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by Robin Sharma
Psychology, Discipline, Trading Tools and Systems, Risk Control, Trade Management
The New Trading for a Living by Dr. Alexander Elder is a comprehensive guide for new traders and experts alike, providing insights into market trends, psychology, and strategies for successful trading.
Have you ever looked at famed stock traders like Warren Buffet and wondered why you can’t live like them? Well, you can! It’s challenging to get there, but if you’re cognizant of some early pitfalls, it’ll be much easier.
As you take the plunge into trading, the first thing to be aware of is the danger of commissions. You pay your broker or bank a commission every time you do a trade – and if you don’t watch out, these commissions will eat up your trading money!
Say you’re an active trader, doing two trades a day, four days per week, paying $10 per trade in commissions. By the end of each week those commissions amount to $80. Working 50 weeks a year, you’ll have paid $4,000 in commissions by year’s end! If you’re trading with $20,000 per year, that’s 20 percent of your budget spent on commissions alone.
To minimize commission costs, make sure you do your research on various brokers and banks. Compare their services and commissions carefully to avoid paying more than necessary.
Another common pitfall is slippage. Slippage means that your order could have been filled for less money than you paid. If you want to avoid this, you’ll need to make your orders the right way.
There are two order types: limit orders and market orders. Using a market order is rather like saying, “give me a stock.” This guarantees you a stock, but you don’t know at which price. If the price has increased from $50 to $53, you are paying $3 more than you intended.
Using a limit order is like saying “give me that stock for $50.” You won’t pay more than $50, but if nobody is selling at this price, you might not get a stock. Limit orders are definitely the way to go, since they prevent you from overpaying for stock.
Paying too much, whether to brokers or for stocks, is one pitfall the new trader faces, but it’s not the only one.
The New Trading for a Living (2014) is your complete guide to getting started in trading. These blinks provide a detailed overview of a range of trading methods that will allow you to approach the market with minimum risk.
The New Trading for a Living (2014) by Dr. Alexander Elder is an invaluable resource for anyone interested in improving their trading skills. Here's why this book is worth reading:
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Try Blinkist to get the key ideas from 7,500+ bestselling nonfiction titles and podcasts. Listen or read in just 15 minutes.
Start your free trialBlink 3 of 8 - The 5 AM Club
by Robin Sharma
What is the main message of The New Trading for a Living?
The main message of The New Trading for a Living is that successful trading requires a combination of technical skills, emotional discipline, and risk management.
How long does it take to read The New Trading for a Living?
The reading time for The New Trading for a Living varies, but it usually takes several hours. The Blinkist summary can be read in just 15 minutes.
Is The New Trading for a Living a good book? Is it worth reading?
The New Trading for a Living is worth reading as it provides valuable insights and strategies for both novice and experienced traders.
Who is the author of The New Trading for a Living?
The author of The New Trading for a Living is Dr. Alexander Elder.