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I have read Alexander Elder's book Trading for a living with great interest. I think that you are also an advocate of this method. Most Buy signals are produced by a stock breaking out of a range or continuing a trend.

The problem is that most of the time this then greatly exceeds the 22 day SMA in price. Does one bid the 22 day price and hope for the best that a retracement will allow one to pick up the shares?

If you read the last lines in the book, you will realise that Dr Elder reserved the right to improve his methods. I have been at several of his recent camps and I have never heard him say that uses the day SMA. The only entry system I have heard him expound is based on the day EMA. You are right that strong markets often swing way above the day EMA. This is when prices have got right away from the consensus of value. This is where the amateurs buy. The only basis for buying away from the day EMA is what Dr Elder calls the "greater fool theory" - that you hope later to sell it at a higher price to a greater fool that yourself.

So, what he does is place buy orders near the day EMA and wait trading for a living review the market to come back to that level. You trading for a living review to revise the price each day as the EMA moves. Dr Elder describes this as being like fishing - you put out a number of lines and then wait for the fish to bite.

If the price does not come back to trading for a living review 22 day EMA, then you do not trade that stock and look for other opportunities at fair value. Most people have trouble with this system.

Our modern society is based on instant gratification. We are impatient to wait for anything - if you drive on our roads, you will know what I mean. They also lack any discipline. This is why most people fail at trading and investing. However, the great traders and investors all display two traits - patience and discipline.

That is why trading for a living review succeed. From January, I count Nine buying opportunities so far. Some you would have been stopped out of at a loss. Trading for a living review just needed patience and discipline.

The other point that I would make is that this is only one method of trading the markets. There are lots more. If you find this one is not comfortable for you, you need to find a method that is and test it thoroughly to make sure it works. Ignore fair value and bid the market price or 2. By the way, more stocks than you think do come back to the day EMA.

Here is a good example: Development — Yakhnov Studio.

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This is a hard-cover book, on album-quality paper with charts in color its companion Study Guide is also in color. We recommend a complete set , including the Study Guide. If you would like your book to be autographed by Dr. Elder, please enter the name below. The best-selling trading book of all time — updated for the new era. The New Trading for a Living updates a modern classic, popular worldwide among both private and institutional traders.

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.

Both new and experienced traders will appreciate its insights and the calm, systematic approach to modern markets. Successful 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.

Less expensive to order together than apart, and you pay shipping for only one book.. Your email address will not be published. Description Additional information Reviews 0 Description The best-selling trading book of all time — updated for the new era The New Trading for a Living updates a modern classic, popular worldwide among both private and institutional traders.

Overcome barriers to success and develop stronger discipline Identify asymmetrical market zones, where rewards are higher and risks lower Master money management as you set entries, targets and stops Use a record-keeping system that will make you into your own teacher Successful trading is based on knowledge, focus, and discipline. Reviews There are no reviews yet. Choose an option Chinese English Clear.