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The New Trading for a Living
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Table of Contents

Preface xiii Introduction 1

1. Trading?The Last Frontier 1

2. Psychology Is the Key 3

3. The Odds against You 5

ONE Individual Psychology 9

4. Why Trade? 9

5. Reality versus Fantasy 10

6. Self-Destructiveness 16

7. Trading Psychology 19

8. Trading Lessons from AA 21

9. Losers Anonymous 23

10. Winners and Losers 27

TWO Mass Psychology 31

11. What Is Price? 32

12. What Is the Market? 33

13. The Trading Scene 36

14. The Market Crowd and You 39

15. Psychology of Trends 43

16. Managing versus Forecasting 46

THREE Classical Chart Analysis 49

17. Charting 50

18. Support and Resistance 55

19. Trends and Trading Ranges 60

20. Kangaroo Tails 65

FOUR Computerized Technical Analysis 69

21. Computers in Trading 69

22. Moving Averages 74

23. Moving Average Convergence-Divergence: MACD Lines and MACD-Histogram 80

24. The Directional System 89

25. Oscillators 95

26. Stochastic 95

27. Relative Strength Index 99

FIVE Volume and Time 103

28. Volume 103

29. Volume-Based Indicators 107

30. Force Index 112

31. Open Interest 117

32. Time 121

33. Trading Timeframes 126

SIX General Market Indicators 133

34. The New High?New Low Index 133

35. Stocks above 50-Day MA 139

36. Other Stock Market Indicators 140

37. Consensus and Commitment Indicators 142

SEVEN Trading Systems 149

38. System Testing, Paper Trading, and the

Three Key Demands for Every Trade 151

39. Triple Screen Trading System 154

40. The Impulse System 162

41. Channel Trading Systems 166

EIGHT Trading Vehicles 173

42. Stocks 175

43. ETFs 176

44. Options 178

45. CFDs 186

46. Futures 187

47. Forex 194

NINE Risk Management 197

48. Emotions and Probabilities 197

49. The Two Main Rules of Risk Control 202

50. The Two Percent Rule 203

51. The Six Percent Rule 208

52. A Comeback from a Drawdown 210

TEN Practical Details 215

53. How to Set Profit Targets: ?Enough? Is the Power Word 215

54. How to Set Stops: Say No to Wishful Thinking 219

55. Is This an A-trade? 225

56. Scanning for Possible Trades 230

ELEVEN Good Record-Keeping 233

57. Your Daily Homework 234

58. Creating and Scoring Trade Plans 238

59. Trade Journal 243

A Journey without an End:

How to Continue Learning 249

Sources 253

Acknowledgments 257

About the Author 259

Index 261

About the Author

About the author ALEXANDER ELDER, MD, is a professional trader and teacherof traders. He is the author of several best-sellers, consideredmodern classics among traders. He also wrote books about Russia andNew Zealand. Dr. Elder was born in Leningrad and grew up in Estonia, where heentered medical school at the age of 16. At 23, while working as aship's doctor, he jumped a Soviet ship in Africa and receivedpolitical asylum in the United States. He worked as a psychiatristin New York City and taught at Columbia University. His experienceas a psychiatrist provided him with unique insight into thepsychology of trading. Dr. Elder is an active trader, but he continues to teach and isa sought-after speaker at conferences in the US and abroad. Dr.Elder is the originator of Traders' Camps week-long classesfor traders. He is the founder of the SpikeTrade group, a communityof traders whose members share their best stock picks each week incompetition for prizes. www.elder.com www.spiketrade.com

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