I was anxious to read this latest trading book from Dr. Alexander Eder after reading his previous works – Trading for a Living and Come Into My Trading Room. Dr. Elder is one of the authors that I have a lot of respect for when it comes to books on trading commodities, futures or stocks. He does not try to sell any gimmicks or offer false hopes. Rather, he tries to help the common trader become a profitable or more profitable trader by focusing on the psychology of trading, having a sound method to trading and utilizing proper money management. All of the principles are thoroughly reinforced throughout this book.
Real Traders Explain Their Strategies
You will get a glimpse into the trading strategies that 16 different traders use and some of the traders actually provide a very detailed explanation of their trading strategies. Many of them attend the trading camps that Dr. Elder periodically holds, so they have incorporated some of his trading techniques into their own. It is helpful if you read his previous book, Come Into My Trading Room, to get up to speed on Dr. Elder’s trading techniques. Don’t worry if you don’t, since he provides a solid outline at the beginning of this book.
Each interview provides you with background on the trader, their trading strategies and examples of two trades that each trader has actually placed.They also give an explanation/technique for their entry and the exit of each trade. Each example includes charts and the various indicators used by the trader on the specific trades. Most struggling traders will be amazed to find out that that you don’t need an overly complex system to trade profitably.
Dr Elder - Analysis and Trading Strategies
Dr. Elder is not trying to force his trading philosophy on his readers. He makes that point clear during his analysis. He respects methods of other traders and if they work, it is something they should stick with. However, he also believes in his methods and he teaches them throughout the book.
All Around Trading Guide
This book also instills confidence and opens your eyes on how trading is done by real traders. These are not cheesy testimonials that you seen on infomercials or an ad in a trading magazine – they are real people. Moreover, you are reading the works of an author who is a successful trader in his own regard and has written some excellent information to help you be a successful trader. It is very apparent that the author has a passion for trading and if you don’t, this book may not have as much meaning.
I feel you can take some good information out of most trading books, while some are a complete waste of time. There are however, some books that are in the top tier, such as this one. Entries and Exits, along with Elder's other books, may be the best books to teach you how to make a living from trading.
Commodities traders will probably get the most out of this book, as that is probably one of the toughest vehicles to trade. Even though this book does not solely focus on commodities, the same techniques will apply to any market you trade.
