Rating: - Great Read
When I first started out in trading stocks 9 years ago, I set out by researching virtually every trading strategy and method available. It wasn't until I began discounting many of the strategies that I learned, forming a philosiphy on how I think the markets worked, and applying a single method in trading based on how I think the stock market works that I began to stop losing money. Only until I learned how to overcome emotional barriers did I begin to actually start making money.

There are way too many books out there that limit themselves on how to draw trendlines, how to calculate Stochastics, etc. We don't need anymore books that spend pages on head and shoulders and limit the entire book on technical patterns and oscillators, information that can be found on many other books out there. Come into My Trading Room is not another of those books. It is by no means a definitive guide to chart patterns or oscillators. We don't need anymore of those, we need more books like this, that go beyond that, on application, mindset, trading size, recordkeeping, keeping yourself in check, and other important parts that make a well rounded trader.

Trading is hard, I think harder than investing, due to the substantial psychological barriers that you must overcome. To that point, I was expecting more from the "Mind" part of the book, considering he was a trader as well as psychologist.

I already have my "bullets" as the author talks about, and won't be using the Elder Ray, or his other proprietary indicators. I'm sure they may be good indicators but they don't fit in with my strategy, they may very well work wonders for some of the people that read this book and use them. I did pick up a few things from this book I found useful, and this is coming from one of those guys that's read literally 100+ books on the matter. I think this is ia good book and recommend it to everyone, especially for the new trader or the trader not using a predefined system that tells him exactly what to do. This is a good book even if you don't use the tecnical analisys methods he talks about. He is basically saying, "this is what I do, use them or something else, but understand thoroughly whatever it is you use."

I do disagree with Elder that mechanical systems traders are doomed to fail and are lazy, and want some computer to do their thinking for them. Some may be, but some market students have done well using mechanical systems. Sheldon Knight made a fortune using his system, Ed Seykota makes money only when he uses his system. I doubt that Elder would not consider Ed Seykota is not a lazy person wanting a system to do his work for him, had he met him or read any of his writings. There are some more out there, but you can't be lazy and limit your knowledge to some little computerized system, and it's very hard to stick with a computer program when it's going through a large drawdown.

Trading is hard. For some, it's harder than others. It was very difficult for me starting out because I made every mistake possible, for one thing, I realized looking back, my commissions caused a majority of my losses, and I definitely went about it the wrong way. If I read and APPLIED the teachings in this book, I would have been a lot better off long ago. You don't even have to use his "bullets" as he talks about in this book.

This is a good book for any trader to read.

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Rating: - Good introduction
This is a very good introduction to the risks and possible rewards of trading. It served as a real eye opener since I have thought about diving into trading but this book helped me understand what exactly I would be getting into. I recommend it for anyone who is curious about the markets and is seriously considering becoming a more active investor and trader.

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Rating: - Next Steps
Below is an excerpt from an email I wrote to Dr Elder after reading this book. I'm new to trading (<6months) but have been investing for some years. The first book was like opening up the jigsaw puzzle box, looking at the picture and the pieces. This one helps to start putting the pieces together in a methodical, successful way:

Dr. Elder,

Thanks for writing "Trading for a Living" and "Come
Into My Trading Room". I was about to re-read
"Trading for a Living" when "Come Into My Trading
Room" arrived, so I started it instead. It helped
solidify the ideas of the first book for me, and go
into specific detail on some items such as record
keeping. I've been keeping records since I started
trading this summer, but I didn't have what I'd call a
good system. Now I'm implementing the one you
recommended in the book. I found I was doing a lot of
what you recommend, but keeping it in random xls files
and looseleaf binders.

Professionally I manage projects, so I understand
having a good plan that is written down and approved,
a budget, a risk management plan, a communication plan
for how to deal with ups and downs with people, and a
change management plan i.e. don't change your plan
with money in the market. You cover each of those
areas (especially dealing with people i.e. myself and
the crowds). I will be re-writing my trading plan to
include one more indicator (force index) and to
implement Safety Zone stops, but I will also include
better money management. I like the 2% and 6% rules -
though I think I'll take your advice and try for
slightly lower percents.

Before writing down my plans I was about even on my
trades - gains equalling losses and commissions. Once
I wrote it down I found it easier to pull the trigger
(if it fits the criteria, then I go for it) and to
think more about the exit - what my profit target is
and how to grade my trade. Reminds me I need to add
grading to my plan! I'm now up about 8% in my account
over the last six weeks. I hope it's not a fluke.
Now I look at those daily ups and downs in the market
not as numbers, but as people - bulls and bears -
fighting for control.

Anyway, I wanted to thank you for taking the time and
sharing your thoughts in "Come Into My Trading Room".
It was an exciting book to read - especially as you
brought out topics and ideas I had thought about but
didn't know how to implement before. I appreciate
your effort in writing it.

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Rating: - Quite Excellent
When I came across this book I knew more about Technical Analysis than I did about Trading, and my trading record, after initial up and down volatility had stabilised at about flat.

Getting to grips with the ideas in this book has brought my trading skills to a much higher level. I don't think anything in the book is revolutionary, but it certainly speeded up my profitable trading evolution, exponentially.

There are so many new (to me) trading skills explained that I can't highlight them all, and since they're all integral parts of one coherent whole I can't sensibly prioritise them in this review either. But I certainly endorse that this book complies tenfold with what is claimed in the Book Description above and especially the second and third paragraphs [starting "Come Into My Trading Room educates the novice and fortifies the professional through expert advice and proven trading methodologies. This comprehensive trading guide ...].

It gives very clear, logical, and developed comments on position sizing, trade entries, stops, trade exits and record keeping, as well as the issues, psychological, strategic and otherwise that surround them . Something that I could not say about any of the many other books on Technical Analysis or Trading that I have read, and for those reasons this book is unquestionably in my top 3.

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Rating: - Very good start for a beginner
I did not finish yet reading this book (as I don't just read it, but try to learn it), but I find it very good for a beginner (which I am).
I like the author's style, that keeps you interested while reading the book; I don't find it at all boring.
It is very usefull together with the Study Guide.