Rating  - The Three M's: Mind, Method, and Money
Buy-And-Hold has been on an hiatus for 8 years. The S&P 500 is in the same place as it was about 8 years ago. Buy-And-Hold may be dead for 20 or 30 years. Who knows? There are only two choices - leave the stock market or learn how to trade. This is an excellent book for one who is learning how to trade. Good luck! Be sure to read 3 or 4 books about trading. This one should be one of your choices.
Rating - If You Read and Implement this book, You Will Make Money
I'm new to Trading, and have now read over a dozen books.
This is by far the best book I've read on trading.
Dr. Elder outlines early in the book the attributes of a looser, and by evaluating my own character, I could identify some of these attributes, and choose to change.
Thanks to this book I am no longer a looser but a winner.
If you only buy one book on trading, or never read any other book on trading, this is the one to read.
If you read, and implement what Dr Elder reveals, (That does mean analyzing yourself honestly) Then You Will Make Money.
Rating  - More Losers than Winners
There is much useful information in this book. While Investor's Business Daily suggests you be careful of your entry point, this book has you making trades that could turn out to be risky. For example, buying on an MACD crossover, even though the stock is well below is 50 day moving average. You really need to be careful. If you place tight stop loss orders, maybe 2 percent below your entry, you could rack up a lot of small losses before you hit a really profitable trade. 50 trades (about one per week) losing $200 each amounts to a $10,000 loss. As Dr. Elder points out, there are lots of engineers trying to become traders. Most of them end up broke.
Rating - thank you for the book
To Dr. Elder,
I read your Trading for a Living 5th times now, I think, I did not really count. This time I focused more on the last section on money management.
At the first few times when I read this, I read through it but deep down in my mind, I did not buy your idea of the 2 percent rule. It really just doesn't "make sense" for those of us who has a small account.
I am glad after about half a year reading and re-reading your book, and I began to hear you speaking to me whenever I am ready to pick-up the phone and place an order. My equity account is still small, and grown just a little bit, but if you said 20% annually would be called a king of Wall Street, and I think I should be contented with that.
I wish many others would have read your book and re-think or re-learn their trading habits.
Many thanks again.
Rating - No better book to start learning about trading!
Together with John Murphy's and Martin Pring's technical analysis books, *Trading for a living* is the best book out there for someone to start learning about trading. It must be purchased together with the accompanying workbook *Study guide for Trading for a living* to be complete. Somebody reading other books to start trading will end up being confused.
Dr. Elder's original theory is actually laid out in 3-4 pages but the other chapters in his book are useful in offering the budding trader insights into other aspects he - a newbie - must consider and learn more about if he is to grow.
Elder's Triple Screen system cannot be automatically backtested by the current software packages but it is a profitable method alltogether. Other traders who have been influenced by Elder's work came out with the Balance of Power and Bull/Bear Power concepts to complement his approach (see the Technical Analysis of Stocks and Commodities magazine, http://www.Traders.com), but they don't necessarily translate into more hefty profits. The original theory is good enough as it is if well apllied.
This is a book for every trader's personal library that will provide pleasurable re-readings over time! It has already changed the lives of many traders, speculators and investors for the better since 1993 when it was first published.
John Craciun,
http://www.MarketTide.com
.
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