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Rating  - One of the best
This one is the first book i read on the psychology involved in trading. And up to now, i think i would still rate it in my top 10 books.
Rating - An excellent addition to your trading library!
Elder does an excellent job of addressing the three pillars of trading: method, mind, and money management. Most other authors just focus on the trading methodology, but neglect the other equally important areas. This is a great book to open your eyes to all the key areas that you need to master to become a successful trader.
Rating  - Disappointing
Elder's "Trading for a Living" is a much-acclaimed tome on, well, trading. He covers the three pillars of the trading profession- psychology (attitude), technical analysis, and money management- adequately, but without any new insights into any of the three.
The segment of the proper attitude and demeanor one needs to be a successful trader is probably the weakest part of the book. It is also overly patronizing, the overriding theme being 'don't think like all those other losers out there.' His recommendation that the fledging trader attend some AA meetings to gain perspective on a "loser's mentality" is likely to strike a lot of readers as bizarre.
The technical analysis discussion is clear and instructive. His summary of each technical indicator, however, concludes with the trite note that each day's market activity is a titanic struggle between 'bulls and bears.' A little literary creativity and originality would have helped here. Schwager's 1995 book on technical analysis and John Murphy's 2000 update of his classic technical analysis treatise are far superior to Elder's discussion of this topic.
I'd skip this book; if you are going to spend fifty bucks on a trading volume, Elder's more current book, "Come into my Trading Room" is much better than "Trading for a Living."
Rating  - technically worthless
I am a professional trader. This book has a good section on psychology but thats it. Totally worthless when it comes to the technical part. In fact I always wondered what made this book so popular with the public. I guess most people read the books but don't use the knowledge in them.
Rating  - This Guy is a Psychiatrist
Alexander Elder is first and foremost a psychiatrist, and it shows when he explains his insights into individual and mass psychology in the first two chapters of the book.
These two chapters are the real gold in the book; i have not read a more succinct and hard-hitting explanation of the behavior of individuals and crowds, and these two chapters are the ones you want to read.
The rest of the book is devoted to the basics of technical analysis. There is a lot of stuff out there on technical analysis so the stuff in Elder's book is likely to be somewhat outdated.
Nevertheless, read this book for the part on the psychology. This is fundamental and basic for any investor or trader, and is crucial to your success in the markets.
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