By Anna Kaarling Last updated Mar 13, 2024

Trading for a Living New Edition – get all the essentials

Have you ever seriously considered Trading for a living? Have you been interested in replacing your 9 to 5 job with something much more exciting and profitable like Forex trading? Would you like to start the day trading or a stock market career? As someone enthusiastic about Forex and finance in general, the art of Trading can be very useful.

First, to start Forex trading professionally, you need goodwill, an excellent internet connection, a few hundred dollars to open a brokerage account, and daily work and progress determination. Persistence must not be neglected because it is exactly what is necessary to achieve the desired career – Trading for a living.

However, superficial knowledge of Forex will get you nowhere. The best thing you can consider as a complete beginner in this financial sphere is a book by Alexander Elder, “The New Trading For A Living,” which will give you all the necessary answers. We will deal with this topic in the following text to bring all those answers closer to you and clarify them.

The updated version of Trading for a Living by Alexander Elder has all the essential information for all Forex enthusiasts who want to earn huge profits from trading nowadays. So, let’s learn more about the updated version of the original book, shall we?

What is the book “The New Trading for a Living” all about?

The updated version of the book by Alexander Elder Trading for a Living, “New Trading for a Living,” is the best-selling book about Forex trading of all time. It’s very popular among institutional and private traders worldwide, updating a modern classic original.

The expanded and revised edition enables traders to learn more about time-tested concepts with volatile markets, including new techniques and studies for the modern trader. Experts describe it as the classic guide that teaches a disciplined and calm approach to all markets.

Along with self-management, the book emphasizes certain risks, providing exact rules for both. Readers may expect to find templates for:

Creating trade plans
Rating traders’ own readiness for Trading
Rating stock picks

The book also gives readers the essential perspective, knowledge, and tools. These things are very important while developing an effective trading system in general.

What else can readers expect from The New Trading for a Living book?

Besides all the essential features that enable traders to develop their trading system effectively, readers can expect the following:

Charts with clear rules, techniques, and comments, in full color
Practical illustrations
Clear book’s language
Examples of the essential skills needed for the industry

To get the full, systematic approach to modern markets, experienced and new traders will appreciate its insights.

Novelties compared to the previous edition.

The updated version of the original Trading for a Living Alexander Elder has written pretends to become the author’s most valuable resource for the following reasons:

Mastering money management as soon as the trader sets entries, stops, and targets
Overcoming barriers to success
Identifying asymmetrical market zones with rewards that are higher and risks that are lower
Developing stronger discipline in general
Utilizing a record-keeping system that will turn a trader into his teacher.

Crucial things for successful Trading for a living

As mentioned above, the whole point behind successful Trading for a living is to have strong focus, discipline, and knowledge. Appropriately and most effective knowledge comes from proven resources such as The New Trading for a Living book. According to experts, this book will lift traders to a much higher level by sharing the newest, modern market tools and classic wisdom.

Study Guide for the book “The New Trading for a Living”

While reading this book, it’s essential to retain the knowledge of it for the future sake of your Forex trading career. For that reason, it’s vital to have the Study Guide for the New Trading for a Living, created by the author himself. This study guide is also great for mastering the key points of the main book.

So, 170 multiple-choice questions in the Study Guide are divided into 11 chapters, including their rating scale. You can expect to find numerous trading topics, from risk management to organizing Trading, system design to psychology, and much more.

Every question in the Study Guide is linked to a chapter in the New Trading for a Living book. The Answers section works like a mini-textbook with large-scale comments on the correct and incorrect answers.

Besides all that, in this guide, readers will find 17 different charts. They are the best way to recognize numerous trading patterns and signals. Keep in mind that experts consider this guide a valuable resource for anyone in the world aiming to achieve continual market success.

Why should you learn from Alexander Elder’s book?

One of the crucial questions of many newbies in the Forex industry is why it is advisable to learn to trade for a living from Alexander Elder’s book. According to Alexander himself, to master a certain concept, you need to be able to teach it to others. In other words, if you cannot explain what you know, then the question is whether you know a certain subject or not. He advises traders to be persistent and read the book carefully, taking notes and testing their data.

The book helped Alexander Elder while writing it, so he wanted it to help each trader worldwide improve their knowledge and expertise. Besides that, according to Elder, why not read the book and effectively grind out the profits?

Workshops of Alexander Elder

Elder runs live trading workshops twice a year with his partner in SpikeTrade.com, Kerry Lovvorn. So far, Elder and Lovvorn had six Trading for live workshops and traded their accounts in each of them, making profits in all six classes.

So, if some devoted and motivated Forex traders want to take six random days from their Trading, neither Elder nor Lovvorn would be able to deliver the maximum profitability. However, both of them had done it in their classes.

The reason is that working in front of a certain group creates extra pressure for the expected success. That’s why reading and learning from the book is good for motivated traders.

Who is Alexander Elder?

Now that you’ve got all the essential information about the new edition of the Trading for a Living book for today’s market, some may wonder who Alexander Elder is. To explain it the best, he’s a worldwide known professional trader and teacher of traders.

He has written numerous best-sellers recognized as modern classics in the Forex trading world. Besides best-sellers, Elder has written about New Zealand and Russia. He was born in Leningrad and grew up in Estonia. At the age of 16, Alexander Elder entered medical school. At 23, Alexander Elder worked as a ship’s doctor and got to a Soviet ship in Africa.

A special insight into the psychology of Trading

In the USA, Elder received political asylum. In New York, Alexander was working as a psychiatrist, while at Columbia University, he was teaching. Thanks to his experience in psychiatry, Elder got a unique insight into the psychology of Trading.

Today, Dr. Alexander Elder is an active trader. However, his main love is teaching other traders and speaking at conferences worldwide. He’s the originator of Traders’ Camps and founder of the SpikeTrade group. This group is known as the community of traders. Each week the members of the SpikeTrade group like to share their best stock picks in a competition for prizes.

How to become a successful Forex trader?

Reading the New Trading for a living is something that will open your path to greater opportunities and profits on the Forex market. However, besides reading the book and having the motivation to become a successful trader, there are several essential things you also need to do.

After getting informed about Forex in general and all the geopolitical factors that affect price fluctuations, Forex traders who want to make trading a long-term living career should do the following:

Find a reliable and regulated Forex broker
Open a demo account at the broker and start practicing Trading
Start small. Try out different Forex trading strategies and techniques until finding the best one.
Set their trading goals and learn daily. Success in the Forex market is achieved with persistence and everyday practice.

Conclusion

Let’s consider that during the first few months, almost 85% of traders stop trading Forex due to unfavorable results and unrealistic expectations. Persistent and smart people can be among the 15% of successful traders.

It is only necessary that they do not give up on the first obstacles and do not allow potential negative emotions and experiences to demotivate them and distance them from the career of successful traders. With the book “The New Trading for a Living” by Alexander Elder, a good brokerage company, persistence, and hard work, a successful and long-term career in Forex trading are more than possible!

Don’t give up on your trading goals that may lead to serious profits one day! Be patient, hardworking, and informed. Good luck on your path to success!