Alexander Elder

Book title and author: Study Guide for The New Trading for a Living (Wiley Trading)
by Alexander Elder reviewed 4-8-25

Why I picked this book up: Trading has a long hx and I picked this up to help me cut through the potential of falling to the “get rich quick” thought many people fall into.

Thoughts: Dr. Elder is a psychiatrist and wrote this book to help us as traders. He says it is like a three legged stool, psychology, market analogy and risk management. He said people lose because it show more is not the wrong trading strategy but they lose because they can’t control themselves. He says it is like an addiction. Market analysis it teaches don’t predict the future. He teaches to read the present. Markets are made of people and people are people that repeat patterns. Lastly risk management something people often ignore. Never risk more than 2% on a trade. The one trade that calls us to risk everything tends to be what ruins people. Take trades as deep sea diving. Monitor your oxygen and do not risk the cave exploration because you feel lucky. Manage cut losses, know when to stay out and if I miss one of the 3 legs we fall. The 3 systems to use the triple screen trading system. 2nd the impulse trading system and channel trading system. Mac D, histogram, stochastic and ADX. EMA and ATR.

Why I finished this read: trading is built for us to lose. No shortcuts, no heroes no illusions and just hard work, clear thinking and doing it right. 90% of traders lose money not because they are stupid but because they think wrong from the very beginning. This book throws cold water on our faces to wake up and know what is real with trading.

Stars rating: for me, this book was a fantastic first book to read on trading and I wanted to give it 5 stars but since it is a starting book, I meed experience doing it, using the skill outlined I’ll give it a 4 of 5, use it and come back to it as I develop and grow. show less

I have been trading stocks since I was 13 years old. In between classes, while my classmates headed for the lavatories to smoke cigarettes, I paved my way towards the pay phones to talk with my broker.

I am much older now. I still trade securities. Yet, I still consider myself a novice. I have read many books on trading. I thought Dr. Elder's book "Trading for a Living: Psychology, Trading Tactics, Money Management" was one of the best. I was wrong. "Entries and Exits" is even better.

Dr. show more Elder's latest book takes the reader into the trading rooms of 16 private traders. They live in different countries. They trade different markets. They employ different methods. Yet, each is dedicated to trading. Most are private individuals. A few - like Gerald Appel - I have followed for decades.

Each trading room visit begins with a description of the trader's background and methods. The trader then shares two trades with the reader - one successful, the other unsuccessful. They discuss the chart signals that attracted their attention. At that point, the reader is invited to decide whether or not that trade will make or lose money.

Turn the page, discover the results. Dr. Elder then offers his analysis of the trade and uses it to illustrate a principle.

This book's beauty is that it provides an intimate case study of how a real trader makes a real decision. Too often trading becomes a personal, isolated, emotional business. "Entries and Exits" offers a dispassionate opportunity to learn from others.

Great ideas are few and far between. This book, however, contains an endless mother lode. The more time spent mining it, the greater your yield. show less

A Poignant Portrait of a Tourist, a Country and its People
I have to admit; this book is not what I expected.

Dr. Alexander Elder contacted me earlier this month and asked if I might be interested in reading his newest book, the story of a two-month long trip to New Zealand.

Dr Elder, a professional trader, experienced technical analyst and practicing psychiatrist, penned two previous books, both best sellers which have achieved a measure of acclaim in trading circles.

Straying from the Flock, show more however, breaks new ground for the author. It weaves New Zealand’s geography, history, business, culture and above all, its people into a readable, love story. Spend only a few minutes with this book and it will be apparent, Dr. Elder loves New Zealand; he discovered it in the mid-1990s. Tucked away on the other side of the world from his professional life, New Zealand is a country the size of England or Italy, yet it is populated by only three million unique souls and 6 million sheep.

Each chapter recounts another day in his two month visit. He eloquently describes the country’s beaches, mountains, fjords and rainforests. He recounts colorful tales that cause many of the island’s personable people to spring to life. Yet also what emerges is a colorful portrait of a newly divorced, professionally secure, with grown children individual with a deep thirst to experience the world around him

Born in Russia, Dr. Elder has a superb command of the English language. All-too-often while reading this, I found myself wishing I had the eloquence with my native tongue that Dr. Elder has with his adopted language.

This is more than a guide book. Dr. Elder has penned a beautiful, intimate portrait of a unique land, its people and one of its favorite fans – Dr. Elder. show less

An Honest and Complete Look at Trading

I have a confession to make. I have been trading stocks since I was 13 years old. In between classes while my friends would head for the lavatories to smoke cigarettes, I would head to the pay phones to talk with my broker.

I am older now. Along the way, I have read many books on trading. This is, perhaps, one of the best. Dr. Alexander breaks the art and science of trading into three pillars:

• Psychology
• Market analysis and trading systems
• Money show more management.

The key to winning the trading game is to win the battle within your mind. Dr, Elder, himself a practicing psychiatrist, explains how to develop discipline and to avoid the traps caused by emotional trading.

Second, he shows how to identify good trades using charts and computerized indicators. In remarkably clear and concise language, he explains the indicators and how to combine them to develop your own trading system.

Finally, he discusses importance of money management. The successful trader manages risk. Dr. Elder lays down the rules for limiting it.

After reading this book, there is no doubt in my mind why this book has achieved the lasting success it has. All traders, both novices and experts, will benefit from reading it. show less