Option

I think the great difference between this book and other trading books is Dr Elder's background as a psychiatrist. He provides valuable insights into understanding the human element of market behavior, and the individual trader that makes his work unique. Dr Elder shares his own, successful trading strategy in a clear, concise, and easy to understand style. He does a great job showing some of his successful trades. I'm sure this is one of the finest books on developing trading skills. It is not only fun and easy to read but it is profitable. It pays back.

1) "Some of the best trading opportunities occur after false breakouts" - I'm finding this more and more these days, which is why I actively use my Momentum Divergence indicators to separate the fakeouts from the real breakouts. Elder does a great job showing numerous charts throughout his book, laying the groundwork for the divergence examples he explains in great depth when you step into his trading room in the final chapter with many actual trading examples. You need to understand the concept of divergence to trade today's markets more profitably, and this book will be a great help in showing you how to trade divergence setups.

2) Triple Screen - Elder explains the important of using multiple timeframes, though he advocates two to no more than three time frames. The key concept is that whatever timeframe you use, you need to go up to the next longer timeframe to get confirmation. This provides the bigger picture trend to define the nature of your trades, and then you can return to the shorter timeframe and make more tactical decisions with this broader trend in mind as well.

3) Grade Your Performance - Elder actually quantifies trading effectiveness by defining the width of the channel for a stock, and what percentage of the move the trader actually captured to determine his grade. Regardless of how a trader measures his performance, it must be tracked in order to make improvements and experience constant improvement.

4) The SafeZone Stop - While I have not tested this indicator in my systems yet, Elder's SafeZone Stop looks like a more effective way to place a trailing stop than standard moving averages. The SafeZone Stop appears to adjust more rapidly to trending versus flat periods for a stock, compared to moving averages. This new technique should easily be worth many times the price of this book by itself.

5) Chapter 9: Trading for a Living - This chapter was my most highlighted chapter, as Elder covers the stages of growth from beginning to professional trader, covering a wide range of topics on trading discipline, time management, organization and developing a viable trading plan, to highlight just a few.

All in all, Come Into My Trading Room is an excellent follow-up to Elder's Trading For A Living, and I think you'll also find it a quick and thought-provoking read.

I had trouble putting the book down. Highly recommended.

Woops, just got a fill, gotta go!

I know that some of Wade's detractors will criticize this review and say this is after the fact. Sorry, I don't have a crystal ball so I can't post trades that I haven't made yet. Besides, no merchant has even refused my business from profits that I have made by trading using Wade's strategies nor has anyone ever refused my credit card, check or cash when then found out how I made a living.

And no one has ever critized my success by saying "it's after the fact."

The reality is that Wade's advice is right on. It works if you follow it.

I highly recommend Red Light Green Light, Wall Street Money Machine #1 and any book writen by Mr. Cook. The advice actually works.

Try it. You'll like it!

Red Light Green Light is a excellent book. But one for yourself and one for your broker. If you broker disagrees, FIR HIM and find a new broker.

Great strategies.

The psychological section of the book is useful more towards the intermediate and the professional trader, whilst the trading tactics section is more designed for the novice and the intermediate trader, and the money management section for all three types of traders.

I found this book very helpful throughout my trading career and I would highly recommend that once you have read it not to discard it. You will find it greatly more beneficial to your trading career if you were to read it at least once every 1-2 years of your trading life, because certain areas in the book become highlighted and more readily understood as you mature.

The only reason why I gave it the 4 stars was Elder's fairly lack-lustre Money Management section (accounts for about 6% of the book). However if you find you would like to know more about Money Management (which is an integral part of trading) I would highly recommed K. van Tharp's "Trade Your Way To Financial Freedom."

The first half of the book is pure psychology. The stock market in fact is a reflection of the human psychology. As the author points out, so many people who are educated think that because they are "school smart" that they must be able to master the financial markets just as well. It's the psychology and the mentality that goes into it. The author likens a typical losing trader (in other words, most traders!) to an alcoholic in denial. Traders are addicted to losing money. They get such a thrill from trading that they don't care if they win or lose.

The second half (Trading for a Living) is the core of the book. It is various trading strategies and technical information. If you're an experienced trader, you'll recognize most of it. The rule is simple: "buy low, sell high" or "short high, cover low". I think the author did an excellent job of covering a wide variety of strategies and trading tools. If you are new to trading, it may confuse the daylights out of you.

This book is a must have for anyone venturing into online trading. Dr. Elder lays out the three essentials of becoming a successful trader: Mind, Method and Money Management.

1. Mind: The psychological aspect of trading. Tells you to observe your own emotions as you trade.

2. Method: Technical analysis. Almost every major indicator is discussed here.

3. Money Management: Gives you some tips on how much to risk.

I have found a lot more detail in this book than in any other I've read so far. It is very enlightning. I give the book five stars. It is really good. If you don't mind the high price, buy it. It pays. You won't be disappointed. I highly recommend it to those traders who wants to improve the quality of their lives.

Alexander Petrochenkov

It is an excellent guide for stock-brokers, economists, mathematicians and anyone interested in the derivative markets who possess a fair understanding of probability theory and a basic knowledge of stochastic calculus.

The book deals with such issues of different types of options, portfolio hedging, options pricing, stock market models (e.g. Black-Scholes and Brownian motion) and the various jargon and equations used in the option market.

As other readers have suggested much of the book may be beyond certain readers who lack the mathematical background. For those interested in the subject and with a mathematical knowledge they should find this book succint, comprehensive and accurate.

Gene Kranz's book provides an insider's view into the inner workings of MCC, all the way from the Mercury program to the final Apollo 17 mission in 1972. Probably better suited than almost any one else to tell this story on how things looked from the ground, Kranz worked his career in NASA up to Flight Director, including for the memorable Apollo 11 and 13 flights which provide some of the most dramatic passages in the book. While the world savored the euphoria of the first men landing on the moon, Kranz tells of how he and his team were worrying about near fatal computer problems with the lunar lander. Most readers will be familiar with the Apollo 13 episode which was well enacted on the big screen with Tom Hanks , but Kranz's book provides some of the finer detail that the movie misses.

The book not only provides flight details of the manned spaced shots, but discuss some of the important management and technical issues which need to be resolved to move from Mercury through Gemini and Apollo. Kranz's epilogue concludes with some of his broader observatons and recommendations for future space policy.

Readers will be struck by the authoritarian and disciplined management style in the program, which Kranz does not easily hide. The author would probably have done well to use a ghostwriter or good editor. But apart from its prose which lacks elegance and an easy flow, this book provides an illuminating insight into how such a complex management feat was accomplished.

In "Failure Is Not an Option," Kranz tells the story of Mission Control from the begining (he wrote some of the intial procedures manuals) through the Space Shuttle program. He shows how the ground controllers developed into a team, not only with each other, but with the astronauts on board the spacecraft.

Kranz may not be the most polished writer, but this is a first-person account from someone who helped make history. One of the things I really liked about the book is that Kranz not only took detailed notes during the missions (that was his first flight assignment), but he held on to them and used them to provide a more detailed account than I have seen before of the key missions from the perspective of Mission Control. He doesn't pull punches, and he's not afraid to admit mistakes, and this gives this book an air of honesty that you don't always find in an autobiography.

This book is an excellent story of the space race from the ground.