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The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, Trade Management (Wiley Trading)

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Publisher ‏ : ‎ Wiley; 1st edition (October 27, 2014)


Language ‏ : ‎ English


Hardcover ‏ : ‎ 304 pages


ISBN-10 ‏ : ‎ 7


ISBN-13 ‏ : ‎ 27


Item Weight ‏ : ‎ 1.98 pounds


Dimensions ‏ : ‎ 7 x 0.9 x 9.9 inches


Best Sellers Rank: #36,721 in Books (See Top 100 in Books) #11 in Business Finance #13 in Business Investments #39 in Economics (Books)


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Top Amazon Reviews


  • Trading for a living isn't for the faint of heart
I think a beginner has to start somewhere and this is a good book to read. I would say you shouldn't read too many trading books. The reason I say this is Traders trade and writers write. Most of the books available are a mishmash of nonsense. I have been a professional trader for over thirty years and things change and are changing faster all the time. So any book you read is dated from the get go. This is a hard profession not for the faint of heart. Discipline is one of the hardest things to control. You must have a method and I always say to people TTT test trust and then trade. Then does your method fit your personality. Do you have enough money and time to begin and stay, risk of ruin is always there. I think the most important books I have read are Reminiscences of a Stock Operator, How to make money in Stocks, and Trade your way to financial freedom. But this is a good book for beginners. Buy with caution, take your time, becoming a pro takes time and perseverance. Just remember Luck has nothing to do with trading and the markets don't give a damn if you win or lose, only you do! ... show more
Reviewed in the United States on August 31, 2017 by Fourfman

  • One of the best.
If you want to do this for living and survive the brutality of the markets this book is a must read. The risk management section is worth the price of book alone. Risk management is the key to being successful. I'm not a huge fan of Elder's setups, But his approach to back-testing, risk management, and philological aspects of trading are pure gold. I totally agree on developing a system that gives less signals and less trading. Not forcing trades and taking trades that are 100% part of the plan, no deviation, no winging it. There are some really great reviews here so I'm not going to bore anyone with another one. But buy this book, read it, comprehend it, and follow it. Forget about the money and just trade well. Plan the trade, trade the plan. ... show more
Reviewed in the United States on November 18, 2016 by protrader

  • One of the all-time absolute best books on trading.
The New Trading for a Living is one of only two books on the desk in my trading room. As a full-time private trader this book - alongside Dr. Elder's equally as brilliant The New Sell and Sell Short - are the two most transformative works I've encountered on the subject (and I've read dozens and dozens of books on financial markets over the first ten years of my career). When friends and family express an interest in the stock market this is the one book I recommend they begin with. It's equally as insightful for more advanced professionals as well. One of the many reasons this book is an international best-seller is Dr. Alexander Elder's talent for articulating concepts that transcend ever-changing markets and demonstrate long-term success. Also the author's background in psychology leads to some unique insights about crowd behavior as it applies to financial markets. I had already been trading for several years before I came across The New Trading for a Living. It completely transformed the way I thought about risk management and is the single greatest influence on how I currently manage my stock portfolio. I could go on and on. Do yourself a favor and read this life-changing book. ... show more
Reviewed in the United States on May 17, 2020 by Andrew M Berke

  • Interesting but a little thin
This is a good airplane read if you are interested in the practice of trading. I have been trading on and off for thirty years, so I found nothing new in it, but you might, especially if you are a neophyte. It was interesting to hear his discussion on ETF's (the author believes they are broadly manipulated, a fact which the Wall Street Journal touched on several weeks ago. The WSJ's opinion was not that manipulation was as widespread as the author alleges, just that it could and probably did happen. Since then, a large trading house has acknowledged publicly that it attempted to push ETF markets around and that they succeeded on a number of occasions. The issue the author missed is that, if you are a good trader, manipulation by someone else works in your favor by creating a more coherent trend. His objection was that the manipulation operated to mask the influence of the price movements of the underlying security(ies) or commodity. Once again, however, what the author missed is that, if you are a technical trader as he claims to be, the fundamentals of the underlying should concern you very little if at all. I personally am neither a strong fundamental trader nor strong technical trader. I am more of a quantitative trader and I was disappointed that the author spent no time with these methods. I won't read this book again, but I am not disappointed that I read it this once. ... show more
Reviewed in the United States on December 27, 2019 by Thomas Morrow

  • An absolute MUST HAVE for anyone who wants to learn more about trading
I have read several books about trading and this is the best one. If you want to gain more knowledge and get better, or if you are just starting to trade, save your money and instead of buying multiple books, just get this one. From trading tools and systems, trade management techniques, reading the charts, to controlling your risk and learning to keep your emotions in order and not necessarily following the crowd like a sheep, this book is your must have. I do not consider myself a trading guru (in fact far from it), but I understood the information and read the book with ease. ... show more
Reviewed in the United States on October 25, 2017 by Sabina

  • LOVE this guide
LOVE this guide. Has helped me become more disciplined and understand the psychology driving market movements which directly impacts my decision making. Prior to this "road map" I was more of less breaking even, now I'm steadily building equity. Rather than merely a formula to follow to trade, it teaches you how to understand what is happening in the market and act accordingly. Continuing my education on Elder's SpikeTrade.com website and find the membership cost completely worth it. ... show more
Reviewed in the United States on April 6, 2017 by Dylon

  • Trading for a living
Fantastic read. I have read 40-50 books about trading, and this one is of the best. As a beginner in the trade world, detailed and real world trading advice from the experts isn't always helpful, but seemingly drafted with the intention of selling that author's trading system. I was pleasantly surprised that Mr. Elder focused on "teaching" as opposed to selling. I learned a lot that will greatly help in my endeavors to become a better trader. ... show more
Reviewed in the United States on September 30, 2016 by Avid Amazon Customer/Reader

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