• Trading for a Living

  • Psychology, Trading Tactics, Money Management
  • By: Alexander Elder
  • Narrated by: Richard Davison
  • Length: 2 hrs and 58 mins
  • Abridged Audiobook
  • Release date: 07-08-05
  • Language: English
  • Publisher: Penton Overseas, Inc.
  • 4.5 out of 5 stars 4.3 (859 ratings)

Regular price: $13.27

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Publisher's Summary

A hundred-thousand investors have turned to this best-selling guide for mastering successful trading by Dr. Alexander Elder, a professional trader, a world-classs expert in technical analysis, and a practicing psychiatrist. He believes that successful trading is based on three M's: Mind, Method, and Money. Trading for a Living helps discipline your Mind, shows you the Methods for trading the markets, and show you have to manage Money in your trading accounts. Trading for a Living will help you master:

Individual pyschology: How to become a disciplined trader

Mass psychology: Know when to join the crowd and when to leave it

Classical charting: Identify support and resistance, place stops

The neglected essentials: Read volume, open interest, and time cycles

Psychological indicators: Profit from contrary opinion theory

Trading systems: Learn about the Triple Screen trading system

Risk management: All about stops and profit targets
©1993 Alexander Elder (P)2000 Penton Overseas, Inc.
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Customer Reviews

Most Helpful
5 out of 5 stars
By Ermilo on 06-23-09

Simple and POWERFUL

I was hesitant to get this book to be honest. However, after 10 minutes in the listening, I knew I made the correct choice. Here is what makes the book great. Simple non complicated investing rules. They are simple yet good enough even for me, who does option trading. I have listened to this book 3 times over, its that good. If you are new to stocks,futures options...get this book. Even for an advanced option trader, its great!

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16 of 17 people found this review helpful

5 out of 5 stars
By Joseph on 10-22-08

Read this if you want to know WHY things work.

This author taps into the motivation and therefore many of the practices of the stock traders who will be your competitors. If you are new to trading, and specifically if you are interested in day trading, this is the best starting point for you. I actually went through this book 3 times so far. As I apply the principles he lays out in the actual market trading, I go back through with a better understanding of what I leaned in this book, I have picked up many nuances that I had missed the first time around.

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16 of 18 people found this review helpful

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Customer Reviews

Most Helpful
4 out of 5 stars
By Gavin on 12-04-09

A nice book!

When a book on investing starts off with I defected from the Russian Navy by jumping of the ship and heading to the American embassy, I also want to jump ship... but I'm glad that I didn't.

The book goes through the forces that affect the markets. He not only classifies markets as being bullish and bearish he also refers to traders in the same way. As a phycologist I feel that the author certainly does understand the crowd mentality and how it can affect our decisions. He then takes this forward to explain why an individual should not react to changes in the market because they are changing but to view the reasons why they are changing so that one can make a rational decision whether to buy or sell.

As with all of the traders who have written books on this subject, he builds into this book a system that he followed to make himself successful in the stock market. This method in which he uses is similar to that of Peter Lynch who wrote "one up on the Street" and "learn to earn". Both authors concentrate on the day/short term trading. The book itself goes through the ins and outs of what a day trade with actually cost you after you take out the fees and the slippage and gives useful and technical advice on how best to deal with these situations. Then gives information on how he picks the stocks and guidelines on how he then evaluates whether to invest or not.

If you are not interested in Short term trading I would suggest that you look "The New Buffettology" by Mary Buffett or "The intelligent investor" by Graham. Both of this books look at longer investment cycles. So if you just want to invest and not worry about the day to day of the share price then these are the books for you.

All and all this is an interesting read and worth the money. I wouldn't say that it's a reference manual for short term investing but it certainly comes close.

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11 of 11 people found this review helpful

1 out of 5 stars
By Phil on 02-26-13


Whilst I have enjoyed Elders books, this audio book is pointless without charts to view.

Don't waste your money, buy the book

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6 of 7 people found this review helpful

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Customer Reviews

Most Helpful
5 out of 5 stars
By Jayme on 03-20-16

a really good book. i learnt even more after my IP

a really good book. i learnt even more after my IP course. highy recommend this to anyone. Mindset and emotions

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1 of 1 people found this review helpful

3 out of 5 stars
By Ali on 02-22-18

Pretty basic, general suggestions

The author lists a number of recommendations without scrutinizing them in detail. Things that everybody knows, but its the details and reasoning behind trends and trading and how a trader may reflect to them that is improtant to me.
In the end of chapter 3, he mentions some books, particularly on Fibonacci numbers, which I liked.

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