TRADING FOR A LIVING (BY DR ALEXANDER ELDER)

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1. 3 pillars of trading: Psychology, market analysis and tiding systems and money management. 2. Keep emotions under check: Be realistic, Keep a diary of trades. Stop trading if results consistently poor. Don't focus ob profit, focus on process. practice sound money management. 3. Use indicators of different kinds in conjunctions. Use Man ( Long term indicator: such as MA/OBV and Dog (oscillators such as Stochastics ). Exponentials are better than simple averages. Need a bigger fishing rod to Catch a big fish 4. Triple screen trading system: Slope of weekly MACD histogram, Intraday breakout (trailing day stop). 5. Money management: Most important Survival followed by steady returns followed by high returns. Survival is Key.. Never risk more than 2% of equity in any trade. Use trailing stops on upside for longs.Never lower your stops, only move it in upward direction of trades.