Trading for a Living: Psychology, Trading Tactics, Money Management

Customer Reviews

I came into the markets when I was about 15. I began as the "fundamental analyst" taking into account all I read but Technical Analysis (TA) appealed more to me. Everyone uses Fundamental Analysis and the one who survives is the one who gets the info fastest and reads through everything that is released. That just is impractical unless you have the time. TA is so much more in sync with my strengths.

Asking around for the best "TA Book" on AOL message boards, I was referred to your "Trading for A Living." The first time I read through it was such an amazing experience. Here in writing was everything that I was doing wrong and how to correct it. I studied very closely all of Dr. Elder's models and examples. I applied the 3 Ms (Mind, Method, and Money Management) and forced myself to remember Dr. Elder's examples anytime an urge came to buy a stock that I heard or "looked good." I bought my first stock using strictly Dr. Elder's principles last month. I set up the notebook as he outlined in the last pages detailing why I bought the stock and when I was expecting to sell.

My results?? Well I havent sold the stock yet, but I'm up 20% in 2 weeks!! I bought COMS for the following reasons:

*The break of a 2 year old Downtrend Line *A break of the OBV downtrend Line *A weekly MACD Histogram Divergnece (you know how rare these are) *A weekly stochastic bullish divergence *A momentum weekly divergence *A weekly RSI bullish divergence

That's 6 different reasons to buy COMS. So I took the plunge when I saw all of them coming together, I pulled the trigger and bought at 26 15/16. The most recent quote is 32.50.

All in all, I just really wanted to thank Dr. Elder. Your book has been the most positive impact on my trading experience and I hope others can benefit as I have.

Omar Bassal

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