Title: Trading for a living - Psycholog, Trading tactics, Money Management
Author: Dr. Alexander Elder
Publisher: John Wiley & Sons, Inc 1992
This is a must-read book for whoever wants to learn investment and/or trading for a living.
The author, Dr. Alexander Elder, was born in Leningrad & grew up in Estonia. You can't find Leningrad anymore, as it is now known as St. Peterburg. So you know he was born in the era of communist Russia. And he is a psychiatrist.
The opening charter is dedicated to alcoholics :) Well, not really. Just that he compares a loser in trading with an alcoholic and the similarity is alarming.
This book teaches the most important aspect of investment or trading, which is how to manage your psychology. People have the false impression that stock traders do not need the traditional virtues such as hard-working, patience, professionalism, etc. This book simply debukes all those myths. Just as in any other profession you can think of, the success of a trader or investor MUST have good EQ.
Read this book if you are serious in making some money in the stock market.
Saturday, December 6, 2008
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This is a great book..I’m glad I found it. I will quote from it in my thesis about hedge fund operators. I also learned a lot about hedge fund trading strategies from 2 other great books. Hedge Fund Trading Secrets Revealed..by Robert Dorfman..and Confessions of a Street Addict of course by Jim Cramer..written before he got really famous..both are riveting and very informative. You should check them out if you like reading behind the scenes stuff about hedge fund and what methods they use..….. following Dorfman’s strategies my winning ratio is now better than ever
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