After reading Elder's 2nd book it was interesting to see just how much he had learned in the years between, and how much he had altered his trading settings. Proof that the market is forever moving and one must adjust ones methods to keep up with the changes as time goes by.
I've been reading Elder's book CIMTR and a few months on, I haven't finished it yet after been told I wouldn't be able to put it down. So far I've gleaned some fascinating insights on trading psychology and it has helped to focus my thoughts on what is needed for successful trading. It's certainly a worthwhile book but I'm not convinced there's enough in it to help you build a sound trading system you can actually trade with confidence.
I've found with most books on trading that I learn a few "nuggets" from each book I read and end up disregarding a lot of what is said.
I have read CIMTR and thought it was a good practical book overall. I too learned most from the psychological parts of the book, but the actual trade set up's etc did nothing for me. That doesn't make it a bad book, just that it's not really the type of trading set up's that I look for.
If I get a "nugget" or two from each book I read, then I consider it a worthwile purchase.
The most recent book I bought was trading in the zone by Mark Douglas which for the most part was very heavy going, and seemed to repeat the same thing over and over. However, the nuggets (and several of them for me) were all in the last couple of chapters.
Don't expect too much from books as there are many ways of trading, and one persons methods may be no good for you individually. You will find that you don't agree with much of what is written. My take on this is read as many books as you can, learn a little from each one and apply it to your own strategy, that is within your own comfort zones etc, whether a beginner trying to put a strategy together, or experienced looking to make improvements.
Read as much as you can, learn from it, apply the "nuggets" to your own trading.
Read as much as you can, take what's useful and drop the rest. I've found though, it takes a while and bit of reading, experience and exposure to sift out the personally irrelevant.
it is this background of comprehensive reading and research that will give you the foundation to go forward with confidence. I am always amazed by how much I don't yet know and what I find out as I continue to learn. Beware of short cuts and get rich quick approaches going forward - they abound throughout this industry and they never fulfill their promises.
it is this background of comprehensive reading and research that will give you the foundation to go forward with confidence. I am always amazed by how much I don't yet know and what I find out as I continue to learn.
Darrenf - Are GI reliable? I ordered a book (my first from them) from them 3 weeks ago and still no sign. Another member from this board ordered the same book from Amazon in the USA and it came in 6 days.
Always had reliable service from GI. Most books generally arrive within a couple of working days. (Most of the books I have ordered have been immediate dispatch).
The only time I've had to chase up was one case where I ordered a book that had a week or two delivery time on it. It hadn't arrived by the specified time so I emailed them. prompt response saying it had been dispatched the day before. Book turned up on my doorstep the next day.
If your'e having trouble, drop them an email. I'm sure they will respond promptly.