If I did not read all this books about trading....(Elder, Van Tharp, Mark Douglas, etc....) I would have learned to trade much faster. Especially their Money Management part....I tried for year applying their Money management ratio and lost my time. ps : I am just speaking about my own style...it may work for you
Alexander Elder and Van Tharp are unfortunately well respected in the retail side of traders.... To me, they are just salesmen with strong academic backgrounds. Among them, they have authored over 20 books. ARE THEY TRADERS OR ARE THEY AUTHORS? http://www.amazon.com/s/ref=nb_ss?url=search-alias=aps&field-keywords=elder&x=0&y=0 http://www.amazon.com/s/ref=nb_ss?url=search-alias=aps&field-keywords=Van+Tharp&x=0&y=0 I enjoy Mark Douglas on the other hand... he just wrote two books, and Trading in the Zone is a great piece on psychology. He could've made the book a lot shorter though and not so repetitive.
Look at this Elder clown selling a $225 software on his crappy website. Because ppl are too lazy to do so in Excel. http://shop.elder.com/shopexd.asp?id=380 Guy is a salesman.
so...? This is America People could have a free linux app on their pc instead the vast majority would rather buy windows because it is a bit simpler. Some traders write books, it does not mean that they are not good traders it is just a sure way to make money. If you are good at writing and you know the subject wouldn't you write a book ? Look at it as a risk free trade. I lost some money because I listened to the so called " financial experts " but I am 100% to blame.
Half of what this Elder guys says is plain junk. He tells noobs never to touch the ES but to swing trade stocks... no wonder he has to write books to get by.
I completely agree that you can blame no one but yourself for listening to a financial "experts" advice. But it's worth posting about it so maybe some newbie saves some money. I feel a tiny bit more satisfied knowing this salesman may sell one book less. Anyways, if you write 12 books in several years... You are not a trader.... You are a author. Trading is too demanding to spend that much time. Furthermore, traders are secretive by nature and it would be pointless to disclose your strategy (if successful). Only when you retire can you write your legacy. Kind of like that book Pit Bull.
I have to disagree about Douglas. He seems revered in the forums, but all he ever did, as far as I know, was blow up once spectacularly, then make a cottage industry out of talking about this failure and all his psychological "insights." There is much to learn from traders who blew up, then returned to overcome those problems and go on to profitablilty. Trading in the zone? What "zone?" Douglas never traded again. Why would you listen to someone talk about trading profitably who's never done it?