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Dr. Alexander Elder’s New Tradition for Living
Trading for a Living was published in 1993 and quickly became a best-seller on a global scale. It is still at the top of many people’s reading lists, as friends suggest it to friends and trading businesses offer it to new employees. I resisted editing my novel for years because I believed and appreciated its inherent logic. I traded, traveled, authored additional books, and instructed in a few classes.
Now, 21 years later, I’ve agreed to update my best-selling book in order for you to profit from new technology as well as the lessons I’ve learned.
“If I gain half a percent smarter each year, I’ll be a genius by the time I die,” my late great friend Lou Taylor, to whom this book is dedicated, liked to joke. Revising my first work was like reliving my childhood with the advantage of hindsight. When I was contemplating this update, I was reminded of the Gasometer building complex in Vienna, Austria. At its heart are multistory storage tanks built in 1927 by Austrian bricklayers. When new technology rendered massive gas cylinders useless, architects repurposed them into contemporary dwellings.
They created panoramic vistas by punching big apertures in brick walls, installing floors and elevators, and adding glass-enclosed penthouses. I used to stay in one of them and wanted my new book to follow in their footsteps by combining ancient workmanship with current technology. Before you start reading this book, consider the most critical action you can do to become a great trader. Psychology is essential. Because I was actively practicing psychiatry at the time I wrote Trading for a Living, the psychology section stood the test of time, and I revised it only little in this updated version.
Market analysis is critical, but keep in mind that when we look at a chart, we are only dealing with five pieces of data: the open, high, low, close, and volume. Stacking a slew of indicators and patterns on top of those five variables simply adds to the confusion. Less is frequently more. If you’ve already read Trading for a Living, you’ll see that I’ve decreased the amount of technical chapters and relocated some of them to a downloadable addendum. However, I included numerous more chapters that
xiiPREFACEconcentrate on new tools, particularly the Impulse system. I also included a section on stop losses, profit objectives, and other useful information. Money management is critical since financial markets are high-risk environments.
That was the weakest link in the original work, so I changed it entirely. The Iron Triangle of risk control is one of several methods you’ll uncover. The three pillars of success are psychology, trading strategies, and money management, but there is a fourth aspect that connects them all. Record-keeping is the aspect that connects all others. Keeping detailed records will allow you to learn from your mistakes. It will assist you in breaking free from the vicious loop of little gains and large losses that has you scurrying like a squirrel in a barrel, sweating and anxious but never getting far. Keeping detailed records can help you become your own instructor and a better trader.
I’ll show you many sorts of records you should keep and share a few of my trade diaries.
Welcome to the adventure, if you’re a new reader. If you’ve previously read Trading for a Living, I hope you’ll find this new book to be two decades wiser. Alexander Elder, M.D. 2014, New York-Vermont
Foreign Exchange Course – Forex Trading
Do you want to learn about Forex?
Foreign exchange, sometimes known as FX, is the exchange of one country’s currency for another.
A country’s currency is valued according to supply and demand laws in a free economy.
In other words, the value of a currency might be tied to the value of another country’s currency, such as the US dollar, or even to a basket of currencies.
The government of a country may also establish the value of its currency.
Most countries, however, freely float their currencies against those of other countries, causing them to fluctuate constantly.
Learn about stock trading with our stock trading course.
A stock trader, also known as an equity trader or share trader, is a person or corporation who trades equity securities.
An agent, hedger, arbitrageur, speculator, or stockbroker are all examples of stock traders.
A stock exchange may be used for such equity trading in large publicly listed corporations.
Over-the-counter (OTC) markets allow for the purchase and sale of stock shares in smaller public firms.
Stock traders can trade on their own behalf, which is known as proprietary trading, or through an agent who is allowed to purchase and sell on the owner’s behalf, which is known as agency trading.
Typically, trading through an agent is done through a stockbroker. For conducting the deal, agents are paid a commission.
Market makers on major stock exchanges assist control price variance (volatility) by buying and selling a certain company’s shares on their own behalf as well as on behalf of other clients.
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