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Entries & Exits: Visits to 16 Trading Rooms (Wiley Trading), by Alexander Elder
PDF Ebook Entries & Exits: Visits to 16 Trading Rooms (Wiley Trading), by Alexander Elder
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Come behind closed doors and see real trades made by real traders.
Dr. Alexander Elder leads you into 16 trading rooms where you meet traders who open up their diaries and show you their trades. Some of them manage money, others trade for themselves; some trade for a living, others are on the semi-professional level. All are totally serious and honest in sharing their trades with those who would like to learn. You will meet American and international traders who trade stocks, futures, and options using a variety of methods. All are normally very private, but now, thanks to their relationships with Dr. Elder, you can see exactly how these traders decide to enter and exit trades. Each chapter illustrates an entry and an exit for two trades, with comments by Dr. Elder. With this book as your guide, you can get closer to mastering the key themes of trading—psychology, tactics, risk control, record keeping, and the decision-making process.
The companion Study Guide is filled with striking insights and practical advice allowing you to test your knowledge and reinforce the principles outlined in Entries & Exits.
- Sales Rank: #367951 in Books
- Published on: 2006-04-28
- Original language: English
- Number of items: 1
- Dimensions: 10.30" h x .95" w x 8.30" l, 2.50 pounds
- Binding: Hardcover
- 352 pages
From the Inside Flap
You are about to visit the trading rooms of sixteen men and women. These traders live in different countries, follow different markets, and use different methods, but all share several traits—most importantly, their dedication to trading. They are utterly serious about their work, while most of the amateurs who supply the bulk of their winnings are chasing the excitement of an adrenaline rush.
Why would a person who is trading for a living talk about his or her method instead of grinding out profits in silence? Winners know full well that success in trading does not depend on knowing "the secret." There is no secret—only hard work, focus, attention to detail, being careful and long-term oriented with money, and having a bit of flair.
Trading is a vast field, and like a doctor, you must specialize. Many beginners spread themselves painfully thin by investing in and day-trading stocks, futures, and options. Each trader in this book concentrates on an area that appeals to him or her, be it buying breakouts, writing puts, or trolling for dull stocks ready to explode from consolidation zones.
People become successful when they focus on what they love to do. In reading this book, you will probably come across a trading vehicle you like or a concept that appeals to you. Once you find it, stay with it and mine that area for its rich deposits.
There are massive differences between traders at various stages of development. Beginners look for tips, while intermediate traders keep asking about indicator settings. Experienced traders love to watch others make decisions and explain them. Traders in this book will share a wealth of information with you; what you take home is entirely up to you.
Trading can give you money, which can buy many good things—freedom from a boss, the ability to travel wherever and whenever you like, and much more. Still, when the chips are down, it is not money that determines the quality of your life. Your goal in trading should be to become the best professional you can be.
We owe a debt of gratitude to the sixteen traders who opened their trading rooms—helping all of us become better traders and serving as examples of kindness, generosity, and drive. They show us that there is more to life than money, even in a trader's life. This book is designed to help you break out of isolation, learn from others, pick up ideas that suit your style, and return to your trading room a better, more confident trader.
From the Back Cover
ENTRIES & EXITS
Entries & Exits takes you behind closed doors, into the trading rooms of sixteen private traders. They live in different countries, trade different markets, and use different methods, but all share a dedication to trading. Your guide on this journey is Dr. Alexander Elder, a bestselling author, professional trader, and practicing psychiatrist.
Each visit begins with a description of each trader's background and methods. He or she walks you through a winning and a losing trade, showing his or her signals on the charts, and explaining the reasoning behind them. After studying the entry, you are invited to decide whether that trade is likely to make or lose money. After you turn the page and see the exit, you learn how that trade worked out. Dr. Elder then shows you his charts for every trade and explains his analysis and decisions. At the end of each interview, he discusses a key aspect of trading, relevant to the trades you have just studied.
Entries & Exits provides an up-close and personal look at how real traders select trades and make decisions. You'll benefit from their hard-earned insights into trading psychology, analytic techniques, money management, record-keeping, and other essential aspects of successful trading. The book delivers a variety of concepts and techniques that will help you become a better trader tomorrow than you are today.
Study Guide for Entries & Exits
Be sure to work through the companion volume to Entries & Exits before you risk a dollar in the markets. The Study Guide contains 101 questions and answers, including twenty-five case studies. Each of them challenges you to focus on some essential aspect of successful trading.
There are seven chapters in this Study Guide—Organization, Psychology, Markets, Trading Tactics, Money Management and Record-Keeping, Case Studies, and Traders Speak. Each covers a major area of trading and offers you a rating scale, allowing you to measure your competence level. Now you can discover and fill any gaps in your knowledge without risking any money.
The answers in the back of the book provide detailed explanations of the right and wrong answers to the multiple-choice questions. A large number of those questions and the case histories in this Study Guide were contributed by traders interviewed in Entries & Exits, linking both books into a single, powerful tool for developing trading skills.
Use Dr. Elder's Study Guide together with Entries & Exits to make the most of your time as you learn to take advantage of market opportunities.
About the Author
DR. ALEXANDER ELDER is a professional trader, a teacher of traders, and a practicing psychiatrist. He is the founder of elder.com, an educational firm for traders worldwide. Dr. Elder is the author of two international bestsellers, Trading for a Living and Come Into My Trading Room (and their companion study guides), both published by Wiley. He is an avid traveler, as chronicled in his book Straying from the Flock: Travels in New Zealand (Wiley).
Most helpful customer reviews
107 of 116 people found the following review helpful.
Don't wait another minute- Just get it!
By Mr. Burke
Having already stated in my review of the book that Trading for a Living changed my life (and it most certainly did,) I am obviously a fan of Dr. Elder and as such will be steadfastly determined to keep this review from falling victim to hyperbole. Entries and Exits: Visits to Sixteen Trading Rooms is an important and essential addition to any trading library. A novice trader or one of intermediate experience will find almost endless wisdom to be mined here, but there are also many, many gems for seasoned pros. Imagine being able to sit for hours with 16 traders and pick through in detail their philosophy of trading, their most commons errors, the wisdom they have learned from years of markets--bull markets, bear markets, consolidations, doldrums--and being able to view their trading logs and actually re-trade with them their winners and losers. These traders are both full and part-timers. They trade a variety of markets from futures, stocks, currencies, options, ETFs, mutual funds, and commodities. As a trader of currencies and stocks I found every single chapter to be relevant to my trading irrespective of the specific market favored by the trader being interviewed. The traders also use a variety of charts, methods, and indicators.
I was thrilled to see the MACD favored highly as an indicator since it is my personal favorite. For each trader we learn how long they have traded, the approximate amount of money they typically trade, and a fascinating and detailed description of their trading rooms including how their computers are setup and the specific tools they use (i.e. software, books, websites.) My own trading was immediately affected by the chapter which highlights William Doane, a high-dollar trader of stocks who made a very convincing case for watching longer time-frames. The voice of experience does not stammer. I immediately saw the long bases with breakouts that he favors. Another extremely helpful aspect of this book is the emphasis on and the practical, usable treatment given to money management. Any trader must understand the principles of capital preservation or he won't be a trader very long. Dr. Elder is a very careful teacher of this approach and his "rules" have helped me turn potentially devastating losses into smaller losses from which I can easily recover.
I remember when Market Wizards came out how revolutionary it was to have a glimpse into the minds of professional traders. This book goes far beyond that point because each trader gives examples of individual trades from their own records; some of them winners and some of them losers. The reader is invited to view the chart and set up rationale of each of those trades and determine for himself if the trade will make or lose money before going onto the next page to find out how it actually turned out. In every case, Dr. Elder gives commentary and wisdom. The traders tell the specific charting software and trading platform they use. They explain in detail which indicators they favor and why. Imagine the cost and logistics of gathering this hard-won wisdom. Entries and Exits is one of the best trading books I have ever owned. The information is of such a practical and useful nature that it was incorporated into my own trading within minutes of reading it on the page. The book itself, with high quality paper and boards, is beautifully produced. I expect it to last a lifetime.
If you are a trader of financial markets get this book immediately. If you hope to trade for a living, then think of how valuable it would be to spend some hours with 16 traders who have been in the trenches already with Dr. Elder as your guide. Just get it. It is a steal at twice the price.
60 of 63 people found the following review helpful.
Text book examples for trading
By Steve Burns
Once again I believe Dr. Elder has written a book that could become a trading classic. I have read 60 books on trading and Dr. Elder is heads and shoulders above the other authors in his trading philosophy and his ability to communicate in a clear manner.
I would highly recommend purchasing this book along with his other books. This book really brings his principles of trading alive with real life examples of real traders making real winning and losing trades. Also the traders share some of their trading tactics. It is a great mix of traders and techniques. The beauty of this book is that these are people who REALLY trade for a living instead of vendors of trading materials or philosophies from writers or teachers. This book is large with glossy paper and full color charts for all trades displaying different indicators. There is not room here to go into all that I learned from this book so I will leave you with some of Dr. Elder's key principles:
1. Do not put more than 2% of your total capital at risk on any one trade.
2. Do not have more than 6% of your total capital at risk at any one time.
3. Keep your charts simple, two moving averages, an envelope, MACD lines and histogram with the Force index is enough.
4. Keep very good records for every trade along with its charts.
5. Develop your own method that you are comfortable with that gives you an edge in the markets.
6. You must do your homework to succeed, trading is a profession like any other, there is no easy money here.
7. You must love trading to be successful at it.
8. You need the support of your spouse to be successful.
9. Start trading a small size and build up your tolerance to risk.
10. Make a commitment of time, and stick to it.
74 of 79 people found the following review helpful.
Case studies
By ArtFan
I recommend this book not for the trading methods you will find it in (because I don't recommend using these methods at face value to trade), but in order to see how different people trade, and in particular the contrast between amateurs and experts. There are several amateurs, they tend to use a lot of technical methods and over rationalize their entries and exits. The professionals may not have better methods, but they are less fooled by the accuracy of the method. If this book is a good sampling of the trading population, then it would seem most traders, or at least beginners, fail to appreciate the unpredictability of the price action of markets. When they make a losing trade, rather than simply recognizing the probability of entering into losing trades at any given time, they rationalize it by saying they didn't "follow their method" or some such. Likewise, when completing a winning trade, they tend to give credit to their method, rather than recognizing that it was probably pure chance. As someone who trades by scalping, I was rather intrigued by the account of the gentlemen who developed a simple formula to trade against the public from the dealing desk. I'm curious about the success rate of this strategy. Alas it does not seem to be available. On a final note, Alexander Elder is a good writer, honest, clear and descriptive. In this book and others, he does a good job of describing technical analysis and other methods. My word of caution, especially to beginners, would be that there is a high failure rate of any method, including those described in this book. You must recognize that as the simple and unchanging truth and develop a strategy that deals with it.
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