trading. I discovered this method while practicing psychiatry. It greatly improved my trading, and it can help you too.

Part Two will focus on crowd psychology of the markets. Mass behavior is more primitive than that of individuals. If you understand how crowds behave, you'll be able to profit from their mood swings instead of being swept up in their emotional tides.

Part Three will show how chart patterns reflect crowd behavior. Classical technical analysis is applied social psychology, like poll-taking. Support, resistance, breakouts, and other patterns reflect crowd behavior.

Part Four will teach you modern methods of computerized technical analysis. Indicators provide a better insight into mass psychology than classical chart patterns. Trend-following indicators help identify market trends, while oscillators show when those trends are ready to reverse.

Volume and open interest also reflect crowd behavior. Part Five will focus on them as well as on the passage of time in the markets. Crowds have short attention spans, and a trader who relates price changes to time gains a competitive advantage.

Part Six will focus on the best tools for analyzing the stock market as a whole. They can be especially helpful for stock index futures and options traders.

Part Seven will present several trading systems. We'll begin with the Triple Screen, which has become widely accepted, and then review the Impulse and Channel trading systems.

Part Eight will discuss several classes of trading vehicles. It will outline pluses and minuses of equities, futures, options, and forex, while blowing away the...
mehr