Trading for a Living
- Psychology, Trading Tactics, Money Management
- Narrated by: Richard Davison
- Length: 2 hrs and 58 mins
- Abridged Audiobook
- Release date: 08-07-05
- Language: English
- Publisher: Penton Overseas, Inc.
Individual pyschology: How to become a disciplined trader
Mass psychology: Know when to join the crowd and when to leave it
Classical charting: Identify support and resistance, place stops
The neglected essentials: Read volume, open interest, and time cycles
Psychological indicators: Profit from contrary opinion theory
Trading systems: Learn about the Triple Screen trading system
Risk management: All about stops and profit targets
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Customer ReviewsMost Helpful
By Gavin on 04-12-09
A nice book!
When a book on investing starts off with I defected from the Russian Navy by jumping of the ship and heading to the American embassy, I also want to jump ship... but I'm glad that I didn't.
The book goes through the forces that affect the markets. He not only classifies markets as being bullish and bearish he also refers to traders in the same way. As a phycologist I feel that the author certainly does understand the crowd mentality and how it can affect our decisions. He then takes this forward to explain why an individual should not react to changes in the market because they are changing but to view the reasons why they are changing so that one can make a rational decision whether to buy or sell.
As with all of the traders who have written books on this subject, he builds into this book a system that he followed to make himself successful in the stock market. This method in which he uses is similar to that of Peter Lynch who wrote "one up on the Street" and "learn to earn". Both authors concentrate on the day/short term trading. The book itself goes through the ins and outs of what a day trade with actually cost you after you take out the fees and the slippage and gives useful and technical advice on how best to deal with these situations. Then gives information on how he picks the stocks and guidelines on how he then evaluates whether to invest or not.
If you are not interested in Short term trading I would suggest that you look "The New Buffettology" by Mary Buffett or "The intelligent investor" by Graham. Both of this books look at longer investment cycles. So if you just want to invest and not worry about the day to day of the share price then these are the books for you.
All and all this is an interesting read and worth the money. I wouldn't say that it's a reference manual for short term investing but it certainly comes close.
11 of 11 people found this review helpful
Customer ReviewsMost Helpful
By Ermilo on 23-06-09
Simple and POWERFUL
I was hesitant to get this book to be honest. However, after 10 minutes in the listening, I knew I made the correct choice. Here is what makes the book great. Simple non complicated investing rules. They are simple yet good enough even for me, who does option trading. I have listened to this book 3 times over, its that good. If you are new to stocks,futures options...get this book. Even for an advanced option trader, its great!
18 of 19 people found this review helpful
By Joseph on 22-10-08
Read this if you want to know WHY things work.
This author taps into the motivation and therefore many of the practices of the stock traders who will be your competitors. If you are new to trading, and specifically if you are interested in day trading, this is the best starting point for you. I actually went through this book 3 times so far. As I apply the principles he lays out in the actual market trading, I go back through with a better understanding of what I leaned in this book, I have picked up many nuances that I had missed the first time around.
17 of 19 people found this review helpful