The New Trading for a Living by Dr Alexander Elder
- Jul 4, 2020
- 2 min read
Jerome, a friend of mine, had begun his trading journey and he recommended that I start with this book. I started by listening to an audiobook version on YouTube, only to realised I was stopping every 5 seconds to take notes down. I then decided to get an E-book version to make notes on google docs. I started at the end of January & by end of February, I was under the assumption that I was almost done. I was quite fatigued from the book & stopped, only to resume at the start of June. To my dismay, I had only done 32 chapters out of 59. Moreover, I had genuinely forgotten so much, as I did not return to the notes for months. I then decided to document my notes on my blog as a means to capture it more effectively. I brushed the notes up, chapter by chapter, including examples cited in the book for my google docs notes did not have them. All in all, it took me about another month from start of June to start of July to finish it up.
I'm really thankful to Jerome for recommending me this book. It's a great first step in the right direction. There are still many technicalities to trading that I will need to be exposed to, but I feel more confident with the tools & advice from Dr Alexander Elder. As much as I want to start practicing trading already, I still feel a little apprehensive. I want to head into trading, equipped with substantial knowledge. I might consider reading Dr Alexander Elder's "The New Sell and Sell Short: How To Take Profits, Cut Losses, and Benefit From Price Declines" & "Come Into My Trading Room: A Complete Guide to Trading". This is especially so because he cites these books as better / more in-depth guides to his methods. It kind of pisses me off that the book I just read was a summary of techniques & that I have to visit his other books for the intricacies of his techniques, but I guess that's how he is going to make more money from his books. I may consider reading other books for other perspectives / methods, but I am skeptical of readily available materials. Perhaps I should just take a stab at trading already, maybe in the form of paper trading. Nonetheless, this book gave me great exposure to a field that I'm deeply interested in.
8.5/10 Below, I have attached my notes on the book. It is just a compilation of my trading posts on this blog. I have reduced the book's word count from 116,422 to 14,793. (87.3% reduction) & it is still a 123 page document ;-)
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