Dr. Alexander Elder – Trading for a Living – Psychology of Trading
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Day trading technical analysis
How to Understand Technical Analysis: Discover Technical Analysis
In finance, technical analysis is a methodology for forecasting price direction based on past market data, primarily price and volume.
Many of the tools used in behavioral economics and quantitative analysis are also used in technical analysis, which, as an aspect of active management, contradicts much of modern portfolio theory.
The efficient-market hypothesis, which states that stock market prices are essentially unpredictable, challenges the efficacy of both technical and fundamental analysis.
Making a Living Through Trading Mind, Method, and Money are the three M’s of successful trading. Trading for a Living helps you master all of those three areas:
* How to become a cool, calm, and collected trader * How to profit from reading market crowd behavior
* How to utilize a computer to locate good trades\s* How to construct a powerful trading system\s* How to find the deals with the highest odds of success\s* How to find entry and exit points, set stops, and take profits
Trading for a Living teaches you how to discipline your mind, how to trade the markets, and how to manage money in your trading accounts so that a string of losses does not force you out of the game. Look for the companion volume, Trading for a Living Study Guide, to help you profit even more from the ideas in Trading for a Living. It includes over 200 multiple-choice questions, answers, and 11 rating scales to help you improve your trading skills. For example: Question Markets rise when\s* there are more buyers than sellers\s* buyers are more aggressive than sellers\s* sellers are afraid and demand a premium\s* more shares or contracts are bought than sold
* I and II\s* II and III\s* II and IV\s* III and IV
Answer B. II and III. Every change in price reflects what happens in the battle between bulls and bears. Markets rise when bulls feel more strongly than bears. They rally when buyers are confident and sellers demand a premium for participating in the game that is going against them. There is a buyer and a seller behind every transaction. The number of stocks or futures bought and sold is equal by definition.
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