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


The best-selling trading book of all time – updated for the new era

The New Trading for a Living updates a modern classic, popular worldwide among both private and institutional traders. This revised and expanded book brings time-tested concepts in gear with today's fast-moving markets, adding new studies and techniques for the modern trader.

This classic guide teaches a calm and disciplined approach to the markets. It emphasizes risk management along with self-management and provides clear rules for both. The New Trading for a Living includes templates for rating stock picks, creating trade plans, and evaluating your readiness to trade. It provides the knowledge, perspective, and tools for developing your own effective trading system.

All charts in this book are current, in full color, with clear comments on rules and techniques. The clarity of this book's language, its practical illustrations, and generous sharing of the essential skills have made it a model for the industry – often imitated but never duplicated. Both new and experienced traders will appreciate its insights and the calm, systematic approach to modern markets.

The New Trading for a Living will become an even more valuable resource than the author's previous books:

  • Overcome barriers to success and develop stronger discipline
  • Identify asymmetrical market zones, where rewards are higher and risks lower
  • Master money management as you set entries, targets, and stops
  • Use a record-keeping system that will make you into your own teacher

Successful trading is based on knowledge, focus, and discipline. The New Trading for a Living will lift your trading to a higher level by sharing classic wisdom along with modern market tools.

Study Guide for the New Trading for a Living

You may read the best trading book, but how much of that knowledge will you retain a week later? This is why you need the Study Guide for The New Trading for a Living, created by its author to help you master the key points of his new book.

The Study Guide's 170 multiple-choice questions are divided into 11 chapters, each with its own rating scale. They cover the entire range of trading topics, from psychology to system design, from risk management to becoming an organized trader. Each question is linked to a specific chapter in the main book, while the Answers section functions like a mini-textbook with extensive comments on both the correct and incorrect answers.

This Study Guide also contains 17 charts that challenge you to recognize various trading signals and patterns.

The Study Guide for The New Trading for a Living is a valuable resource for any trader who wants to achieve sustainable market success.

About the author

ALEXANDER ELDER, MD, is a professional trader and teacher of traders. He is the author of several best-sellers, considered modern classics among traders. He also wrote books about Russia and New Zealand.

Dr. Elder was born in Leningrad and grew up in Estonia, where he entered medical school at the age of 16. At 23, while working as a ship's doctor, he jumped a Soviet ship in Africa and received political asylum in the United States. He worked as a psychiatrist in New York City and taught at Columbia University. His experience as a psychiatrist provided him with unique insight into the psychology of trading.

Dr. Elder is an active trader, but he continues to teach and is a sought-after speaker at conferences in the US and abroad. Dr. Elder is the originator of Traders' Camps – week-long classes for traders. He is the founder of the SpikeTrade group, a community of traders whose members share their best stock picks each week in competition for prizes.

Preface xiii

Introduction 1

1. Trading—The Last Frontier 1

2. Psychology Is the Key 3

3. The Odds against You 5

ONE Individual Psychology 9

4. Why Trade? 9

5. Reality versus Fantasy 10

6. Self-Destructiveness 16

7. Trading Psychology 19

8. Trading Lessons from AA 21

9. Losers Anonymous 23

10. Winners and Losers 27

TWO Mass Psychology 31

11. What Is Price? 32

12. What Is the Market? 33

13. The Trading Scene 36

14. The Market Crowd and You 39

15. Psychology of Trends 43

16. Managing versus Forecasting 46

THREE Classical Chart Analysis 49

17. Charting 50

18. Support and Resistance 55

19. Trends and Trading Ranges 60

20. Kangaroo Tails 65

FOUR Computerized Technical Analysis 69

21. Computers in Trading 69

22. Moving Averages 74

23. Moving Average Convergence-Divergence: MACD Lines and MACD-Histogram 80

24. The Directional System 89

25. Oscillators 95

26. Stochastic 95

27. Relative Strength Index 99

FIVE Volume and Time 103

28. Volume 103

29. Volume-Based Indicators 107

30. Force Index 112

31. Open Interest 117

32. Time 121

33. Trading Timeframes 126

SIX General Market Indicators 133

34. The New High–New Low Index 133

35. Stocks above 50-Day MA 139

36. Other Stock Market Indicators 140

37. Consensus and Commitment Indicators 142

SEVEN Trading Systems 149

38. System Testing, Paper Trading, and the

Three Key Demands for Every Trade 151

39. Triple Screen Trading System 154

40. The Impulse System 162

41. Channel Trading Systems 166

EIGHT Trading Vehicles 173

42. Stocks 175

43. ETFs 176

44. Options 178

45. CFDs 186

46. Futures 187

47. Forex 194

NINE Risk Management 197

48. Emotions and Probabilities 197

49. The Two Main Rules of Risk Control 202

50. The Two Percent Rule 203

51. The Six Percent Rule 208

52. A Comeback from a Drawdown 210

TEN Practical Details 215

53. How to Set Profit Targets: “Enough” Is the Power Word 215

54. How to Set Stops: Say No to Wishful Thinking 219

55. Is This an A-trade? 225

56. Scanning for Possible Trades 230

ELEVEN Good Record-Keeping 233

57. Your Daily Homework 234

58. Creating and Scoring Trade Plans 238

59. Trade Journal 243

A Journey without an End:

How to Continue Learning 249

Sources 253

Acknowledgments 257

About the Author 259

Index 261