Rating: 
- Amazingly good and helpful !
The book is realy very good.
He talked in detail about almost everything.
Talked about psychology better than a whole book in one chapter " I have read a whole book about this topic and never get more information than what he said"
explained beautifuly and nicely, HOW the trade must be executed: from A to Z. I have not find yet a better method than his.
Was great showing us how money could and must be managed.
Disclsing his own trading diary is the top of what he made in the book. It is realy like inviting someone to your bedroom!! But for no pupose but to our favorit, he made it. Don't hesitate buy it now!
Rating:
- Good book
I bought this book for my wife since she likes stock trading. She told me this is a great book which worthes 5 starts. Although I know nothing about trading, I did spent some days on this book just for curiosity. However, I felt lost most of the time since the book talks some terms with less detail (e.g., k tail). I assume that only people who knows TA will benefit from this book, not the ones who know nothing about trading or TA yet. I guess the people may benefit more if buy the author's another book "Trade for a living". So I will give a 4 stars.
Rating: - Realistic and helpful
Dr. Elder provides some simple tools and great strategies for a beginner to learn trading and protect capital. He lays out achievable goals, plans, and shows his own "secret weapons". Great book!
Rating: - Good as a start, better when complemented by other books
This book is a good start to acquire the knowledge necessary to be a successful trader.Its strength lies in two areas (1) Discipline and money management (2) Respect for the market, where the author emphasizes that even the most reliable patterns can fail and a trader should always be prepared for surprises in the market.
A couple of areas of weakness in my opinion: (1)Options are portrayed as risky investments which can be true if you are not familiar with the different strategies of risk control. The author recommends placing a stop on the underlying security as mentioned on page 201. While this is one way of doing things , my experience has been that if you do that and is stopped out you can suffer large losses , sometimes 20-50% or more.
I have done very well trading options by looking to sell options with high time value. As an example if you see a stock trading at $9.00 and the $10.00 puts for next month are selling for $2.00 you can sell the puts and get a $1.00 time premium.This will give you protection even if the stock drops to $8.00 and if that is a strong support and the technical indicators are on your side you are likely to keep most of the premium. These kind of option strategies are not touched on at all.
Also a missing important factor in the book is the use of short interest in evaluating stock trades.I am sure that many have heard of stocks exploding upward due to a short squeeze. There is no guidance on how to identify such stocks in this book.
It would have been helpful also if the author would have shared at least one method he uses in his trading to identify trade candidates. With over 10,000 stocks available it is important to learn how to choose stocks to trade.
I found this book more useful when complemented by others . I would suggest " How to take money from wall street" by Oz where the book focuses on day trading techniques not touched on in this book. . Also "generate thousands on your stocks........." By Elias
Third edition, which offers valuable practical ideas not discussed in the subject book for short and intermediate term trading especially the option techniques, short squeeze methods as well as a fully detailed stock scanning system described above.
Dr. Elder did a good job putting the trader on the right track but you will have to enhance your knowledge by other books. I have suggested the two that worked best in my opinion.
Rating: - great book for beginners to intermediates
Lots of good things about this book- good info on swing trading with envelopes, moving averages, MACD, etc..
I have started to make money more consistantly just by following the written plan suggestions before I trade. That way, when market is open, I just read my plan and follow the directions like a cookbook (i.e. buy price, stop price, target price.) It really helps takes emotion and bad decisions out of your trading. This alone is helping me to stop making impulsive and usually losing trades.
Also, his thoughts on grading each entry, exit and trade overall also makes me more money. Lastly, his ABC method of writing out and ranking your best trades on the weekend has lead me to better trades and fewer loser trades. If the trade is not on my sheet, I do not do it.
- Amazingly good and helpful !The book is realy very good.
He talked in detail about almost everything.
Talked about psychology better than a whole book in one chapter " I have read a whole book about this topic and never get more information than what he said"
explained beautifuly and nicely, HOW the trade must be executed: from A to Z. I have not find yet a better method than his.
Was great showing us how money could and must be managed.
Disclsing his own trading diary is the top of what he made in the book. It is realy like inviting someone to your bedroom!! But for no pupose but to our favorit, he made it. Don't hesitate buy it now!
Rating:
- Good bookI bought this book for my wife since she likes stock trading. She told me this is a great book which worthes 5 starts. Although I know nothing about trading, I did spent some days on this book just for curiosity. However, I felt lost most of the time since the book talks some terms with less detail (e.g., k tail). I assume that only people who knows TA will benefit from this book, not the ones who know nothing about trading or TA yet. I guess the people may benefit more if buy the author's another book "Trade for a living". So I will give a 4 stars.
Rating:
- Realistic and helpfulDr. Elder provides some simple tools and great strategies for a beginner to learn trading and protect capital. He lays out achievable goals, plans, and shows his own "secret weapons". Great book!
Rating:
- Good as a start, better when complemented by other booksThis book is a good start to acquire the knowledge necessary to be a successful trader.Its strength lies in two areas (1) Discipline and money management (2) Respect for the market, where the author emphasizes that even the most reliable patterns can fail and a trader should always be prepared for surprises in the market.
A couple of areas of weakness in my opinion: (1)Options are portrayed as risky investments which can be true if you are not familiar with the different strategies of risk control. The author recommends placing a stop on the underlying security as mentioned on page 201. While this is one way of doing things , my experience has been that if you do that and is stopped out you can suffer large losses , sometimes 20-50% or more.
I have done very well trading options by looking to sell options with high time value. As an example if you see a stock trading at $9.00 and the $10.00 puts for next month are selling for $2.00 you can sell the puts and get a $1.00 time premium.This will give you protection even if the stock drops to $8.00 and if that is a strong support and the technical indicators are on your side you are likely to keep most of the premium. These kind of option strategies are not touched on at all.
Also a missing important factor in the book is the use of short interest in evaluating stock trades.I am sure that many have heard of stocks exploding upward due to a short squeeze. There is no guidance on how to identify such stocks in this book.
It would have been helpful also if the author would have shared at least one method he uses in his trading to identify trade candidates. With over 10,000 stocks available it is important to learn how to choose stocks to trade.
I found this book more useful when complemented by others . I would suggest " How to take money from wall street" by Oz where the book focuses on day trading techniques not touched on in this book. . Also "generate thousands on your stocks........." By Elias
Third edition, which offers valuable practical ideas not discussed in the subject book for short and intermediate term trading especially the option techniques, short squeeze methods as well as a fully detailed stock scanning system described above.
Dr. Elder did a good job putting the trader on the right track but you will have to enhance your knowledge by other books. I have suggested the two that worked best in my opinion.
Rating:
- great book for beginners to intermediatesLots of good things about this book- good info on swing trading with envelopes, moving averages, MACD, etc..
I have started to make money more consistantly just by following the written plan suggestions before I trade. That way, when market is open, I just read my plan and follow the directions like a cookbook (i.e. buy price, stop price, target price.) It really helps takes emotion and bad decisions out of your trading. This alone is helping me to stop making impulsive and usually losing trades.
Also, his thoughts on grading each entry, exit and trade overall also makes me more money. Lastly, his ABC method of writing out and ranking your best trades on the weekend has lead me to better trades and fewer loser trades. If the trade is not on my sheet, I do not do it.