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Description of Come Into My Trading Room

You can become a successful trader. It has been done before, and it is being done right now, today, by people around the world. If you enjoy learning, if you are not scared of risk, if the rewards appeal to you, and if you are prepared to put in the work, you have a great project ahead of you.

In Come Into My Trading Room: A Complete Guide to Trading, Dr. Alexander Elder takes you far beyond the three M's (Mind, Method, Money) of his international bestseller Trading for a Living. He teaches you to manage your money and time, as well as strategy, so that you can enter the markets with confidence and exit with profits. This essential book educates the novice and gives more power to the professional through expert advice, proven trading methods, and something entirely unique - a visit to Dr. Elder's own trading room. You get to follow him through several actual trades, whose entries and exits illustrate many of the key concepts of this book.

Come Into My Trading Room offers:
∗ A complete introduction to trading essentials
∗ An overview of trading psychology, both individual and mass psychology of the markets
∗ A practical overview of technical analysis, including new indicators and systems
∗ A step-by-step guide to risk control and money management
∗ Exact instructions for keeping records and organizing your time
∗ A visit to Dr. Elder's private trading room, reviewing several of his recent trades

Be sure to work through the companion volume to this book - Study Guide for Come Into My Trading Room - before you risk a dollar in the markets. The Study Guide features 100 questions and answers and almost 50 charts to test your knowledge. Grade yourself to make sure you know enough about the nine key areas of trading. Work through eight case histories, select entry and exit points, and find out how well you understand what needs to be done in every trade. Use Dr. Elder's Study Guide to make sure that you can measure up to your competitors and surpass them.

Come Into My Trading Room will help you master a new way of trading stocks, futures, options, and currencies. Unparalleled depth and a wide range of coverage give you the best chance to become the trader you've always wanted to be.

Title Information

ISBN:

9780471225348

Pages:

320 pages

Format:

Hardback

Product Code:

14556

Publisher:

John Wiley & Sons Ltd

Published:

16/05/2002

Edition:

1st Edition

Financial Guru Reviews

This one is the book I've read and re-read the most. Entering Elder's trading room is a very interesting experience. His years of profitable trading show through the pages and many of his warnings regarding some of the pitfalls of trading are excellent. I think this one is an especially good read if you have never traded before. There is also plenty of market psychology discussed, one of my favourite topics.
Robbie Burns

Reviews

• It was with a great deal of curiosity that I began to read Come Into My Trading Room. Elder's first and classic book, Trading for a Living, was the second trading book I ever read and even 40 or so books on from there I still rate it in my top five. I frequently recommend it to others who want a considered and honest introduction to trading. I was interested to see how the themes and emphasis had developed in the nine years since the first book was published. I had read a couple of reviews that said it didn't add much to the previous book but I was eager to make up my own mind. So the first question I asked myself was, "What hasn't changed?" Firstly, the style of writing is as clear and engaging as in the first book. The layout is logical. In all key areas he suggests further specialist reading to take you deeper into the subjects that may interest you. As in the first book, for its size (only 313 pages), it is very comprehensive and covers the three main areas of competence for a trader. Psychology, Technical Analysis and Money Management. Therefore the three pillars from the first book are still very much standing. "What has changed?" A great deal in my opinion. The psychology section is greatly improved. I thought psychology was the main weakness in the first book. Elder relied too heavily on the Alcoholics Anonymous Model. (My previous professional background in treating addictive and compulsive behaviours is the basis for this observation.) He draws the title of the psychology section "The Disciplined Trader" from another excellent book by Mark Douglas. This gives me the impression that Elder himself has been learning a lot over the last nine years. The technical analysis section deals less with basic TA than his first book, instead Elder focuses more on the practical applications of TA to trading. It also includes an update on a method first described in the first book the "triple screen" and a section on systems trading and system testing. As someone who is toying with developing systems at the current time I particularly liked his discussion of the distinction between systems and discretionary traders. The book is not aimed strictly at day traders. In fact he suggests that a trader accomplish at least a years successful experience with end of day trading before moving to intraday trading. He asks his readers to answer tough questions and if you are able to give honest answers you will profit from this book. Elder also concurs with one of my prejudices. He stresses that traders should take their first trades in inexpensive markets, So with futures for example trading the Eurostoxx50 at 10 euros per point is a better starting point for the new trader than Dax at 25 euros. He also provides a helpful method for working out which markets you can afford to trade. It is this applied aspect of the book that makes it so valuable. There is no irrelevant padding here, every paragraph has relevance. The overall balance of the book is about perfect now. In the first book the basic TA took up a large percentage of the volume. This time the sections are much more equitable with quite rightly money management and record keeping getting a more through treatment. One change in this book (and I did wonder if he had read Tony Oz’s wonderful "The Stock Trader") is the inclusion of some actual trade examples. I always like seeing these because following them through gives a real insight into the traders mind in a way simple chart examples can’t. I think there is a more cautious/warning tone about this book than the first. I suspect this might be because Elder runs' trading camps and has had lots of experiences with wannabe traders since writing Trading for a Living. He's very aware of the main reasons why people fail and makes these very explicit in the text. There is a good basic description of the major trading instruments. Elder clearly states the advantages and disadvantages of each. This is a welcome addition as it was missing from the first book. The section for new traders (or "babes in the wood" as he calls them) covers the basics of setting up to trade from home. He discusses which instruments and markets to look at and the issues of commission, slippage and expenses. Elder stresses the importance of the bottom line and the need to keep trading expenses such as commission under control. Conclusion This is a book written by a mature trader and educator, who has seen and done it all and can now give the most balanced, practical and honest description of learning to trade you will find anywhere. I highly recommend it to new traders and improvers alike.
  W Vinall

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About Alexander Elder

ALEXANDER ELDER, MD, is a professional trader, an expert in technical analysis, and a practicing psychiatrist. He is the founder of Financial Trading Inc., a firm that provides intensive trading camps for traders worldwide. Dr. Elder's first book, Trading for a Living, and its companion Study Guide have sold over 160,000 copies in English and were translated into nine languages. Dr. Elder's Web site is www.elder.com.

Contents of Come Into My Trading Room

Dedication
Introduction
How this book is organized
Male or female?

PART ONE: FINANCIAL TRADING FOR BABES IN THE WOODS

1. Invest? Trade? Gamble?
An intelligent investor
An intelligent trader
An intelligent gambler?

2. What markets to trade?
Stocks
Futures
Options

3. The first steps
The external barriers to success
Getting your gear
Analysis and trading


PART TWO: THE THREE 'M's OF SUCCESSFUL TRADING

4. Mind - the disciplined trader
Sleepwalking through the market
A remedy for self-destructiveness
The mature trader

5. Method - technical analysis
Basic charting
Indicators - five bullets to a clip

6. Trading
System testing
Triple screen update
Day-trading
The impulse system
Market thermometer
Exiting trades
Choosing what to trade

7. Money management formulas
No math illiterates
Businessman's risk vs. Loss
The 2% solution - protection from sharks
The 6% rule - protection from piranhas
Position sizing
Money management steps


PART THREE: COME INTO MY TRADING ROOM

8. The organized trader
Trader's spreadsheet
The equity curve
Trading diary
Action plan

9. Trading for a living
Discipline and humility
Have you got the time?
The decision-making tree
Beginner, semipro, pro
Going pro

10. Come into my trading room

Excerpts from the diary
Your next trade
Acknowledgments
Sources
Index