Trader, psychologist and writer Alexander Elder is very popular among Russian-speaking citizens who are interested in stock trading. Even successful professionals, financial analysts who work with brokers, often cite him as one of the top teachers, even though they have only read his books.
What to Read to a Trader: “How to Play and Win on the Stock Market” by Alexander Elder Where does this interest come from? Are you on the billionaire charts or showing unrealistic trading results? No way. Elder has several other perks that make it highly respected in the eyes of our merchants.
He is real . A person who lives in our time and who did not exist somewhere in the past or the century before the last. Videos of him can be found on the Internet, there are a lot of photos of him, not everything is like with some little-known dealers, about which they seem to be writing, but it is not possible to find enough information.
It combines the image of an American merchant and a Soviet person. As Elder himself admits, he once fled the USSR to live freely. He ran away, because it was impossible to drink and leave in those days. Therefore, today for merchants from Russia, Belarus, Ukraine and other countries of the former Soviet Union, he seems to be a unique person. For one thing, he knows firsthand how things are going with trade in the West. On the other hand, he is always willing to share information with former compatriots. And, I must say, he shares generously.
Open up the real side of trading, with all the pros and cons. It doesn’t have a dry statement of facts, it doesn’t have a constant reminder that stock trading is easy. On the contrary, it shows in every possible way well-known examples where traders lose money for psychological reasons, that is, the most common reasons.
Why the book is useful
Elder has only a few books, some of them are simply reprinted, supplemental. However, each one can be read without regretting the investment of time. “How to play and win on the stock market” is a simple guide without tricky tips and super complicated schemes, which is easy and quick to read.
What to Read to a Trader: “How to Play and Win on the Stock Market” by Alexander ElderAbout a third of the book is devoted to psychology. Also, you won’t see preaching and banal lists of do’s and don’ts when trading stocks, futures, forex, etc. The author simply describes in detail the known situations in which a trader recognizes himself. Interestingly, few people share this course of events with friends, acquaintances, relatives, hardly anyone is ready to admit their emotions. People tend to get excited and nervous, jump to the ceiling with joy when they win and get depressed by losses. But it is rare that someone talks about this, especially when it comes to negative situations. Every trader believes that their problems are a sealed secret that no one should know about. He keeps it to himself and thus experiments further, considering himself a failure, one of a kind.
But the Elder’s book reveals a new truth for everyone: you are not alone! If a trader with regular losses does not find himself in one situation described, he will surely find himself in another. Turns out he’s not the only one? But did anyone manage to get out of the confusion? Give hope.
The author describes the direction in which you must move to psychologically get out of a series of failures. He emphasizes that it is these problems that must be resolved first: emotionality, gambling, fears, greed, the desire to make all the money, etc. And after that, move on to trading systems and money management rules.
The remaining 2/3 of the books are:
A description of some of the situations in which the market is most likely to reverse.
Analysis of individual indicators.
The concept of volume and its correct use.
A couple of your own profitable strategies.
Although the book is written in simple and understandable language and is read literally in one sitting, it can be considered a complete textbook. It is more suitable for those who are just getting acquainted with the basics of trading. It will be a bit more difficult for beginners. Those who are already crammed with knowledge may want to take only part of the information from them or, on the contrary, dilute what has been written with their own experience. The effectiveness of such actions directly depends on the approach that the trader chooses. On its own, Elder’s system is quite profitable, reasonable and useful.
