Come Into My Trading Room: A Complete Guide to Trading |  | Authors: Dr. Alexander Elder, Alexander Elder
Publisher: Wiley
List Price: $65.00
Buy New: $27.99
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Rating:  111 reviews
Sales Rank: 7934
Media: Hardcover
Edition: 1st
Pages: 320
Number Of Items: 1
Shipping Weight (lbs): 1.3
Dimensions (in): 9.1 x 6 x 0.8
ISBN: 0471225347
Dewey Decimal Number: 332.654
EAN: 9780471225348
ASIN: 0471225347
Publication Date: April 19, 2002
Availability: Usually ships in 1-2 business days
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Product Description
Come Into My Trading Room
A Complete Guide to Trading You can become a successful trader. It has been done before, and it is being done right now, today, by people around the world. If you enjoy learning, if you are not scared of risk, if the rewards appeal to you, and if you are prepared to put in the work, you have a great project ahead of you. In Come Into My Trading Room: A Complete Guide to Trading, Dr. Alexander Elder takes you far beyond the three M's (Mind, Method, Money) of his international bestseller Trading for a Living. He teaches you to manage your money and time, as well as strategy, so that you can enter the markets with confidence and exit with profits. This essential book educates the novice and gives more power to the professional through expert advice, proven trading methods, and something entirely unique-a visit to Dr. Elder's own trading room. You get to follow him through several actual trades, whose entries and exits illustrate many of the key concepts of this book. Come Into My Trading Room offers: - A complete introduction to trading essentials
- An overview of trading psychology, both individual and mass psychology of the markets
- A practical overview of technical analysis, including new indicators and systems
- A step-by-step guide to risk control and money management
- Exact instructions for keeping records and organizing your time
- A visit to Dr. Elder's private trading room, reviewing several of his recent trades
Be sure to work through the companion volume to this book-Study Guide for Come Into My Trading Room-before you risk a dollar in the markets. The Study Guide features 100 questions and answers and almost 50 charts to test your knowledge. Grade yourself to make sure you know enough about the nine key areas of trading. Work through eight case histories, select entry and exit points, and find out how well you understand what needs to be done in every trade. Use Dr. Elder's Study Guide to make sure that you can measure up to your competitors and surpass them. Come Into My Trading Room will help you master a new way of trading stocks, futures, options, and currencies. Unparalleled depth and a wide range of coverage give you the best chance to become the trader you've always wanted to be.
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Showing reviews 1-5 of 111
 Wanna be an MBA in Trading? October 29, 2009
Chandra Sekhar (South Florida, USA)
1 out of 2 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!
Know if you are an investor, trader, or gambler. It's kind of important August 13, 2009
Mariusz Skonieczny (ClassicValueInvestors.blogspot.com)
2 out of 2 found this review helpful
This is a book written by a psychiatrist who is also a professional trader. It gives beginning traders an introduction to the world of trading. The most important thing for anyone to be a successful trader is to have the right foundation, and this is exactly how the book starts. One has to know the difference between investing, trading, and gambling. Many people have this confused, and this is dangerous. The author writes:
"Investors profit by recognizing new trends in the economy and buying into them before the majority wake up to opportunities."
"Investing requires a great deal of patience and an immense supply of self-confidence."
"Traders make money by betting on short-term price swings."
"Beginners often assume they can make money because they're smart, computer-literate and have a record of success in business."
The last quote is probably the most lethal combination. Smart people are most likely to fail in trading as well as investing without proper knowledge. This book also helps readers in deciding what to trade, and it gives an introduction to technical analysis. If you want to be a trader, educate yourself first.
- 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
Mr Elder does it again June 18, 2009
fabric
1 out of 1 found this review helpful
Are you a trader?It doesn't matter if you are already or planning to be one I suggest you READ this book and you read it as soon as possible . This is by far one of the top-notch books on trading and should be present in every trader's bookshelf . If you don't read it you miss BIG time . It does not matter what you think about trading . This book will reveal you amazing things and will teach you how to think and act as a professional trader. Leave the crowd of amateurs and losers with Mr Elder's masterpiece . It is not easy to find such great books so do yourself a big favour and buy this book and you will not regret for a minute. I think that the combination of being professional trader and psychologist silmutaneously helped Mr Elder to write such a masterpiece . Rarely such good books are produced and if you are seriuos about trading you simply can't afford to miss this one . Sure ,it will take some time reading it but it pays to read books like this , believe me . It doesn't matter if you are option , futures or stock trader - it includes everything . Mr Elder will teach you everything you need to be a successful trader . This will be the most wisely spent dollars . You do not need formal education . All you need is more books like this one .
Even Better than Trading For A Living June 18, 2009
Czytanka (The North Pole)
If you only take away one thing from this book that Weekly Charts Indicator Divergence from Price will help you get in on a new trend early it would have been worth the price.
There are many other insights into money management, and how to "grade" yourself as a trader that will contribute to success. I wonder if Elder trades anymore with all his businesses, trading camps, web sites, and so forth, even if he does not I cannot deny the benefit and insight I gained from his first book and more insight as well from Trading Room.
I found it interesting that Edler is not for day trading. I did not catch that from Trading For a Living but I read that book long ago. He is more toward analyzing the market after hours, and taking a position that you may hold for a day or longer. [...]
 Strong on money management but some technical aspects overlooked. April 15, 2009
Kevin Hammond (Elkhart IN)
2 out of 2 found this review helpful
The first section of this book focuses on the "mind" .It starts with a good basic introduction to the mental aspects of trading including the authors take on different markets to trade .A comprehensive discussion of the mental aspects of trading and the sentiments of fear and greed that control beginning traders actions. He then follows with a discussions of the psychological traits needed to be a successful trader as well as the importance of discipline , self reliance ,record keeping and constant evaluation of your performance. All in all a well written introduction.
One issue I have with this section is his extremely negative take on options. There were statements as "hopeless for poor people that use them as a substitute because they cannot afford the real thing", "losers switch to options instead of dealing with their own inability to trade" as if trading options is not trading. These statements are surprising especially since many successful traders use options to protect their positions and recoup losses.
The author then moves to trading "method" which is mostly based on using triple screen with common indicators such as Force index, MACD and others. Special attention is given to divergences between the indicators and price which are usually effective entry and exit signals. I believe that there are as many trading systems as traders and it is always a good learning experience to be exposed to a variety of systems including the authors.
I was surprised to see that a couple of important factors were missing: first, the importance of trading with the general market trend was not emphasized. In addition all the examples at the end of the book were counter trend trades. While this may be a good way to trade when the market is range bound or basing, it is more profitable to trade with the trend once one is established.
In the recent downturn it would have been futile to try to go long. It would have been helpful if the author would have shared his system for evaluating general market direction so that the reader can trade with the market. Second, there was a total bypass of the importance of short interest in evaluating stocks to trade. Any one who has seen what a short squeeze can do to a stock realizes the importance of this factor in entering trades. Finally Dr. Elder discusses money management and record keeping which was done very well as many reviewers indicated.
I believe this book deserves 4 stars even with the deficiencies I mentioned since no book can be everything to everyone. I recommend that you use this book for its strengths, and read others to fill the gaps
Showing reviews 1-5 of 111
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