Study guide for trading for a living pdf download
TRADING FOR A LIVING,TRADING FOR A LIVING
Trading for a Living - PDF Free Download Trading for a Living Home Trading for a Living Author: Alexander Elder downloads Views 5MB Size Report This content was Download The New Trading For A Living Study Guide [PDF] Type: PDF. Size: MB. Download as PDF Download as DOCX Download as PPTX. Download Original PDF. This Study Guide For Trading For A Living Psychology Trading Tactics Money Management written by Alexander Elder and has been published by John Wiley & Sons this book supported file pdf, Study Guide for The New Trading for a Living Alexander Elder ISBN: September Pages E-Book Starting at just $ Print Starting at just $ O 02/01/ · To win in trading, one must outperform masses of competitors. The majority must lose in order to pay those who win. To become a successful trader, an individual must beat the ... read more
They take some fun out of life and ultimately bring it to an end. A trader must sup- port his broker and the machinery of exchanges before he collects a dime. You have to be head and shoulders above the crowd to win a minus-sum game. Commissions Commissions have become much smaller in the past two decades. Twenty years ago, there were still brokers who charged one-way commissions of between half a percent and one percent of trade value. Fortunately for traders, commission rates have plummeted. Without proper care, even seemingly small numbers can raise a tall barrier to success. Shop for the lowest possible commissions. Tell your broker it is in his best interest to charge you low commissions because you will survive and remain a client for a long time.
Design a trading system that will trade less often. A beginning trader, making his first steps, should look for a penny-a-share broker. Then you can trade your shares for a dollar. A futures trader can expect to pay just a couple of dollars for a roundtrip trade. Slippage Slippage means having your orders filled at a different price than what you saw on the screen when you placed your order. It is like paying 50 cents for an apple in a grocery store even though the posted price is 49 cents. There are two main types of orders: market and limit. Your slippage depends on which of these types you use. If prices of apples are rising when you place your order, you may well pay more than you saw on the screen when you pushed the buy button.
You may get hit by slippage. Slippage on market orders rises with market volatility. When the market begins to run, slippage goes through the roof. Do you have any idea how much slippage costs you? There is only one way to find out: write down the price at the time you placed a market order, compare it with your fill, and multiply the difference by the number of shares or contracts. Needless to say, you need a good record-keeping system, such as a spreadsheet with columns for each of the above numbers. We offer such a spread- sheet to traders as a public service at www. Remember that good record-keeping is essential for your success. You have to keep an eye on your wins and an even sharper eye on your losses because you can learn much more from them.
Earlier we talked about commissions raising a barrier to success. The barrier from slippage is three times higher. There are thou- sands of stocks and dozens of futures contracts. Do not overpay! I almost always use limit orders and resort to market orders only when placing stops. When a stop level gets hit, it becomes a market order. Get in slow but get out fast. Go long or short when the market is quiet, and use limit orders to buy or sell at specified prices. Keep a record of prices at the time you placed your order. Demand your broker fight the floor for a better fill when necessary. Bid-Ask Spreads Whenever the market is open, there are always two prices for any trading vehicle—a bid and an ask. A bid is what people are offering to pay for that security at that mo- ment; an ask is what sellers are demanding in order to sell it.
A bid is always lower, an ask higher, and the spread between them keeps changing. Bid-ask spreads vary between different markets and even in the same market at different times. Bid-ask spreads are higher in thinly traded vehicles, as the pros who dominate such markets demand high fees from those who want to join their party. The bid-ask spreads are likely to be razor-thin, perhaps only one tick on a quiet day in an actively traded stock, future or option. They grow wider as prices accelerate on the way up or down and may become huge—dozens of ticks—after a severe drop or a very sharp rally. Market orders get filled at the bad side of bid-ask spreads. A market order buys at the ask high and sells at the bid low. Little wonder that many professional trad- ers make a good living from filling market orders. The Barriers to Success Slippage and commissions make trading similar to swimming in a piranha-infested river.
The cost of computers and data, fees for advisory services and books—including the one you are reading now—all come out of your trading funds. Look for a broker with the cheapest commissions and watch him like a hawk. Design a trad- ing system that gives signals relatively infrequently and allows you to enter markets during quiet times. Use limit orders almost exclusively—except when placing stops. Be careful on what tools you spend money: there are no magic solutions. Success cannot be bought, only earned. Trading appears deceptively easy. A beginner may cautiously enter the market, win a few times, and start feeling brilliant and invincible. People trade for many reasons—some rational and many irrational.
Trading offers an opportunity to make a lot of money in a hurry. If you know how to trade, you can make your own hours, live and work anywhere you please, and never answer to a boss. Trading is a fascinating game: chess, poker, and a video game rolled into one. Trading attracts people who love challenges. It attracts risk-takers and repels those who avoid risk. An average person gets up in the morning, goes to work, has a lunch break, returns home, has a beer and dinner, watches TV, and goes to sleep. If he makes a few extra dollars, he puts them into a sav- ings account.
A trader keeps odd hours and puts his capital at risk. Many traders are loners who abandon the certainties of the routine and take a leap into the unknown. Self-Fulfillment Many people have an innate drive to achieve their personal best, to develop their abilities to the fullest. This drive, along with the pleasure of the game and the lure of money, propels traders to challenge the markets. Good traders tend to be hardworking and shrewd people, open to new ideas. The goal of a good trader, paradoxically, is not to make money. His goal is to trade well. Successful traders keep honing their skills as they try to reach their personal best. He is so focused on trading right and im- proving his skills that money no longer influences his emotions. The trouble with self-fulfillment is that many people have self-destructive streaks.
Accident-prone drivers keep destroying their cars, and self-destructive traders keep destroying their accounts. Markets offer vast opportunities for self-sabotage, as well as for self-fulfillment. Acting out your internal conflicts in the marketplace is a very expensive proposition. Traders who are not at peace with themselves often try to fulfill their contradic- tory wishes in the markets. One can squeeze only so much from a small piece of land. There is, how- ever, a field in which grown-ups let their fantasies fly—in trading. When I tried to show him the futility of his plan, he quickly changed the topic.
A successful trader is a realist. He knows his abilities and limitations. He analyzes the markets without cutting corners, observes himself, and makes realistic plans. A professional trader cannot afford illusions. Once an amateur takes a few hits and gets a few margin calls, he swings from cocky to fearful and starts developing strange ideas about the markets. Losers buy, sell, or avoid trades due to their fantastic ideas. They act like children who are afraid to pass a cemetery or look under their bed at night because they are afraid of ghosts. The unstructured environment of the market makes it easy to develop fantasies. Most people who grow up in Western civilization have several similar fantasies. This fantasy seems to explain the un- friendly and impersonal world. REALITY VERSUS FANTASY 11 In talking to hundreds of traders, I keep hearing several universal fantasies.
They distort reality and stand in the way of trading success. A successful trader must iden- tify his fantasies and get rid of them. That fantasy helps support a lively market in advisory services and ready-made trading systems. At an investment club we used to have in New York, I often ran into a famous financial astrologer. His main source of income remains collecting money for astrological trading predictions from hopeful amateurs. It is nowhere near as demanding as taking out an appendix, building a bridge, or trying a case in court. Good traders are shrewd, but few are intellectuals.
Many have never been to college, and some have dropped out of high school. Intelligent and hardworking people who have succeeded in their careers often feel drawn to trading. Why do they fail so often? The Undercapitalization Myth Many losers think that they would trade successfully if they had a bigger account. People destroy their accounts either by a string of losses or a single abysmally bad trade. Often, after the loser is sold out, unable to meet a margin call, the market reverses and moves in the direction he expected. He starts fuming: had he survived another week, he would have made a fortune instead of losing! Such people look at market reversals that come too late and think that those turns confirm their methods.
They may go back to work and earn, save, or borrow enough money to open another small account. But even if they raise more money, they lose that, too—as if the market were laughing at them! A loser is not undercapitalized—his mind is underdeveloped. A loser can destroy a big account almost as quickly as a small one. An acquaintance of mine once blew out over million dollars in a day. His broker sold him out—and then the market turned. He takes risks that are too big for his account size, however small or big. No mat- ter how good his system may be, a streak of bad trades is sure to put him out of business. Amateurs neither expect to lose nor are prepared to manage losing trades.
Calling themselves undercapitalized is a cop-out that helps them avoid two painful truths: their lack of a realistic money management plan and lack of discipline. A trader who wants to survive and prosper must control losses. Learn from cheap mistakes in a small account. The one advantage of a large trading account is that the price of equipment and services represents a smaller percentage of your money. The Autopilot Myth Traders who believe in the autopilot myth think that the pursuit of wealth can be automated. Some people try to develop an automatic trading system, while others buy systems from vendors.
Men who have spent years honing their skills as lawyers, doctors, or businessmen plunk down thousands of dollars for canned competence. Most are driven by greed, laziness, and mathematical illiteracy. Systems used to be written on sheets of paper, but now they get downloaded on a computer. Some are primitive; others are elaborate, with built-in optimization and even money management rules. Many traders spend thousands of dollars searching for magic that will turn a few pages of computer code into an endless stream of money. People who pay for automatic trading systems are like medieval knights who paid alchemists for the secret of turning base metals into gold. Complex human activities do not lend themselves to automation. Most human activities call for an exer- cise of judgment; machines and systems can help but not replace humans. Had there been a successful automatic trading system, its purchaser could move to Tahiti and spend the rest of his life at leisure, supported by a stream of checks from his broker.
They form a small but colorful cottage industry. If their systems worked, why would they sell them? They could move to Tahiti themselves and cash checks from their brokers! Meanwhile, every system seller has a line. REALITY VERSUS FANTASY 13 programming better than trading. Others claim that they sell their systems only to raise capital or even out of love for humanity. Markets are always changing and defeating automatic trading systems. A competent trader can adjust his methods when he detects trouble. An automatic system is less adaptable and self-destructs. Airlines pay high salaries to pilots despite having autopilots. They do it because humans can handle unforeseen events.
When a roof blows off an airliner over the Pacific or when a passenger jet loses both engines to a flock of geese over Manhat- tan, only a human can handle such crises. These emergencies have been reported in the press, and in each of them, experienced pilots managed to land their airliners by improvising solutions. No autopilot can do that. Betting your money on an automatic system is like betting your life on an autopilot. The first unexpected event will make your account crash and burn. There are good trading systems out there, but they have to be monitored and ad- justed using individual judgment.
You have to stay on the ball—you cannot abdicate responsibility for your success to a mechanical system. Traders with autopilot fantasies try to repeat what they felt as infants. Their mothers used to fulfill their needs for food, warmth, and comfort. Now they try to recreate the experience of passively lying on their backs and having profits flow to them like an endless stream of free, warm milk. The market is not your mother. It consists of tough men and women who look for ways to take money from you rather than pouring warm milk into your mouth. When I was growing up in the former Soviet Union, children were taught that Stalin was our great leader.
Later we found out what a monster he was, but while he was alive, most people enjoyed following the leader. He freed them from the need to think for themselves. There are three types of gurus in the financial markets: market cycle gurus, magic method gurus, and dead gurus. Cycle gurus call important market turns. Method gurus promote new highways to riches. Still others have escaped criticism and in- vited cult following through the simple mechanism of departing this world. Market Cycle Gurus For many decades, the U. stock market has generally followed a four-year cycle. The broad stock market has normally spent 2. A new market cycle guru emerges in almost every major stock cycle, once every 4 years. The reigning period of each guru coincides with a major bull market in the United States.
A market cycle guru forecasts rallies and declines. Each correct forecast increases his fame and prompts even more people to buy or sell when he issues his pronounce- ments. A market cycle guru has a pet theory about the market. That theory—cycles, volume, Elliott Wave, whatever—is usually developed several years prior to reaching stardom. Compare this to what happens to fashion models as public tastes change. One year, blondes are popular, another year, redheads. Everybody wants a dark model, or a woman with a birthmark on her face. Gurus always come from the fringes of market analysis. They are never establish- ment analysts. Institutional employees play it safe—afraid to stick their necks out— and almost never achieve spectacular results. A market cycle guru is an outsider with a unique theory.
A guru remains famous for as long as the market behaves according to his the— ory—usually for less than the duration of one 4-year market cycle. At some point, the market changes and starts marching to a different tune. A guru continues to use old methods that worked so well in the past and loses his following. All market cycle gurus have several traits in common. They become active in the forecasting business several years prior to reaching stardom. Each has a unique theory, a few followers, and some credibility, conferred by sheer survival in the ad- visory business. When the theory becomes correct, the mass media take notice.
When a theory stops working, mass adulation turns to hatred. When you recognize that a successful new guru is emerging, it may be profitable to jump on his bandwagon. All gurus crash—and by definition, they crash from the height of their fame. The mainstream media is wary of outsiders. When several mass magazines devote space to a hot market guru, you know that his end is near. Mass psychology being what it is, new gurus will continue to emerge. Traders always look for an edge, an advantage over fellow traders. Like knights shopping for swords, they are willing to pay handsomely for their trading tools. No price is too high if it lets them tap into a money pipeline. REALITY VERSUS FANTASY 15 A magic method guru sells a new set of keys to market profits—speedlines, cy- cles, Market Profile, etc. It may have an edge in the beginning, but as soon as enough people become familiar with a new method and test it in the markets, it inevitably deteriorates and starts losing popularity.
Oddly enough, even in this era of global communications, reputations change slowly. A guru whose image has been destroyed in his own country can make money peddling his theory overseas. That point has been made to me by a guru who com- pared his continued popularity in Asia to what happens to faded American singers and movie stars. They are unable to attract an audience in the United States, but they can still make a living singing abroad. Dead Gurus The third type of a market guru is a dead guru. The dead guru is no longer among us and cannot capitalize on his fame. Other promoters profit from his reputation and expired copyrights. One dear-departed guru is R. Elliott, but the best example of such a legend is W. I interviewed W. He told me that his famous father could not support his family by trading but earned his living by writing and selling instructional courses.
He could not afford a secretary and made his son work for him. When W. The legend of W. Gann, the giant of trading, is perpetuated by those who sell courses and other paraphernalia to gullible customers. The Followers of Gurus A guru has to produce original research for several years, then get lucky when the market turns his way. While some gurus are dead, those who are alive range from serious academic types to great showmen. To read about scandals surrounding many gurus, try Winner Takes All by William R. When we pay a guru, we expect to get back more than we spend. We act like a man who bets a few dollars against a three-card Monte dealer on a street corner.
He hopes to win more than he put down on an overturned crate. Only the ignorant or greedy take the bait. Some people turn to gurus in search of a strong leader. They look for a parent-like omniscient provider. The public wants gurus, and new gurus will come. As an intelligent trader, you must realize that in the long run, no guru is going to make you rich. A guru is someone claiming to lead the crowds across the desert for a donation. No such pitches here! I always begin by explaining that there are no magic methods, that the field of trading is as huge and diverse as that of medicine, where one needs to choose one specialty and work hard to become good at it. I chose my path a long time ago, and what I do in front of a class is simply think out loud, sharing my modes of research and decision making.
Trade with Your Eyes Open Wishful thinking is stronger than dollars. Recent research has proven that people have a prodigious ability to lie to themselves and avoid seeing the truth. Duke University professor Dan Ariely describes a clever experiment. Needless to say, they score above the rest. Next, everybody is asked to predict their grades on the next IQ test, in which there will be absolutely no cheat sheets—and those who predict correctly will get paid. Surprisingly, the half of the group that scored higher with cheat sheets predicted higher results for the next test. The cheat- ers wanted to believe they were very smart, even though their incorrect predictions of success would cost them money.
A successful trader cannot afford wishful thinking—he must be a realist. There are no cheat sheets in the markets—you can see the truth in your trade diaries and equity curves. To win in the markets, we need to master three essential components of trading: sound psychology, a logical trading system, and an effective risk management plan. These are like three legs of a stool—remove one and the stool will fall. It is a typical beginner mistake to focus exclusively on indicators and trading systems. You have to analyze your feelings as you trade to make sure that your decisions are sound. Your trades must be based on clearly defined rules. Self-Destructiveness Trading is a very hard game.
A trader who wants to win and remain successful in the long run has to be extremely serious about his craft. He cannot afford to be naive or to trade because of some hidden psychological agenda. Unfortunately, trading often appeals to impulsive people, gamblers, and those who feel that the world owes them a living. The markets are un- forgiving, and emotional trading always results in losses. It exists in all societies, and most people have gambled at some point in their lives. Freud believed that gambling was universally attractive because it was a substitute for masturbation. The repetitive and exciting activity of the hands, the irresistible urge, the resolutions to stop, the intoxicating quality of pleasure, and the feelings of guilt link gambling and masturbation. Ralph Greenson, a prominent California psychoanalyst, has divided gamblers into three groups: the normal person who gambles for diversion and who can stop when he wishes; the professional gambler, who selects gambling as his means of earning a livelihood; and the neurotic gambler, who gambles because he is driven by unconscious needs and is unable to stop.
A neurotic gambler either feels lucky or wants to test his luck. Winning gives him a sense of power. He feels pleased, like a baby feeding at a breast. In the end, a neurotic gambler always loses because he tries to recreate that omnipotent feeling of bliss instead of concentrating on a realistic long-term game plan. Women tend to gamble as a means of escape. Losers usually hide their losses and try to look and act like winners, but are plagued by self-doubt. Trading stocks, futures, and options gives a gambler a high, while looking more respectable than betting on the ponies. Gambling in the financial markets has a greater aura of sophistication than playing numbers with a bookie. Gamblers feel happy when trades go in their favor. They feel terribly low when they lose. The key sign of gambling is the inability to resist the urge to bet. If you feel that you are trading too much and the results are poor, stop trading for a month. This will give you a chance to re-evaluate your trading.
If the urge to trade is so strong that you cannot stay away from the action for a month, then it is time to visit your local chapter of Gamblers Anonymous or start using the principles of Alcoholics Anonymous, outlined later in this chapter. Self-Sabotage After practicing psychiatry for decades, I became convinced that most failures in life are due to self-sabotage. We fail in our professional, personal, and business affairs not because of bad luck or incompetence, but to fulfill an unconscious wish to fail. A brilliant friend of mine had a lifelong history of demolishing his success. As a young man, he was a successful pharmacist but lost his business; became a broker and rose near the top of his firm but was sued; turned to trading but busted out while disentangling himself from previous disasters. He blamed all his failures on envious bosses, incompetent regulators, and an unsupportive wife.
He had no job and no money. He borrowed a quote ter- minal from another busted-out trader and raised capital from a few people who had heard that he had traded well in the past. He started making money for his pool, and as the word spread, more people invested. My friend was on a roll. At that point, he went on a speaking tour of Asia but continued to trade from the road. He took a side trip into a country famous for its brothels, leaving a very large open position in bond futures, with no protective stop. By the time he returned to civilization, the market had staged a major move and his pool was wiped out. Did he try to figure out his problem? To learn? No—he blamed his broker! After- wards I helped him get an attractive job at a major data company, but there he be- gan to bite the hands that fed him and was fired.
In the end, this brilliant man was going door to door, selling aluminum siding—while others made money using his techniques. When traders get in trouble, they tend to blame others, bad luck, or anything else. It hurts to look within yourself for the cause of your failure. A prominent trader came to me for a consultation. His equity was being demol- ished by a rally in the U. dollar, in which he was heavily short. He had grown up fighting an abusive and arrogant father. He had made a name for himself by betting large positions on reversals of established trends. This trader kept adding to his short position because he could not admit that the market, which represented his father, was bigger and stronger than he was.
These are just two examples of how people act out their self-destructive tenden- cies. We sabotage ourselves by acting like impulsive children rather than intelligent adults. We cling to our self-defeating patterns. They can be treated—failure is a cur- able disease. The mental baggage from childhood can prevent you from succeeding in the markets. You have to identify your weaknesses and work to change. Keep a trading diary—write down your reasons for entering and exiting every trade. Look for repetitive patterns of success and failure. The Demolition Derby All society members make small allowances to protect one another from the conse- quences of their mistakes. When you drive, you try to avoid hitting other cars, and they try to avoid hitting you. If someone cuts in front of you on a highway, you may curse, but you will slow down.
If someone swings open the door of a parked car, you swerve. You avoid collisions because they are costly for both parties. Almost all professions provide safety nets for their members. Your bosses, col- leagues, and clients will warn you when you behave badly or self-destructively. There is no such safety net in trading, which makes it more dangerous than most human endeavors. The markets offer endless opportunities to self-destruct. Buying at the high point of the day is like swinging your car door open into the traffic. When your order to buy reaches the floor, traders rush to sell to you—to tear off your door along with your arm. Other traders want you to fail because when you lose they get your money. Every trader gets hit by others. Every trader tries to hit others. The trading highway is littered with wrecks.
Trading is the most dangerous human endeavor, short of war. Controlling Self-Destructiveness Most people go through life making the same mistakes decade after decade. Some structure their lives to succeed in one area, while acting out their internal conflicts in another. You need to be aware of your tendency to sabotage yourself. Stop blaming your losses on bad luck or on others, and take responsibility for your results. Start keeping a diary—a record of all your trades, with reasons for entering and exiting them. A trader needs a psychological safety net the way a mountain climber needs his survival gear. I found the principles of Alcoholics Anonymous, outlined below, to be of great help at an early stage of trader development. Strict money management rules also provide a safety net, while the diary helps you learn from your mistakes as well as successes. Trading Psychology Your success or failure as a trader depends on your emotions.
You may have a brilliant trading system, but if you feel arrogant, frightened, or upset, your account is sure to suffer. In trading, you compete against the sharpest minds in the world. Commissions and slippage slant the field against you. Now, on top of that, if you allow your emo- tions to interfere with your trading, the battle is lost. My friend and partner in SpikeTrade. Many traders with good systems wash out because psychologically they are not prepared to win. Bending the Rules Markets offer enormous temptations, like walking through a gold vault or through a harem.
Those feelings cloud our perceptions of market reality. Most amateurs feel like geniuses after a short winning streak. It is exciting to believe that you are so good that all your trades are sure to be winners. Traders gain some knowledge, win, their emotions kick in, and they self-destruct. The hallmark of a successful trader is the ability to ac- cumulate equity. Be sure to follow money man- agement rules. Trading for dummies. Trading Futures For Dummies. Day Trading For Dummies. Trading For Dummies. Currency Trading For Dummies. Study Guide for Come into My Trading Room: A Complete Guide to Trading Wiley Trading.
How I Trade for a Living. Sail for a Living Wiley Nautical. A Mehanical Trading System. A handbook of yoga for modern living. Recommend Documents. Trading for a Living: Psychology, Trading Tactics, Money Management For More Information Please Visit Trading for a Living: Psychology, Trading Tactics, Money Management TRADING FOR A LIVING WILEY FINANCE EDITIONS FINANCIAL STATEMENT ANALYSIS Martin S. Trading for a Living: Psychology, Trading Tactics, Money Management How I Trade for a Living Wiley Online Trading for a Living How I Trade for a Living I. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.
For general information on our other products and services or for technical support, please contact our Customer Care Department within the United States at , outside the United States at or fax Wiley publishes in a variety of print and electronic formats and by print-on-demand. Some material included with standard print versions of this book may not be included in e-books or in print-on-demand. For more information about Wiley products, visit www. Library of Congress Cataloging-in-Publication Data: ISBN Paperback ISBN ebk ISBN ebk. Page 7 CONTENTS 1. ABOUT THIS STUDY GUIDE 2. PART I: QUESTIONS RATING SCALES 1. Introduction 2. ONE: Individual Psychology 3. TWO: Mass Psychology 4. THREE: Classical Chart Analysis 5. FOUR: Computerized Technical Analysis 6. FIVE: Volume and Time 7. SIX: General Market Indicators 8. SEVEN: Trading Systems 9. EIGHT: Trading Vehicles 1. Note NINE: Risk Management TEN: Practical Details ELEVEN: Good Record-Keeping 3.
PART II: ANSWERS AND COMMENTS 1. Introduction 1. Rating Yourself 2. ONE: Individual Psychology 1. Recommended Reading 3. TWO: Mass Psychology 1. Recommended Reading 4. THREE: Classical Chart Analysis. Page 8 1. Recommended Reading 5. FOUR: Computerized Technical Analysis 1. Recommended Reading 6. FIVE: Volume and Time 1. Recommended Reading 7. SIX: General Market Indicators 1. Recommended Reading 8. SEVEN: Trading Systems 1.
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The Art of Japanese Candlestick Charting. Herbst CHAOS AND ORDER IN THE CAPITAL MARKETS Edgar E. Peters INSIDE THE FINANCIAL FUTURES MARKETS, 3RD EDITION Mark J. Powers and Mark G. Castelino RELATIVE DIVIDEND YIELD Anthony E. Spare SELLING SHORT Joseph A. Wunnicke, David R. Chorafas THE DAY TRADER'S MANUAL William F. Eng OPTION MARKET MAKING Allen J. Sullivan Brown TRADING FOR A LIVING Dr. Alexander Elder STUDY GUIDE FOR TRADING FOR A LIVING Dr. Alexander Elder Director Financial Trading Seminars, Inc. PageMakera is a registered trademark of Aldus Corporation. Copyright O by Dr. All rights reserved. Published simultaneously in Canada. Reproduction or translation of any part of this work beyond that permitted by Section or of the United States Copyright Act without the permission of the copyright owner is unlawful. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the pub- lisher is not engaged in rendering legal, accounting, or other professional service.
If legal advice or other expert assistance is required, the services of a competent pro- fessional person should be sought. From a Declaration of Principles jointly adopted by a Committee of the American Bar Association and a Committee of Publishers. Includes bibliographical references and index. ISBN 1. Options Futures I. E43 Trading -The Last Frontier 2. Psychology Is the Key 3. The Odds Against You I Individual Psychology 4. Why Trade? Fantasy versus Reality 6. Market Gurus 7. Self-Destructiveness 8. Trading Psychology 9. Trading Lessons from AA Losers Anonymous Winners and Losers I1 Mass Psychology What Is Price? What Is the Market? The Trading Scene The Market Crowd and You Psychology of Trends Charting Support and Resistance Trend and Trading Range Trendlines Gaps Chart Patterns IV Computerized Technical Analysis Computers in Trading Moving Averages Moving Average Convergence-Divergence MACD and MACD- Histogram The Directional System Momentum, Rate of Change, and Smoothed Rate of Change Stochastic Volume Volume-Based Indicators Open Interest Herrick Payoff Index Time VI Stock Market Indicators New High-New Low Index Traders' Index and Other Stock Market Indicators VII Psychological Indicators Consensus Indicators Elder-ray Force Index IX Trading Systems Triple Screen Trading s y s t e r n e - Parabolic Trading System Channel Trading Systems X Risk Management Emotions and Probabilities Money Management TRADING-THE LAST FRONTIER You can be free.
You can live and work anywhere in the world. You can be independent from routine and not answer to anybody. This is the life of a successful trader. Many aspire to this but few succeed. An amateur looks at a quote screen and sees millions of dollars sparkle in front of his face. He reaches for the money -and loses. He reaches again -and loses more. Traders lose because the game is hard, or out of ignorance, or lack of discipline.
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02/01/ · To win in trading, one must outperform masses of competitors. The majority must lose in order to pay those who win. To become a successful trader, an individual must beat the How to Day Trade for a Living A Beginner's Guide to Trading Tools and Tactics, Money Management, Discipline and Trading Psychology. trading psychology, Mubarak Download Free PDF. The New Trading for a Living. Pages. The New Trading for a Living. The New Trading for a Living. Aman Sinha. Continue Reading. Download Free PDF. Study Guide For Trading For A Living Psychology Trading Tactics Money Management written by Alexander Elder and has been published by John Wiley & Sons this book supported file pdf, Study Guide for The New Trading for a Living Alexander Elder ISBN: September Pages E-Book Starting at just $ Print Starting at just $ O 21/01/ · CFI’s investing and trading book is free and available for anyone to download as a PDF. Welcome to the official trading eBook from the Corporate Finance Institute. In this ... read more
You are about to spend many hours with this book. But if they raise more money, they lose that, too - it is as if the market were laughing at them! There is no pressure to speak, and nobody asks for your last name. A trader keeps odd hours and puts his capital at risk. Market Cycle Gurus For many decades, the U.
Day trading is the study of mass
study guide for trading for a living pdf download. Many traders are loners who abandon the certainty of the present and take a leap into the unknown. These are the fundamental catalysts that you must look for. When stock spikes, you want to be able to put money in your pocket and profit from it quickly. Some material included with standard print versions of this book may not be included in e-books or in print-on-demand. As you can see, if you had wanted to wait for a second consolidation period in hope of the third Bull Flag, you would probably have been stopped out. Their mothers used to fulfill their needs for food, warmth, and com- fort.
