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I've Alexander Elder's book and agree with Gerry B:
<snip>
Trading per se is not Gambling....but Gambling may take the form of
trading. Self knowledge then becomes the first rule....before taking
on any new business venture.
It would be a serious omission, if Dr Elder didn't raise the point
with
prospective "new entrepreneurs" to trading.
GerryB/jer33:3
Elder's book begins with an analogy of a trader as a member of
Alcoholics Anonymous. What Elder fails to do is tell the reader how
to deal with the issues he raises. I believe Elder is on the right
course by starting his book with a trader's psychological reasons for
trading, but I didn't think he accomplished his task (i.e., showing
traders the psychological and money management skills that can allow
the trader to work with lower stress). It's too bad, since Dr.
Elder's background includes work in psychology, and he holds himself
out as a "psychologist to traders." The rest of the book covers
Elder's triple screening trading system. This method of technical
trading is very basic, and will bore an experienced trader.
I suggest a far better book that includes the psychological tools for
trading; and most importantly, money management tools that are useful
for all traders: "What I Learned Loosing a Million Dollars." The
video is even better (its available from the Futures Magazine people).
Bottom line message of the book and video: plan your trade and trade
your plan. Although this is an old cliché, it's one that we all need
to be reminded of occasionally. The video or book do it with a new
framework, and they do it in a highly enlightening and entertaining
way.
I have no association with any of the people or organizations
mentioned above.
Ross Kovacs
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