I started swing trading about four years ago and Dr. Elder's "Come into my Trading Room" was one of the first books I read. Since then, I developed my trading style and have been constantly profitable as can be seen by the performance of my public Covestor Model Portfolio. The reason why I'm saying this is not in order to run victory labs here. Instead, I think it shows that Elder's concept is valid. Maybe 80% of my trading is based on his ideas, so the approach has been working for me.
Even though I read other Elder books before, "The New Sell and Sell Short" (TNSaSS) was a great refresher and expanded on the concepts of the earlier books. I therefore would recommend to either start with "Come into my Trading Room" or "Trading for a Living". As a trader, you constantly have to work on your game and over time, you are modifying your initial strategy. So reading TNSaSS sort of puts your strategy to a sanity check and re-think your latest approach.
The book is very well written and not just an update of older readings. Color charts make a big difference and the integrated exercises really help to reflect on what you have just read.
Other reasons why I like the book:
- Buying is covered only in a very brief chapter, so I'm not getting bored with stuff that was written in earlier books.
- A lot of practical examples with charts
- The chapter "lessons of the bear market" walks you through the 2008/09 bear market. Very helpful.
Overall, I can only recommend the book.
Note that I recently posted more comments on Elder's style and how it influenced my trading on my blog: http://www.michaelarold.com/2011/09/how-dr-alexander-elder-inspired-my.html
This review is the subjective opinion of an Investimonials member and not of Investimonials LLC
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