Customer Reviews:
Showing reviews 1-5 of 27
 Wanna be an MBA in Trading? November 9, 2009
Chandra Sekhar (South Florida, USA)
3 out of 3 found this review helpful
I work with several colleagues of mine in late 30's and early 40's studying their MBA. They spend quiet a bit of money, time and family time ( cases where kid's tv addiction linked to parents doing their MBA). Few of them managed to get promotion,some had their titles changed, some moved to different companies doing similar jobs etc. I asked some of them what was their objective of studying MBA at this age. Most have a vague objective,but as Dr.Elder quotes "A caged animal trying to grab it's tail"!. All of them have invariably tried their hand in stock market, got burnt and move back to the comfort of 'cubicle jungles'.
Had they spend the $20,000 or $30,000 they spend on MBA with proper training on trading, losses, trial and error in stock market, software many would have come far ahead in trading and 'self reliance' and 'early retirement' . Instead they fear the corporate layoffs and meaningless promotions that involve travel and less family time and divorce and rebellious kids. I have started the trading career like most others and lost money and thankfully got access to Dr.Alexander Elder's materials before a wipe off!
So now, we have a better way of self graduating to "MBA of trading' where you can be self reliant and retire by simply digesting Elder's books, his suggested reading materials, software ( ex : Metastock , tradestation), bite the painful bullet of losses, enjoy the pleasure of successful trade and slowly evolve to a mature trader. If you are a working professional, you will spend as much ( or more) time as a regular MBA Course, but at least if you happen to be a person fit for becoming an "MBA In Trading", you will be far better off than a MBA in a corporate culdesac.
Here is the suggested order to graduate yourself to an "MBA in Trading".
1. Trading for a Living: Psychology, Trading Tactics, Money Management ( You will need to read it twice)
2. Start making journals and learn from your on trading experiences
3. Come Into My Trading Room: A Complete Guide to Trading (Masterpiece...Read 4 or 5 times to absorb the spirit and content of the book.)
4. Entries & Exits: Visits to 16 Trading Rooms (Wiley Trading) (Read couple of times)
5. Sell and Sell Short (Wiley Trading) (Read couple of times)
6. Read the books mentioned by other full time traders in "entries and exits" ( ex: Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude)
7. Understand Metastock, Tradestation, esignal type tools.
8. Attend his seminar if you can afford it.
Think about all the time ,money and effort you are going to put into it, it will be similar to the money spent on an MBA...and your title might be "Work from home CEO" with your job description like Self reliant full time trader who looks forward to Monday Mornings and for whom work is an everyday vacation and will work during a vacation also. He is available when kids need him
Reviewing his book in solitude will not serve the reader since it is a sequence of learning material in a tough world and should be treated as such.
I would call Come Into My Trading Room: A Complete Guide to Tradingas his masterpiece,but Trading for a Living: Psychology, Trading Tactics, Money Management is highly recommended because of the sections like all technical indicators explained. Some tools might be tailor made for you. In Come Into My Trading Room: A Complete Guide to Trading, the book has narrowed down to exact trading tools Elder uses which is great,but for a newbie , it is better to read the entire menu ( Trading for living) and then chose your dinner ( Come Into My trading room). In trading parlance, The above two books will have to be your "core" positions .
Entries & Exits: Visits to 16 Trading Rooms (Wiley Trading) And Sell and Sell Short (Wiley Trading) are the perfect desserts.E and E is a classic which walks through some sample trades and also a glimpse of tools those users use. All of the traders are trading for living, some with less than 250k equity . Elder looks at their trade and see how simple he makes his trading decision . Sell and Selling short is more like an addendum to his previous books with focus on exit strategies.
I know there are plenty of readers who read financial (and wealth making) books for entertainment. If you are one of them ( The way to check is if you read financial books constantly AND do trading BUT do not have proper records), still this book will fit your case. Choice of words all along the book and subtle comedy makes it an equally interesting read.
EXAMPLES of some punch lines (not verbatim):
> A person who pees against the wind has no right to complain of laundry bills
> Newbies swarm to options to get more bang for their bucks,but it is usually their head that gets banged.
> What beginners call gut feel is usually an urge to gamble, and i tell them they have no right to a gut feel.
> If you pay high above EMA, you will find a greater fool who will pay even more
> Traders dream of profits but often freeze like deer in the headlight when a loss hits them
Whichever book you read in whatever order, make sure to read it, read again and read again .. tread carefully on stockmarket.You might win and in small and subtle ways it is happening to me!
great advice that is very well presented November 9, 2009
C. Libertino
1 out of 1 found this review helpful
I'm just adding my voice to the chorus of people who unreservedly recommend this book.
I have finished "Sell and Sell Short" and have found it to be the most cogent and useful manual for a new trader. I have read several books, but this is the one that stands head and shoulders above a very crowded field.
It gives the impression of several detailed discussions with an elder (pun intended) and wiser trader who has graciously imparted his experiences in order to save you the time and pain of doing the same.
Furthermore, the book is worth the text-book like higher price, because the color graphics make a big difference. I've read books where they will refer to "colored" chart information in a black and white chart. It undermines the entire purpose of the chart.
If you're looking for one sensible trading guide that covers all the main bases, this is the one.
Good information August 13, 2009
Mariusz Skonieczny (ClassicValueInvestors.blogspot.com)
2 out of 2 found this review helpful
Dr. Alexander Elder, after writing Trading for a Living, takes readers to the next level and teaches them about selling and short-selling. Before doing so, he covers the topic of how to buy because according to the author, you have to buy well in order to sell well.
The book is organized in a way where the author writes approximately one page about a subject, then asks many multiple choice questions. The second half of the book is dedicated to answering those questions, and that's where the bulk of information is provided. For some this type of organization may not work because it feels like being back in school studying for an ACT or SAT. But besides that, the book is excellent.
- Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market
 How successful has been your own trading? June 13, 2009
Ranjan (Salem, Virginia)
5 out of 6 found this review helpful
I agree with Tiger Taco's one star review. I was impressed with earlier books by Elder. But lately it appears that he is interested in publishing same stuff with slightly different flavor. To be fair to his readers, he should publish his trading results for the past year or so for a comparison with some benchmark and methods from his own books. I am getting suspicious now.
 Good, but not as great as his masterpiece "Trading for a living" April 30, 2009
ServantofGod
2 out of 3 found this review helpful
Despite the title, this is quite a compleat trading book for dummies. It's simple and practical with emphasis on trading psychology and tons of chart samples using Moving Averages, MACD and Volume. Certainly the above is not sufficient to make a winning trader. Nevertheless, it does give green hands definite edge. In short, recommended. Yet "Trading for a living", a masterpiece by the same author and superior in all aspects should be your first priority.
p.s. Below please find some of my favorite passages for your reference.
Doing nothing is hard, especially for men, who are told from childhood "Dont just stand there. Do something!" When your stock drops, the anxiety become mixed with pain - I"ll sell as soon as it comes back to even. Amazingly, the most psychologically comfortable position for most trader is a slightly decline in their stock. It is not sharp enough to be painful, and with the stock near the entry price there's probably not much reason to sell. With no action required, you have a perfect excuse to sit back and do nothing. It feels good not to have to make any decisions! That is how a small loss can gradually become bigger and badder. pgxvi
When I put on my first trade ever, the worst possible thing happened. I made money. That lucky break crated the delusion that trading was easy. I began jumping into other trades - with a predictable outcome. As I recovered and rebuilt my devasted account I knew I had to educate myself. I begin to read voraciously about the markets....Once again, the outcome was predictable...Over the years, as I continued to trade and study the markets, it became increasingly clear to me that in this field "less is more". pg13
There is not a single book on trading forex that I can confidently hand to you and say "It is good; read it". You will have to pick bits and pieces from among the yards of books on forex. pg224
The bulk of forex trading takes place while you are asleep or away from the screen. It is hard to bet on a horse that keeps running around the track while you're dreaming in your bed. pg228
Showing reviews 1-5 of 27
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