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by Robin Sharma
Trading for a Living summary
Brief summary
Trading for a Living by Dr. Alexander Elder is a comprehensive guide that provides practical strategies and psychological insights for successful trading in the financial markets. It covers technical analysis, risk management, and the importance of discipline.
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Table of Contents
Trading for a Living
Summary of key ideas
Understanding the Trading World
In Trading for a Living, Alexander Elder takes us on a journey through the world of trading. He begins by explaining the psychological and emotional aspects of trading, emphasizing the importance of discipline, patience, and a clear mind. He introduces the concept of the 'trading triangle' which consists of the trader's psychology, money management, and trading system.
Elder then delves into the technical aspects of trading, explaining the different types of markets, the role of volume and price movements, and the use of technical indicators. He also discusses the importance of risk management and the use of stop-loss orders to protect trading capital.
Developing a Trading System
Next, Elder focuses on the development of a trading system. He explains the importance of having a set of rules to guide trading decisions and the need to test and refine these rules. He introduces the concept of 'trading for a living' and emphasizes the need for a consistent, reliable, and profitable trading system to achieve this goal.
Elder then discusses various trading strategies, including trend-following, counter-trend trading, and range-bound strategies. He explains the use of different timeframes and the importance of adapting the trading system to different market conditions.
Psychology and Trading
Returning to the psychological aspect of trading, Elder discusses the impact of emotions on trading decisions. He introduces the concept of 'trading psychology' and explains how fear, greed, and overconfidence can lead to poor decision-making and trading losses. He provides practical advice on how to manage these emotions and maintain a disciplined and rational approach to trading.
Elder also discusses the importance of maintaining a trading journal to track and analyze trading performance. He emphasizes the need to learn from both successful and unsuccessful trades and to continuously improve the trading system based on these insights.
Putting It All Together
In the final sections of Trading for a Living, Elder brings together the different elements of successful trading. He emphasizes the need for a holistic approach that combines technical analysis, risk management, and trading psychology. He also discusses the importance of continuous learning and adaptation in the ever-changing world of financial markets.
In conclusion, Trading for a Living provides a comprehensive guide to the world of trading. It emphasizes the importance of discipline, a well-defined trading system, and a clear understanding of market psychology. Whether you are a novice trader or an experienced investor, Elder's insights and practical advice can help you navigate the complexities of the financial markets and improve your trading performance.
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What is Trading for a Living about?
Trading for a Living by Alexander Elder is a comprehensive guide for anyone looking to make a living from trading in the financial markets. It covers everything from the psychology of trading to technical analysis and risk management, providing practical strategies and insights to help traders succeed. Whether you're a beginner or an experienced trader, this book offers valuable lessons and tips to improve your trading skills.
Trading for a Living Review
Trading for a Living (1993) by Alexander Elder is a book that offers valuable insights into the world of trading and why it's worth delving into. Here's why this book is worth reading:
- Packed with practical strategies and techniques, it equips readers with the knowledge needed to navigate the complex world of trading and increase their chances of success.
- By combining real-life examples and psychological analysis, the book provides a comprehensive understanding of the mindset and emotions required for successful trading.
- Its engaging approach and thought-provoking content ensure that readers stay captivated throughout, making the seemingly dry topic of trading an enjoyable and enlightening read.
Who should read Trading for a Living?
- Anyone who wants to learn the ins and outs of trading in financial markets
- Individuals looking to develop a systematic approach to trading and investing
- Traders who want to improve their risk management and emotional control
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Trading for a Living FAQs
What is the main message of Trading for a Living?
The main message of Trading for a Living is to approach trading with discipline, psychology, and risk management for long-term success.
How long does it take to read Trading for a Living?
The reading time for Trading for a Living varies depending on the reader. However, the Blinkist summary can be read in just 15 minutes.
Is Trading for a Living a good book? Is it worth reading?
Trading for a Living is worth reading because it provides practical insights and strategies for traders to improve their skills and mindset.
Who is the author of Trading for a Living?
The author of Trading for a Living is Dr. Alexander Elder.
What to read after Trading for a Living?
If you're wondering what to read next after Trading for a Living, here are some recommendations we suggest:
- Basic Economics by Thomas Sowell
- The Ascent of Money by Niall Ferguson
- Think and Grow Rich by Napoleon Hill
- The 4-Hour Workweek by Tim Ferriss
- Rich Dad, Poor Dad by Robert T. Kiyosaki
- Secrets of the Millionaire Mind by T. Harv Eker
- The Richest Man in Babylon by George S. Clason
- Business Adventures by John Brooks
- The Most Important Thing by Howard Marks
- More Money Than God by Sebastian Mallaby