Come behind closed doors and see real trades made by real traders.
Dr. Alexander Elder leads you into 16 trading rooms where you meet traders who open up their diaries and show you their trades. Some of them manage money, others trade for themselves; some trade for a living, others are on the semi-professional level. All are totally serious and honest in sharing their trades with those who would like to learn. You will meet American and international traders who trade stocks, futures, and options using a variety of methods. All are normally very private, but now, thanks to their relationships with Dr. Elder, you can see exactly how these traders decide to enter and exit trades. Each chapter illustrates an entry and an exit for two trades, with comments by Dr. Elder. With this book as your guide, you can get closer to mastering the key themes of trading—psychology, tactics, risk control, record keeping, and the decision-making process.
The companion Study Guide is filled with striking insights and practical advice allowing you to test your knowledge and reinforce the principles outlined in Entries & Exits.
Most Helpful Customer Reviews
Having already stated in my review of the book that Trading for a Living changed my life (and it most certainly did,) I am obviously a fan of Dr. Elder and as such will be steadfastly determined to keep this review from falling victim to hyperbole. Entries and Exits: Visits to Sixteen Trading Rooms is an important and essential addition to any trading library. A novice trader or one of intermediate experience will find almost endless wisdom to be mined here, but there are also many, many gems for seasoned pros. Imagine being able to sit for hours with 16 traders and pick through in detail their philosophy of trading, their most commons errors, the wisdom they have learned from years of markets--bull markets, bear markets, consolidations, doldrums--and being able to view their trading logs and actually re-trade with them their winners and losers. These traders are both full and part-timers. They trade a variety of markets from futures, stocks, currencies, options, ETFs, mutual...
Once again I believe Dr. Elder has written a book that could become a trading classic. I have read 60 books on trading and Dr. Elder is heads and shoulders above the other authors in his trading philosophy and his ability to communicate in a clear manner.
I would highly recommend purchasing this book along with his other books. This book really brings his principles of trading alive with real life examples of real traders making real winning and losing trades. Also the traders share some of their trading tactics. It is a great mix of traders and techniques. The beauty of this book is that these are people who REALLY trade for a living instead of vendors of trading materials or philosophies from writers or teachers. This book is large with glossy paper and full color charts for all trades displaying different indicators. There is not room here to go into all that I learned from this book so I will leave you with some of Dr. Elder's key principles:
I recommend this book not for the trading methods you will find it in (because I don't recommend using these methods at face value to trade), but in order to see how different people trade, and in particular the contrast between amateurs and experts. There are several amateurs, they tend to use a lot of technical methods and over rationalize their entries and exits. The professionals may not have better methods, but they are less fooled by the accuracy of the method. If this book is a good sampling of the trading population, then it would seem most traders, or at least beginners, fail to appreciate the unpredictability of the price action of markets. When they make a losing trade, rather than simply recognizing the probability of entering into losing trades at any given time, they rationalize it by saying they didn't "follow their method" or some such. Likewise, when completing a winning trade, they tend to give credit to their method, rather than recognizing that it was probably pure...
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