The New Trading for a Living

Buchzusammenfassung

Alexander Elder, M.D., was born in Russia and grew up in Estonia. He entered medical school at age 16 and, at 23, was granted political asylum in the United States. He worked as a psychiatrist in New York City, an experience that gave him unique insights into the psychology of trading. Today, he is a professional trader and trading teacher. His other trading books include Come Into My Trading Room and Sell & Sell Short.

Successful trading relies on disciplined record-keeping, much like tracking your weight to achieve fitness goals. A trade journal is invaluable for documenting decisions, reviewing past trades, and curbing emotional impulses, while monitoring your equity curve helps assess long-term performance and refine strategies. Understanding market behavior is equally crucial—resisting herd mentality and recognizing patterns like support and resistance levels can guide smarter decisions. Avoiding common pitfalls, such as high commissions, slippage, and emotional trading, is essential, as is adhering to risk management rules like the 2% and 6% guidelines to protect capital. Liquidity and volatility are key factors when selecting equities, ensuring trades are seamless and manageable. Finally, mastering bar chart analysis provides insights into market sentiment, helping traders identify optimal entry and exit points. Equipped with these tools, you’re ready to delve deeper into advanced trading techniques.

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