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Come Into My Trading Room by Dr. Alexander Elder

To learn trading, this is definitely one of my favorite books. Alexander Elder is a psychiatrist from Russia. He escaped communist rule and made a home in the United States. He started trading and used his expertise in human behavior to apply to his trading style. In short, he applies a trading strategy and makes calculated and attainable exit goals. He is always saying to "take your profits". When I trade, I imagine his scolding russian voice telling me to "take my profits" and I do! It works!

Some of the more useful information I got from this book is the way he describes and rationalizes what he calls swing trading. I have briefly described this trading strategy in another section of this site, but Dr. Elder does a much better job in this book.

Another extremely useful and beneficial part of this book is the length to which he goes into the concept of record keeping. He outlines record keeping as being three-fold: a trading journal, a trader's spreadsheet, and a trader's equity curve. He goes into detail on how to keep each one and shows some examples from his own. Before reading this book, I used to try and keep some sort journal but it was a miserable example compared to the ones I keep now. The tools that I learned have been invaluable.

Throughout the book, Alexander Elder continuously emphasizes positive trading mindset. He basically tries to indoctrinate you into being a better trader, and makes you realize it if you are trading for the wrong reasons. He is a very good writer and is extremely easy to read. This book does not contain jargon and technical rhetoric beyond the layman's grasp.

I strongly recommend reading Come Into My Trading Room to help you learn trading.

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