The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, Trade Management (Wiley Trading)
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The best-selling trading book of all time―updated for the new eraThe New Trading for a Living updates a modern classic, popular worldwide among both private and institutional traders. This revised and expanded edition brings time-tested concepts in gear with today's fast-moving markets, adding new studies and techniques for the modern trader.This classic guide teaches a calm and disciplined approach to the markets. It emphasizes risk management along with self-management and provides clear rules for both. The New Trading for a Living includes templates for rating stock picks, creating trade plans, and rating your own readiness to trade. It provides the knowledge, perspective, and tools for developing your own effective trading system.All charts in this book are new and in full color, with clear comments on rules and techniques. The clarity of this book's language, its practical illustrations and generous sharing of the essential skills have made it a model for the industry―often imitated but never duplicated. Both new and experienced traders will appreciate its insights and the calm, systematic approach to modern markets.The New Trading for a Living will become an even more valuable resource than the author's previous books:Overcome barriers to success and develop stronger disciplineIdentify asymmetrical market zones, where rewards are higher and risks lowerMaster money management as you set entries, targets and stopsUse a record-keeping system that will make you into your own teacherSuccessful trading is based on knowledge, focus, and discipline. The New Trading for a Living will lift your trading to a higher level by sharing classic wisdom along with modern market tools. Read more
Publisher : Wiley
Publication date : October 27, 2014
Edition : 1st
Language : English
Print length : 304 pages
ISBN-10 : 7
ISBN-13 : 27
Item Weight : 1.98 pounds
Dimensions : 7 x 0.9 x 9.9 inches
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Top Amazon Reviews
Format: Hardcover
There are many trading books by many people out there. I have read a few of them, but this one is much more than just a method or a strategy. What impacted me about the book changed as time went on. At first, I just needed to understand what to do and how to do it. So, that would be the introduction to 1) Bearish and bullish divergences on MACD 2) Fade the extremes on FI 3) Trend following using the EMA and ATR channels (pullback to rising and pullback to falling value zones) I still use these strategies to this day. The real impact came later on. While I followed the tools of risk management, I did not fully grasp what they would do for my trading until after 2 or 3 years in. 1) The 2% max risk was adjusted down to 0.1% and then I started following the handcuff method. This kept me from getting wiped out in the first 3 years and actually kept the losses to my overall account small. I cannot stress the importance this has had to my trading. a) Secondary note to this is it forced me to take a serious look at whether I can trade futures anymore. I had to walk away from them because the risk was too high so I just started with commodity ETFs and can now slowly make my way back to futures. 2) I thought I was disciplined until I followed how to do lookbacks. I figured the risk management was enough to define the line between gambling and trading. I found I was making many impulsive moves which was silently subtracting from the account. Once I saw them on a chart with notes, it helped me walk away from trades before entering which stopped me from overtrading. I cannot describe the power of the lookback but over time, but it will probably pay for itself 3) Writing down the trading plan focused how I take a trade. It gave me concrete rules to follow and focused my discipline. All lookbacks are now done based on how well I follow those rules and in turn the lookbacks either reinforce or eliminate rules.
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Reviewed in the United States on March 4, 2026 by Robert L. Huddleston
Format: Hardcover
The updated classic is worth adding to any consummate traders desk pile. The new strategies, risk management sections, and classic psychology are powerful tools to move the beginning trader to true position management and profitability. Boasting glossy pages, the new layout and design of the book is friendlier to the reader and better for study than the 1st edition. What sets Dr Elder apart in the field of TA (Technical Analysis) and trading is the practical lessons from the everyday grind vs the endless dribble of theories so many authors promote. I have the feeling many inexperienced traders and armchair newbies will pass on the psychology of losing, and buy into the myth that these methods are not advanced enough for the modern market, assuming the intellectual error that complexity equals profits. Often the new trader fails to realize of how little of importance indicator soup is to the professional vs a well defined plan with a few highly probable patterns and correct risk management. Elder gives the necessary skill base and emotional acumen that is necessary for success, while covering a broad topic geared toward trading vs merely teaching TA. This edition was like a warm novel in my hands, and has found its home on my trading desk. My only complaint with both editions is with the zeal in which Elder condemns the very snake oil world of Gann marketing. I have studied WD Gann for 4 years at a very high level and have concluded that 95% of everything written about his methods is a waste of time. It is best to study his courses, books, and reading list than to buy the third party research. Mr. Elder is very condemning of this segment of analysts and rightly so as they prey on a less than knowledgeable and or gullible group. However, I have tested Gann's astronomical, numerical, and philosophical tenets in the markets and use them every week in my Soybean trades. I do not claim to be an astrologer or numerologist though I understand the tenets of both and how Gann applied them to markets. Gann's overall theory is more based in numbers than subjectivity of interpretations and can be calculated vs lines on a chart, or watching planetary aspects etc. In my own trading I have made incredible calls on the markets using his methods, however you can still trade incorrectly with a correct call (ask an experienced trader.) I can understand why Elder discounts the body of knowledge that is public and purports to be "holding some secret" which is associated with natural law, as this group is commonly riddled with failed traders turned marketers and egotist. Beginning traders often like many funny little lines on charts and adding neat little indicators vs studying 60 or more books to understand ancient mathematical concepts so they can research one mans life work. Perhaps Elder is premature in condemning the whole segment of Gann marketing and Gann's work without a complete depth of study, however he rightly jokes that an Uranus aspect is not the answer to real trading problems. If your mind is not prepared to deal with fear and greed with the shrewdness of calculated businessman you are not ready to trade. In the words of WD Gann "You cannot make a success trading on hope and fear, you must trade from knowledge, and face facts when you are wrong." Dr. Elder will certainly teach you how to adopt that mindset.
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Reviewed in the United States on May 4, 2015 by Cleveland A. James
Format: Hardcover
The New Trading for a Living is as great as his original book Trading for a Living (1993) but it comes with some pluses, the Charts are colored which it really helps see it as Dr. Elder explains, There are more updated contents and Dr. Elder shares his latest improvements on his trading techniques. There are some contents that are similar to his first book but the overall content in this book is worth the price 10 folds. Some people complain that he sometimes seems repetitive but there is a reason for that, like the old say goes: "Repetition is the Mother of Skill"... thanks to this approach and since I consider myself in the Newbie phase. I was able to "get it" . At first I did not fully understood the whole concept but because later on in other chapters he provides different examples for the same topic I "got it" I read almost a dozen books on trading ( most of them were good books but did not show everything that you needed to know if you are a newbie). By far this is the best book where he puts everything that you would need to do to trade from A to Z , he shows a clear path , very well explained examples and each chapter builds on the previous a very thought out book. The author shares everything with you, no encrypted words or incomplete examples. Dr Elder also have a study guide that follow New Trading for a Living which a highly recommend to reinforce the concepts that he taught. After this book I also would recommend "Come into my Trading room", it has some of the same material but explained through a new angle plus new examples. Sometimes just a word , a sentence or a new example said differently will give you the AHA!! moment that you needed it. Repetition is the Mother of Skill... I HIGHLY recommend this great book. Thanks Dr. Elder !!!
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Reviewed in the United States on November 18, 2014 by Neokanobi
Format: Hardcover
It's worth a read and several revisiting readings. Dr. Elder knows how to write with impact about a subject that is very ephemeral in nature in a manner that engages the reader. Would recommend this if interested in the topic to anyone before or after they are engaged with the subject matters discussed in this excellent book.
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Reviewed in the United States on December 25, 2025 by Annie Body
Format: Hardcover
I have read all of Dr. Alexander Elder's trading books , most of them re-read couple of times.His Original "Trading For a Living" hit me like a hammer on the head. If you are into trading, you got to read this book. You can easily relate to him. Most of us are starting off much better than he started in USA. As a Russian Refugee, he started his life in USA with no english skills , no relatives and $25 in his pocket. Trading was expensive forte of the elite back then. PSYCHOLOGY BEHIND TRADING TOOLS: The Book addresses the psychological issues. Every aspect of trading, even the reasoning behind technical indicators are analyzed from a psychological perspective. For example, here is Dr.Elder's take on "SUPPORT AND RESISTANCE": "Buying and selling by crowds create support and resistance. Support and resistance exist because people have memories. Support and resistance exist because masses of traders feel pain and regret. Traders who hold losing positions feel intense pain. Losers are determined to get out as soon as the market gives them another chance. Traders who missed an opportunity to buy or sell short feel regret and also wait for the market to give them a second chance. Feelings of pain and regret are mild in trading ranges when swings are relatively small and losers do not get hurt too badly. Breakouts from these ranges create much more intense pain and regret". The pain of bears and regret of bulls makes them eager to buy, creating support. ATTENTION TO NEWBIES: The book will be useful to everyone. Even the high frequency professionals. It could be a lesson or a refresher, but everyone will find it useful. Useful enough Here the author has taken care to fit in a newbie's shoes every step of the way. The glossy eye catching charts, by themselves are self explanatory. He goes to the extend of suggesting to go with some basic software and upgrade as you get better. To prove the point, all the charts from stockcharts.com's free version. Buy something simple and inexpensive and upgrade later (With Dr. Elders's Punchline "It's a date,not a marriage"). And here is a suggestion that helped me (especially in Options), disable a common feature that shows your equity gains or losses in real time. Watching dollars jump up or down at every tick is stressful and distracting". MONEY MANAGEMENT: This is one of the best takeaways of the book. Sooner or later, you will be hit with losses ( probably you already got hit and the reason why you are planning to buy the book). You need staying power and the 2 % rule or the 6 % rule are valuable. Helps you to come back and fight again another day. CONS: The tiny fonts chosen for the book makes me think this book was primarily reviewed and edited on a Kindle Format. A pain to read that never goes away. Completely neutralizes the effect of glossy paper and cool charts. My 4 stars is because of this presentation. Also the price is little on the higher side. If you think it is not affordable, go with Dr. Elder's masterpiece for much lower price Come Into My Trading Room: A Complete Guide to Trading. Impulse System, Triple screen system were introduced in that book and only costs less than half this book. GOLD STANDARDS: Investing appears easy, but damn tough for a retail investor.It is all the more tougher if you do not have a large pot to start. As Mike Tyson said "Everyone has a plan until the first punch hits your face". This book helps every step of the way. I found a fast track `success' path in stock market and here it is: FAST TRACK TO WEALTH OPTION: If you are one of the masses, GOOGLE FOR 'TASTYTRADE'. It is a free website by Tom Sosnoff , founder of ThinkorSwim who is giving away brilliant pieces of research analysis and advice for free after big wins in his career.Also search for "KAREN SUPER TRADER" in youtube who made 45 MILLION DOLLAR GAINS in few years using techniques similar to Tom Sosnoff methodology. he is employing Datascientists, Research programmers, tons of back testing reports etc never even imaginable for a common man and giving away everything for free. His tradable and actionable content crushes CNBC. ( Nope, I am not paid by Tastytrade). He is proving to the world `option's is not reckless. Remember , Discipline and rules of Dr. Elder still applies . THE SAFER SPEED LIMIT APPROACH: If you are not comfortable with options, Dr.Elder's triple screen and Impulse System are very good ones There are plenty of tools, analytic software and techniques available, but don't forget Dr. Elder's core philosophy - Biggest barrier to success is inside your skull. SUMMARY: If you are reading this book for the first time, don't rush. Read just few pages so your focus is totally on this book. After finishing the book , come back to it after a month or so and re-read again. You can be in stocks, options, futures or anything but the rules of the book are immutable. Also read but more importantly watch tastytrade.
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Reviewed in the United States on December 3, 2014 by Digital Boomer
Format: Hardcover
I had read the original version of this book. I bought this updated version a couple of months ago. So far I have read many books on trading or on areas which relate to trading. I would rank this book as the best since it covers all important aspects related to trading (mind, method and money management) with great clarity. If one just plans to get a couple of books on trading, this should definitely be on the list! This book helps me on many fronts. It is well structured and full of practical tips. I just list a few of them here: 1. Market "gurus" come and go. In the end, it should be the trader who has to take the responsibility for each trading. One can not blindly follow any guru's advices and has the delusion of making money. 2. Trading is the most demanding on human psychology. This book offers psychology explanation for many market/trading behavior. 3. "Money management" is important as traders can easily be biased based on the short term experience and public media. Having a proper money management will give traders better chance to survive. 4. Need to check whether current market behavior show "A" trade characteristics before committing to the trade. This helps a lot on patience and reduces impulsive trading. In the end, it will significantly improve trading results. 5. There are many more...
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Reviewed in the United States on April 15, 2016 by Vincent Yin
Format: eTextbook
“The New Trading for a Living” remains one of the most foundational trading books available, especially for those looking to build a disciplined, risk-aware approach applicable across multiple asset classes. It teaches how to think and survive in trading, which is more valuable than any one strategy.
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Reviewed in the United States on June 3, 2025 by Amazon Customer
Format: Hardcover
The New Trading for a Living is one of only two books on the desk in my trading room. As a full-time private trader this book - alongside Dr. Elder's equally as brilliant The New Sell and Sell Short - are the two most transformative works I've encountered on the subject (and I've read dozens and dozens of books on financial markets over the first ten years of my career). When friends and family express an interest in the stock market this is the one book I recommend they begin with. It's equally as insightful for more advanced professionals as well. One of the many reasons this book is an international best-seller is Dr. Alexander Elder's talent for articulating concepts that transcend ever-changing markets and demonstrate long-term success. Also the author's background in psychology leads to some unique insights about crowd behavior as it applies to financial markets. I had already been trading for several years before I came across The New Trading for a Living. It completely transformed the way I thought about risk management and is the single greatest influence on how I currently manage my stock portfolio. I could go on and on. Do yourself a favor and read this life-changing book.
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Reviewed in the United States on May 17, 2020 by Andrew M Berke