Review of Come Into My Trading Room: A Complete Guide to Trading by Alexander Elder

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If you already read Alexander Elder’s best seller, ‘Trading for a Living: Shifting focus from technical analysis to the overall management of a trader’s money, time, and strategy’ you will agree with me that Dr. Alexander Elder is a widely traveled man, both in life and in business, and how he tells it is kind of special.  In this book, Dr. Elder expounds more on questions raised in his other trading books and takes the reader through the fundamental secrets of success in forex trading, how to identify new opportunities and using little-known indicators to make a trade profitable.

This book is a complete guide to trading for almost anyone with interest in FX, from the beginner who just found out about the global money market to the seasoned professional seeking new methodologies or trying out new trade experiments and need a reference point.  The book is a fresh look at the 3 Ms – Mind, Method and Money and goes in-depth to explain the strategies and money management services that will make a difference.

Dr. Elder wholly reviews the basics of trading in futures, options and stocks besides forex to expound on the whole principle of buying and selling money to make money and also covers the essential psychological tactics every successful trader needs to know to be organized and become successful in this book.  He believes that by showing a prospective or current forex trader that the best ever combination that wins every time is that of the 3 Ms, and mastering them is the perfect solution to being confident, taking bigger but worthy risks knowing how to trade and finally exiting the trade with significant profits.

Dr. Alexander Elder himself was not born a forex trader, he attended medical school in Estonia and worked as a doctor in a Russian ship before seeking asylum in the US and thinking that there are better ways to earn than working harder.  When you pick up this book, you will read about his journeys and tribulations but you will also learn from his mistakes and miscalculations.  He added a lot of new material about himself and about FX in general in this book that was published in 2002 including the less technical methods of analyzing opportunities, more on money management and new materials on the personality and thinking of a successful FX trader.

The book has many interesting methodologies, but its strength is in the details of trading rather than making a plan or managing risks.  If you are lost as to which trades to pick or cannot seem to make the right decision on choosing your markets, this may not be the best book for you because Dr. Elder does not dwell much on how to choose the trades but rather provides the general rules and guidelines to follow.  This being a guide, I would expect more detail but then, I can’t say I have read all his books.  If you liked any of his previous books, you will most certainly find a comfortable spot once you are invited into Dr. Alexander Elder’s forex Trading Room.

Top 5 Currency Trading Books You Will Love

I would be right to say that books are the best source of information to gain knowledge on a specific field, no matter how easy it is to find it on the internet.  If you are learning to secure your life through Forex trading and are looking for information, tips, advice and tricks from a professional, I wouldn’t recommend you read blogs and websites by self-proclaimed internet billionaires with tons of affiliate links on the home page; Buy a nice highly reviewed or recommended book and get first hand unadulterated information and knowledge you need to make a difference in life.  In my opinion, the best 5 currency trading books you should start with are:

7 Winning Strategies for Trading Forex by Grace Cheng

indexGrace Cheng is a full-time forex trader with advanced knowledge in fundamental, technical and sentimental analysis and the creator of the PowerFX Trading Course.  The author of this book, as you can see, is a success story in forex and this book is considered an ideal guide book in improving your trading skills.  The book focuses on teaching you how to come up with winning trading strategies, how to minimize risks and when and when not to trade.

New Concepts in Technical Trading Systems by J. Welles Wilder Jr

stockcharts_2160_4667943_largeThis book is perfect for traders who already understand all the basics about forex.  However, even beginners can find it useful because it is well illustrated and teaches 6 different definitive and truly unique technical trading systems which is more than an average trader knows.  Wilder says that no serious trader should assume there will be consistent profits in both non-directional congestion and strongly directional markets, you should therefore master trading in any situation.

Day Trading & Swing Trading the Currency Market by Kathy Lien

index2This book was written by the director of Currency Research of GFT and and in it she presents a wide variety of basic and technical profitable strategies in forex trading that you will find very useful and simple to learn.  It is one of the most recommended forex trading books largely because it describes everything important in forex trading and covers important elements like interest rates differentials, inter-market relationships, news events, option volatility and intervention by central banks.

Trade Your Way to Financial Freedom by Van K. Tharp

index3This book focuses on making you make money, do not be surprised then when it is such an easy read that doesn’t go so deep in detail.  However, Van K. Tharp is a renowned and celebrated bestseller and he wrote this book mainly to address the concerns of a modern market environment.  The book features charts and updated examples, it helps you look into yourself and put aside personal biases that affects your trades and generally makes you a better trader.

The 10 Essentials of Forex Trading by Jared F. Martinez

index4The 10 essentials of forex trading, rules for turning trading patterns into profit was written almost a decade ago (in 2007) but I assure you that this book is worth buying especially if you are a novice in forex trading.  It is a very interesting read and most forex traders find that it has knowledge passed down from experienced traders and penned by one of the most proficient currency traders of the last decade.

Review of Trading for a Living: Psychology, Trading Tactics, Money Management by Alexander Elder

51DG4omF0+LIf you are ever going to be a successful currency trader, you must understand and embrace the fact that when trading in money, you need to have a long-term plan and you must have a principle to lead you both in life and in business.  Alexander Elder explains in his book ‘ Trading for a Living : Psychology, Trading Tactics, Money Management’ that a successful trade must be based on the 3Ms: Mind, Method and Money and only trading in currencies for a living will ever get to you master all 3.

This book is one of the most recommended to young and upcoming forex traders because it is written to help a trader think outside the box and because Alexander says trading is 90 percent an inner game and only 10 percent actual trading, success naturally comes when you build a good strong personal character and establish integrity in all you do.

This is undoubtedly one of the best and most comprehensive forex trading books you will ever read, and Alexander Elder, an MD and a professional forex trader, a teacher of forex trading and author of a series of best sellers did a wonderful job writing this easy to read and understand book.  Most tutors, educators, mentors and successful forex traders consider Alexander among the modern classics of the forex trade.

His life story is full of fun, adventure, risks and suffering but it sure is one of a kind.  He was born in Leningrad, grew up in Estonia, joined medical school at 16 but jumped a Soviet ship when he was working as a ship’s doctor in Africa and sought asylum in the US.  He is currently living in New York.  His biography lists some of his best achievements in life to include his experience as he worked as a psychiatrist and how he got the unique insight to unravel the psychology of trading, being the originator of the ‘traders’ Camp’ weekly series of classes for aspiring forex traders and being the founder of The Spike Group where members share the best stock picks for prizes.

Dr. Elder is among the most sought after public speakers in the US and internationally, so if you can pick his brain by reading one of the best books he wrote, I guarantee that you will learn something that will alter the course of your life.  Some of the how to areas that it covers include:

  • pic_elderBecoming a cool, collected and calm forex trader.
  • Profiting from the reading behaviors of the market crowd.
  • How you can use a computer to find the best trades.
  • Secrets to developing a winning trading system.
  • Looking for, finding and executing trades with the best chances of success.
  • Understanding and identifying the entry and exit points, setting stops and taking profits from trades.
  • Why there are more buyers than sellers, why buyers are more aggressive and why sellers shy away from demanding premium.

Some reviewers say that the book ‘Trading for a Living: Psychology, Trading Tactics, Money Management’ is an amazing book, but it dwells too much on trading indicators and several other external factors.  If this is true, here is another reason to be the best at using indicators and understanding the factors Dr. Elder has in the book.

Review of Market Wizards by Jack D. Schwager

odesk2When eToro launched the ‘Follow’ feature to forex trading, where any trader, novice or already experienced, can follow the trades of another skilled or pro trader, it was lauded as the best feature to fill the trench that most amateur traders fall into as they try to make it to the winners’ circle.  Jack D. Swager attempted this move back in 1988, but because of the technology and trades of the time, the best he could do was put it in a book which meant digesting it would be much harder than just clicking ‘Copy Trader’.

‘Market Wizards’ is not just a book, it is a series of books that provides information to equip you with motivation and skills to follow the paths of successful forex traders as you read about their lives, how they entered into the currency business, their winning trading styles, the mistakes they made and their battles that defined who they are.  This book is more of an interview that will most definitely provide you with a different perspective of the currency trade because you get to see that even extra-ordinary geniuses you admire started humble – maybe even worse off than you are now.

It would be accurate to describe this book as a compilation of traders’ interviews, presented in the simplest and easiest to understand style.  However, there are not just interviews in there, Jack delves deep to investigate the thought processes of the traders he interviews and describes them best as a literature guru would – comprehensively.  The book features interviews from market wizards including Michael Marcus, Bruce Kovner, Paul Tudor Jones, Richard Dennis, Ed Seykota, Larry Hite, Marty Schwartz, James B. Rogers, Jr., Mark Weinstein, Dr. Van K. Tharp and Bill Lipschutz among others.

jack_schwagerIf you believe that you have what it takes to be a forex trader, you should know that it is a torturous and very demanding form of excitement as Jack, the author, calls it.  He says that most people who lose money in forex trading make the mistake of thinking striking a balance between life and trading is easy, and assuming that profits are all that matter.  This book will introduce you into a world of hard workers and you will get to learn how those who have succeeded managed to balance emotion and knowledge and business and family.

Why buy and read this paper book when you can Google and find the answers to all your problems on YouTube, with modern-day successful entrepreneurs telling you what to do?  The answer is simple – anyone can post anything online and getting good high quality unadulterated information like what this book has is not easy.  Even though the book ‘The Market Wizards’ talks of the old wizards in the trade, they were the pioneers that opened the floodgates to the forex market.

If this book impresses you, find the second installment in the series ‘The New Market Wizards’ published in 1992 and the third book in the series, ‘Stock Market Wizards’ published in 2001.

Review of Day Trading the Currency Market: Technical and Fundamental Strategies To Profit from Market Swings by Kathy Lien

kathy_lien_1_enEach single weekday, the world’s financial powers play their massive ‘high stakes’ game that involves moving over $2 trillion worth of currency across the whole planet at the speed of light.  When the chips are counted after the close of business, there’s certainly a group that wins and then there is a bigger group that loses.  If you are a forex trader, there are very many things you can do to always be on the winning team, but it is not easy.  Kathy Lien wrote the book ‘Day Trading the Currency Market: Technical and Fundamental Strategies To Profit from Market Swings’ as a guide to help ordinary traders and those struggling hard to make trades profitable to cross the elusive line and claim a place at the winning table.

The book’s cover introduces the author, Kathy Lien, as the Chief Currency Strategist at Forex Capital Markets where her job involves providing fundamental and technical research reports, trading strategies and commentaries.  She has also worked at JPMorgan Chase, appeared on CNBC, Stocks and Commodities, Active trader, CBS Market Watch, Futures and SFO where her work has been published.

When you pick up this forex trading book, the first thing you will notice is the high quality of writing – the way the words are phrased, how narratives flow and how the tone is just perfect to convince you that the author knew what she was writing about.  Lien begins this book by comparing the forex market with other trading platforms like futures and equities and explains why the forex market holds the most promising chances of success thanks to low transaction costs, continuous trading, customizable leverage and the fact that it is the largest market in the world.

forex-traderWhether you are a beginner or an intermediate trader, the book ‘Day Trading the Currency Market: Technical and Fundamental Strategies To Profit from Market Swings’ is right for you because it does deep to explain the concept of technical analysis, why technical analysis works best for the FX market and trains you to be a technical trader who can identify new breakouts and trends that offer multiple opportunities to enter and exit the trade.  Lien also covers the currency market from a wide angle but in a relaxed style, dwells a little on the market characteristics such as those that identify the best times to trade, daily ranges to watch, how to manage various variable market conditions and the element of seasonality.

Because Kathy Lien is a very respected member of the global currency trading niche, you cannot go wrong learning and adopting her strategies and using her advice and tips to place yourself on top of the pack.  The book covers a lot more than I have mentioned in this short review, but I can assure you that investing in the book will give you back many times the worth of the book in ideas, tips, guidance and advice and real-life illustrations and examples.  The book can be great for intermediate and experience forex traders but even beginners shouldn’t have a problem understanding it.