Come Into My Trading Room: A Complete Guide to Trading by Alexander Elder

Product Description

The trading bible for the new millennium

In Come Into My Trading Room, noted trader and author Dr. Alexander Elder returns to expand far beyond the three M's (Mind, Method, and Money) of his bestselling Trading for a Living. Shifting focus from technical analysis to the overall management of a trader's money, time, and strategy, Dr. Elder takes readers from the fundamentals to the secrets of being a successful trader--identifying new, little known indicators that can lead to huge profits.

Come Into My Trading Room educates the novice and fortifies the professional through expert advice and proven trading methodologies. This comprehensive trading guide provides a complete introduction to the essentials of successful trading; a fresh look at the three M's, including a proven, step-by-step money management strategy; and an in-depth look at organizing your trading time. Come Into My Trading Room reviews the basics of trading stocks, futures, and options as well as crucial psychological tactics for discipline and organization—with the goal of turning anyone into a complete and successful trader.

By showing traders how to combine the elements of mind, method, and money, Come Into My Trading Room gives readers the knowledge and insight to enter the market with confidence and exit with profits. Unparalleled depth and a wide range of coverage will keep all levels of traders engaged, informed, and returning to Come Into My Trading Room again and again.

Dr. Alexander Elder (New York, NY) is a professional trader, technical analysis expert, and practicing psychiatrist. He is the founder of Financial Trading Inc., providing intensive trading camps to traders all over the world. Elder's first book Trading for a Living (Wiley: 0471592242) and the companion study guide have sold over 160,000 copies.
Product Details
Amazon Sales Rank: #11171 in Books
Published on: 2002-04-19
Number of items: 1
Binding: Hardcover
320 pages
Editorial Reviews

Book Info
Offers a complete introduction to trading essentials and an overview of trading psychology, both individual and mass psychology of the markets. Provides a step by step guide to risk control and money management.

From the Inside Flap
How long will it take you to become a competent trader and how much will it cost?

What markets should you trade and how much can you expect to make?

What rules should you set, what methods should you use, how should you split your trading capital?

If these questions interest you, you picked the right book. Written by a professional trader, an expert in technical analysis, and a practicing psychiatrist, Come Into My Trading Room: A Complete Guide to Trading comes out nine years after Dr. Alexander Elder's international bestseller Trading for a Living, reflecting his latest discoveries and concepts.

Come Into My Trading Room opens with a brief primer-aptly named Financial Trading for Babes in the Woods-aimed at newcomers, but containing important information for experienced traders. It clarifies topics whose mastery is essential for everyone: what markets to trade, how to interpret financial theories, and how to handle common barriers to success.

Moving up from the basics to the heart and soul of Dr. Elder's methods, Come Into My Trading Room teaches the three key aspects of trading-Mind, Method, and Money. First, you see that the key to winning is in your mind-discipline. Then you learn how to find the best trades and make the most efficient entry and exit decisions. Dr. Elder shares his favorite analytic tools and covers system testing, day-trading, as well as longer-term swing trading, his new Impulse trading system, and a new SafeZone method for placing stops. These methods will allow you to trade with a high level of confidence in any market-stocks, futures, options, or currencies.

Moving beyond technical analysis, Dr. Elder teaches you the rules of money management that are essential for your survival and success. He shows how to structure your account like a submarine, divided into many compartments, so that it won't sink if one section becomes flooded. The next section of this comprehensive trading guide-The Organized Trader-takes you where no trading book has ever gone before. It teaches you how to organize your time and effort. You learn to select markets and design a decision-making tree. Good records help you learn from your experiences and rise to a higher level of expertise. Dr. Elder clearly outlines four types of records-three of them looking back and

one looking forward-that are essential for any serious trader.

In the final section of this book, Dr. Elder delivers another first in trading literature-he invites you into his trading room and takes you with him on half a dozen of his recent trades, illustrating entries and exits with charts.

Distilling twenty years of trading and teaching experience, this book will put you on the road to mastering a new way of trading stocks, futures, options, and currencies. By the time you leave Dr. Elder's trading room, you'll be in a position to take your trading to a higher, more intelligent, and successful level.

From the Back Cover
Come Into My Trading Room
A Complete Guide to Trading

You can become a successful trader. It has been done before, and it is being done right now, today, by people around the world. If you enjoy learning, if you are not scared of risk, if the rewards appeal to you, and if you are prepared to put in the work, you have a great project ahead of you.

In Come Into My Trading Room: A Complete Guide to Trading, Dr. Alexander Elder takes you far beyond the three M's (Mind, Method, Money) of his international bestseller Trading for a Living. He teaches you to manage your money and time, as well as strategy, so that you can enter the markets with confidence and exit with profits. This essential book educates the novice and gives more power to the professional through expert advice, proven trading methods, and something entirely unique-a visit to Dr. Elder's own trading room. You get to follow him through several actual trades, whose entries and exits illustrate many of the key concepts of this book.

Come Into My Trading Room offers:
* A complete introduction to trading essentials
* An overview of trading psychology, both individual and mass psychology of the markets
* A practical overview of technical analysis, including new indicators and systems
* A step-by-step guide to risk control and money management
* Exact instructions for keeping records and organizing your time
* A visit to Dr. Elder's private trading room, reviewing several of his recent trades

Be sure to work through the companion volume to this book-Study Guide for Come Into My Trading Room-before you risk a dollar in the markets. The Study Guide features 100 questions and answers and almost 50 charts to test your knowledge. Grade yourself to make sure you know enough about the nine key areas of trading. Work through eight case histories, select entry and exit points, and find out how well you understand what needs to be done in every trade. Use Dr. Elder's Study Guide to make sure that you can measure up to your competitors and surpass them.

Come Into My Trading Room will help you master a new way of trading stocks, futures, options, and currencies. Unparalleled depth and a wide range of coverage give you the best chance to become the trader you've always wanted to be.
Customer Reviews

Good trader,but limited insight into daytrading world
Dr. Elder is probably a successful trader who makes a lot of money selling his books about trading. I have no real negative comments about any of Dr. Elder's book except for his comments when it comes to daytrading. He seems to think that no one makes a living daytrading and that simply is not true. Dr. Elder, did you read Market Wizards? Are were those profiles not real? Yes, most traders probably shouldn't be daytrading or haven't been trading long enough to just dive in, but traders like Marty Schwartz, Paul Tudor Jones, Mark Cook, etc., etc. daytrade and make lots of money. In fact, millions. I'm sure there are many daytraders out there that no one knows about that do quite well. I just wonder why you don't even acknowledge that it's even possible to succeed, especially when it's done everyday. I like Dr. Elder's way of trading and use it in some of my trading, but it's not the only way. All traders and all methods are not equal and they all can't be judged by Dr. Elder's methods alone. His way is just another way of trading. Having said all this, I strongly recommend Dr. Elder's books because they are very good for all traders no matter the experience.

Do read this book ... with caution
These books are for beginners and, as such, should be read with caution. Meaning that the most important thing to understand about a financial market is that the price action is unpredictable and often random. No method, including those in this book, will make it not so. Unfortunately, these type of books don't emphasize this enough, and this one is no exception.

That said, this book is well written and does a good job of describing various methods that a lot of people use to trade. Whether these methods work or not is up to the reader to decide. I'm sure some people make them work. And I'm equally sure others don't.

For balance, this book should be read in conjunction with "Fooled by Randomness". After reading both, decide whether or not you are up to the challenge of trading.

should be good for you
I like this book a lot. Even though I'm not using precisely the systems described in it I think the book gives one a solid foundation to build upon. It advocates a discretionary approach which I happen to like. I think looking for a trading system in a book is a fundamentally wrong idea. trading is a lot like chess and what works for a player of one style may kill another. the best advice I personally found in the book is to learn to trade by putting lots of small trades. if you are disciplined you can put a lot of tiny trades in a very small timeframe like 5 to 20 min. if you analyze each one after closing it
you'll learn fast and get experience fast. and then you'll remember days you were looking for a system and smile at yourself :) once you get experience and get rid of wrong beliefs/habits you can trade in any timeframe.