The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, Trade Management (Wiley Trading)

There are many trading books by many people out there. I have read a few of them, but this one is much more than just a method or a strategy. What impacted me about the book changed as time went on. At first, I just needed to understand what to do and how to do it. So, that would be the introduction to 1) Bearish and bullish divergences on MACD 2) Fade the extremes on FI 3) Trend following using the EMA and ATR channels (pullback to rising and pullback to falling value zones) I still use these strategies to this day. The real impact came later on. While I followed the tools of risk management, I did not fully grasp what they would do for my trading until after 2 or 3 years in. 1) The 2% max risk was adjusted down to 0.1% and then I started following the handcuff method. This kept me from getting wiped out in the first 3 years and actually kept the losses to my overall account small. I cannot stress the importance this has had to my trading. a) Secondary note to this is it forced me to take a serious look at whether I can trade futures anymore. I had to walk away from them because the risk was too high so I just started with commodity ETFs and can now slowly make my way back to futures. 2) I thought I was disciplined until I followed how to do lookbacks. I figured the risk management was enough to define the line between gambling and trading. I found I was making many impulsive moves which was silently subtracting from the account. Once I saw them on a chart with notes, it helped me walk away from trades before entering which stopped me from overtrading. I cannot describe the power of the lookback but over time, but it will probably pay for itself 3) Writing down the trading plan focused how I take a trade. It gave me concrete rules to follow and focused my discipline. All lookbacks are now done based on how well I follow those rules and in turn the lookbacks either reinforce or eliminate rules.

The updated classic is worth adding to any consummate traders desk pile. The new strategies, risk management sections, and classic psychology are powerful tools to move the beginning trader to true position management and profitability. Boasting glossy pages, the new layout and design of the book is friendlier to the reader and better for study than the 1st edition. What sets Dr Elder apart in the field of TA (Technical Analysis) and trading is the practical lessons from the everyday grind vs the endless dribble of theories so many authors promote. I have the feeling many inexperienced traders and armchair newbies will pass on the psychology of losing, and buy into the myth that these methods are not advanced enough for the modern market, assuming the intellectual error that complexity equals profits. Often the new trader fails to realize of how little of importance indicator soup is to the professional vs a well defined plan with a few highly probable patterns and correct risk management. Elder gives the necessary skill base and emotional acumen that is necessary for success, while covering a broad topic geared toward trading vs merely teaching TA. This edition was like a warm novel in my hands, and has found its home on my trading desk. My only complaint with both editions is with the zeal in which Elder condemns the very snake oil world of Gann marketing. I have studied WD Gann for 4 years at a very high level and have concluded that 95% of everything written about his methods is a waste of time. It is best to study his courses, books, and reading list than to buy the third party research. Mr. Elder is very condemning of this segment of analysts and rightly so as they prey on a less than knowledgeable and or gullible group. However, I have tested Gann's astronomical, numerical, and philosophical tenets in the markets and use them every week in my Soybean trades. I do not claim to be an astrologer or numerologist though I understand the tenets of both and how Gann applied them to markets. Gann's overall theory is more based in numbers than subjectivity of interpretations and can be calculated vs lines on a chart, or watching planetary aspects etc. In my own trading I have made incredible calls on the markets using his methods, however you can still trade incorrectly with a correct call (ask an experienced trader.) I can understand why Elder discounts the body of knowledge that is public and purports to be "holding some secret" which is associated with natural law, as this group is commonly riddled with failed traders turned marketers and egotist. Beginning traders often like many funny little lines on charts and adding neat little indicators vs studying 60 or more books to understand ancient mathematical concepts so they can research one mans life work. Perhaps Elder is premature in condemning the whole segment of Gann marketing and Gann's work without a complete depth of study, however he rightly jokes that an Uranus aspect is not the answer to real trading problems. If your mind is not prepared to deal with fear and greed with the shrewdness of calculated businessman you are not ready to trade. In the words of WD Gann "You cannot make a success trading on hope and fear, you must trade from knowledge, and face facts when you are wrong." Dr. Elder will certainly teach you how to adopt that mindset.

The New Trading for a Living is as great as his original book Trading for a Living (1993) but it comes with some pluses, the Charts are colored which it really helps see it as Dr. Elder explains, There are more updated contents and Dr. Elder shares his latest improvements on his trading techniques. There are some contents that are similar to his first book but the overall content in this book is worth the price 10 folds. Some people complain that he sometimes seems repetitive but there is a reason for that, like the old say goes: "Repetition is the Mother of Skill"... thanks to this approach and since I consider myself in the Newbie phase. I was able to "get it" . At first I did not fully understood the whole concept but because later on in other chapters he provides different examples for the same topic I "got it" I read almost a dozen books on trading ( most of them were good books but did not show everything that you needed to know if you are a newbie). By far this is the best book where he puts everything that you would need to do to trade from A to Z , he shows a clear path , very well explained examples and each chapter builds on the previous a very thought out book. The author shares everything with you, no encrypted words or incomplete examples. Dr Elder also have a study guide that follow New Trading for a Living which a highly recommend to reinforce the concepts that he taught. After this book I also would recommend "Come into my Trading room", it has some of the same material but explained through a new angle plus new examples. Sometimes just a word , a sentence or a new example said differently will give you the AHA!! moment that you needed it. Repetition is the Mother of Skill... I HIGHLY recommend this great book. Thanks Dr. Elder !!!

Really loved this book - it covers a really wide field, from an in-depth review of price analysis to psychology, risk management, and daily routine. It passes my favorite test, namely that a lot of ideas in it seem great but obvious in retrospect, yet were not at all how I did things before I read it. It spells out in great detail a rigorous, systematic approach to trading, that is independent of the specific kinds of trades you do; and also gives one plenty of ideas as to what kind of trading one might do, without trying for a one-size-fits-all solution. Make no mistake, there is no recipe to riches in there, and the book makes it clear that a lot of work is needed to succeed in the way described therein, but it does describe in detail how best to focus one's efforts, and gives a lot of building blocks to get one started. Just to illustrate how rich this book is: I always summarize books I want to really absorb into a mindmap; and while for most books that fits onto an A3 sheet (if that), my summary of this book is two A2 sheets, in quite small print. It has already made me see trading in a whole new light, and I'm still digesting - and having lots of fun while at it ;)

If I could give a 6 star rating to this book I would because of how good it really is. It is a bit expensive but I can assure you it is worth it. You'll be getting a book of very good quality, both the actual paper(thick and coloured pages) and the information within. Despite it being a beginners book on trading, I advise you to read one or two simpler books about the markets that describe the absolute basics and then jumping into this one. This is an excellent foundation for you to start your trading/investing journey considering it goes through the psychological aspects of trading, how to organize and prepare yourself, tools and systems you can use, journaling and different strategies and things you absolutely must know. You won't regret it.

This book is very useful, because you need to evaluate yourself on what you read and learned in the other book "Trading for a living". I've read quite a few books on the trading subject, and here is the first one that gives me the opportunity to test my comprehension. Why did I give 4 stars only? Because the fifth will come from me if my reading is $ucce$$ful! Thanks M. Elder!

Horrível o controle de qualidade da Wiley. O livro todo impresso pela metade.

Alexander Elder’s The New Trading for a Living is a smart, modern update to his classic. It blends timeless trading principles with current tools and techniques, making it ideal for both beginners and seasoned traders. Clear writing, improved visuals, and a strong focus on psychology and discipline make this a standout resource. Whether you're revisiting the original or starting fresh, this book delivers practical, actionable guidance for long-term trading success. If you’ve read Come Into My Trading Room, this book complements it perfectly—reinforcing Elder’s core teachings while adding fresh perspectives and updated strategies. A must-have for anyone serious about trading success.