The New Trading for a Living With Study Guide: Psychology, Discipline, Trading Tools and Systems, Risk Control, Trade Management

Dr. Alexander Elder’s The New Trading for a Living is a modern classic that redefines trading education for today’s markets. Building on his bestselling Trading for a Living, Elder updates his teachings with cutting-edge tools, new trading systems, and deeper insights into trader psychology and risk control.

This book combines three essential pillars of trading success—psychology, tactics, and money management—with a fourth, often overlooked component: record-keeping. Elder emphasizes that trading is more than reading charts; it is about mastering yourself, controlling risk, and maintaining discipline over the long run.

Readers will explore individual psychology (how self-sabotage and emotions impact decisions), mass psychology (how crowds create trends), classical chart analysis, and computerized technical tools like MACD, RSI, Stochastics, and the Impulse System. The book also covers volume and time indicators, trading vehicles (stocks, ETFs, options, forex, futures), and Elder’s signature Triple Screen Trading System.

With over 200 charts, practical exercises, and real-world case studies, this is not just theory—it’s a hands-on training program. Elder guides readers through building trade plans, keeping journals, and applying money management rules such as the 2% and 6% rules. His psychological insights, drawn from his background as a psychiatrist, make this one of the most holistic trading guides ever written.

The New Trading for a Living is a complete roadmap for traders who want to achieve consistency, confidence, and long-term profitability.

✅ What You’ll Learn:

• Why psychology is the key to trading success and how to master your emotions.
• How to identify and overcome self-destructive trading behaviors.
• The dynamics of mass psychology, trends, and crowd behavior.
• Fundamentals of classical charting, including support, resistance, and trend analysis.
• How to apply computerized indicators (MACD, RSI, Stochastics, Directional System).
• The role of volume and time in confirming market moves.
• Elder’s Triple Screen System and Impulse System for trading decisions.
• Proven risk control rules (2% and 6% rules) to protect capital.
• The importance of record-keeping and how to use journals for continuous improvement.

💡 Key Benefits:

• A complete trading education from psychology to strategies and money management.
• Updated with modern tools, charts, and systems for today’s markets.
• Provides practical rules and exercises to apply immediately.
• Strengthens trader discipline through journaling and record-keeping.
• Suitable for all markets: stocks, futures, options, forex, ETFs.
• Written by a renowned trader and psychiatrist, blending psychology with trading tactics.

👤 Who This Book Is For:

• Beginners seeking a structured entry point into trading.
• Intermediate traders who need discipline and risk management frameworks.
• Experienced traders aiming to refine psychology and systematize strategies.
• Investors who want a complete, modern guide to trading in any market.

📚 Table of Contents:

• Part One: Individual Psychology
• Part Two: Mass Psychology
• Part Three: Classical Chart Analysis
• Part Four: Computerized Technical Analysis
• Part Five: Volume and Time
• Part Six: General Market Indicators
• Part Seven: Trading Systems
• Part Eight: Trading Vehicles
• Part Nine: Risk Management
• Part Ten: Practical Details
• Part Eleven: Good Record-Keeping