To Trade or Not to Trade: A Beginner's Guide, 3rd Expanded Edition (2014) (Trading with Dr Elder)

You can be free. You can live and work anywhere in the world, be independent from the routine, and not answer to anybody.

This is the life of a successful trader.

Many aspire to it but few succeed. Newcomers often fail to prepare for the markets’ tough challenges. They keep making serious mistakes that could easily be avoided.

This book will help you decide whether trading is for you and teach you its key essential rules.

Success in trading is based on three Ms: Mind (psychology), Method (tactics), and Money (risk management). Each of these areas is covered in its own section of this ebook. The final section covers such practical topics as record-keeping, finding a broker, beginning to trade and continuing education.

CONTENTS

How this book is organized / Free updates & the honor code / Is it possible to trade for a living? / Can anyone become a successful trader?

MIND - Trading Psychology for Beginners
What you need to succeed / Who should not trade? / No illusions / A trading aptitude test / Trading psychology resources

METHOD: Trading Rules for Beginners
Two ways to analyze markets / Mind the gap between price and value / Live data and day-trading / Going long, selling short, or spreading / What stocks to trade / Futures, options, and forex / Use multiple timeframes / Discretionary and systematic trading / Placing orders / Profit targets / Protective stops

MONEY MANAGEMENT for Beginners
The three essential numbers for every trade / The 2% Rule / The 6% Rule
Trade sizing - the iron triangle of risk control / What account size is good for beginners?

PRACTICALITIES for Beginners
Paper trading / Record-keeping / What is your edge? / Opening a brokerage account / Taxes / Continuing education: books, software, etc.

Alexander Elder, M.D. is a professional trader based in New York. He is the author of several best-selling books: Trading for a Living, Come into My Trading Room, Entries & Exits, and The New Sell and Sell Short (all with Study Guides). Dr. Elder taught psychiatry at Columbia University. His experience provides him with unique insight into the psychology of trading. Dr. Elder is a sought-after speaker at worldwide conferences.