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A detailed look at one of the most underestimated aspects of trading-selling
In The New Sell and Sell Short, Second Edition, Dr. Alexander Elder explains how to exit a stock at the right time and how to initiate a short position to profit from a stock that is showing weakness. Often overlooked, selling properly enables a trader to cut losses and maximize profits. Moreover, short selling in a weak market can generate big profits and should be a part of every trader's arsenal of tools. The new edition contains numerous examples of short selling stocks from the 2008-2009 bear market, demonstrating very clearly why traders do themselves a disservice by only focusing on the long side. In addition, the new edition contains an extensive study guide to help readers master the material prior to trading.
Elder shares real-world examples that show how to manage your positions by adjusting your exit points as a trade unfolds.
- Contains new examples and insights from the 2008-2009 market meltdown
- Includes an extensive study guide with 115 questions and answers and 17 chart studies
- Discusses the selling process from a variety of angles: technical, fundamental, and psychological
- Explains how to maximize winnings in a profitable trade and how to minimize losses when a trade doesn't go as planned
- Offers detailed guidance for traders of stocks, financial futures, commodities, and currencies
- Explains how to set profit targets and stop-loss orders prior to entering any trade Other bestselling titles by Elder: Trading for a Living, Come Into My Trading Room, and Entries and Exits
Understanding where and when to sell is essential to successful trading. The New Sell and Sell Short, Second Edition is the definitive reference to this overlooked, but vitally important, aspect of trading.
Q&A with the Author
Author Dr. Alexander Elder Your books are considered “must reads” for traders. What will those who read your previous work gain from The New Sell and Sell Short? Selling to take a profit is the crowning moment of a trade. Selling to cut a small loss before it becomes a big and hurtful loss is a hallmark of a serious trader. My new book focuses on how to make those essential decisions. In trading, like in chess, there are completely different strategies for the beginning, the middle, and the endgame. I thought people needed a resource for handling the crucial conclusion of every trade. In addition, I added a major new section to this expanded edition of the original book – The Lessons of the 2007-2009 Bear Market. Markets are cyclical in nature, and we can learn a lot from the latest major bear. Readers should be prepared when the next bear comes around as it always does. What are the most significant challenges traders face in exiting long positions? Exiting a winning trade means cutting off the possibility of more profit. The power word in trading, just like in life in general, is ‘Enough.’ Endlessly reaching for more means letting a winning trade turn into a loss. My book offers several tools for deciding what is enough under different market conditions. Exiting a losing trade means giving up hope. In the markets, hope is an expensive business. Old traders say ‘if you hope, you’re a dope.’ Each trade requires a firm stop, and my book shows how and where to place them. What do traders who previously always traded from the long side need to understand when they decide to try short-selling? Markets go down about twice as fast as they rise. It takes buying to put the stocks up, but they fall, and fall hard, of their own weight. Profits come faster in short-selling, but so do losses. A short-seller needs an iron discipline – there is no room for hope that the market will reverse. Each trade requires three numbers: an entry point, a profit target, and a stop. You must place a stop and a profit target as soon as you enter into a short trade. Do you think the “boom and bust” patterns of the financial markets in recent years will continue? I think the markets have speeded up in recent years, reflecting the general speeding up of events in Western societies. Traders have a much better handle on risk, while long-term investing has become incredibly risky due to heightened volatility. I hope that my new book will help even long-term investors to implement the best practices of traders – take profits, cut losses, and benefit from price declines.
- Sales Rank: #382853 in Books
- Published on: 2011-03-29
- Original language: English
- Number of items: 1
- Dimensions: 9.00" h x .82" w x 6.00" l, 1.47 pounds
- Binding: Paperback
- 368 pages
From the Back Cover
THE NEW SELL & SELL SHORT EXPANDED SECOND EDITION
Any beginner in the stock market knows how to buy. Knowing when to sell will setyou above the crowd. This book will teach you when to sell and how to sell short.Stocks go down much faster than they rise, and knowing how to short doubles youropportunities. Amateurs don't know how to short and are afraid of it, but professionals love to profit from declines.
This new and expanded edition includes an intensive study of the 2007–2009 bear market, with many specific trading examples, distilling the essential lessons of recent years.
"Elder clearly shows how to take profits on winning trades or cut losing trades. He skillfullycombines technical analysis with trading psychology and risk management. Elder lets you in on a favorite game of market professionals — shorting overvalued stocks. His trading lessons from the recent crash are valuable and practical."
—John J. Murphy, author of Technical Analysis of the Financial Markets
"The New Sell & Sell Short delivers practical techniques for selling and shorting. In his relaxed style, colored with humor, Alex details strategies for limiting risk and protecting profits. My favorite is what he calls 'engine noise,' illustrated in a great study of Ford. His chapters on shorting tops and downtrends make difficult tasks accessible to all. This is an indispensable book for investors and speculators alike."
—David Weis, trader and author of Trades about to Happen
"Dr. Alexander Elder is one of the world's most respected teachers of trading mastery. I've read hundreds of books on trading and consider his writings to be among the mostvaluable and useful. Traders who do not know when to sell or how to profit from price declines keep missing major opportunities and expose themselves to unnecessary risks. The New Sell & Sell Short should be required reading for any serious trader or investor."
—Ed Dobson, founder of Traders Press Inc. and a private, full-time trader
About the Author
DR. Alexander Elder is a professional trader, a teacher of traders, and a psychiatrist. He is the founder of elder.com and SpikeTrade.com—both of which provide educational services to traders worldwide. Dr. Elder is the author of three bestselling books, Trading for a Living (translated into more than a dozen languages), Come Into My Trading Room (2002 Barron's Book of the Year), and Entries and Exits (2007 SFO Magazine Book of the Year).
Most helpful customer reviews
84 of 89 people found the following review helpful.
Updated edition of a modern classic
By Steve Burns
I am glad that Dr. Elder took the time to update and publish this book in a new edition. He saw the warning signs of the 2007 bull market coming to an end and had the foresight to write a book about the importance of timing exits and the value of shorting stocks when the time was right. It appears that the author is also as good with his entries and exits in publishing as he is in trading. He could not have given the trading community a better book at a better time when it was first published in May 2008.
If you are searching around on Amazon for a book on trading stocks then look no further, you have found one of the best ones on the market. I have actively traded successfully for over 12 years and read over 160 trading books, this stands out as one of the best. The book is a complete book on trading, it does not skip over any of the most important areas a trader will need for long time success in the markets.
1. The trader must have a trading plan, even discretionary traders.
2. The trader must keep good records to understand his mistakes and successes.
3. A trader should not trade so big that it causes excessive stress and bad judgment.
4. A good rule is to cut every loss to a maximum of 2% or less to limit the risk of ruin.
5. Trading with discipline will put you ahead of the majority of traders.
6. Your trading must fit your own personality and risk tolerance.
7. If you use fundamental ideas for a trade cross check it with the technicals of the chart.
8. Stock option buyers are net losers in the market.
9. Traders can not give up on a stock because they are stopped out, successful traders keep trading the stock until they catch the winning trades.
10. False breakouts and rallies off support are two of the best trading opportunities.
The trading style of the book's author is to trade with a fast and slow exponential moving averages (13,26), along with envelopes. He explains how to use short term swing trades using the MACD and force index to trade when a stock is technically above or below its value zone. The style is not to catch huge trends, it is just to have winning high probability trades by catching half or more of the stocks average range. This is the way professionals trade in a normal market environment. Risk management using stops will protect you from any trend that does take off and falls outside the normal range.
While as the title suggests it teaches when to sell your stocks for profits, and also does the best job I have seen of explaining short selling and when technical indicators show to short. This book is a complete book for any trader. The main lessons of this book is when to lock in profits and exit a trade using a target, and how to double your potential for profits by not only buying stocks but also selling stocks short and buying them back at a lower price for profit.
Professionals sell short because while overall the stock market drifts upward, when a stock falls it falls over twice as fast as it rises. I sell short and it is a powerful tool when used correctly. This book will show you when it is appropriate to short.
Dr. Alexander Elder is the only author I am aware of that integrates trading psychology, money management,technical analysis, and record keeping into one book. These four factors will determine whether you are successful in the market or not, even more than the trading method you choose.
If you are going to be a trader you must follow the money management suggestions in this book. NEVER risk more than 2% of your total equity on a trade, If you follow the 2% rule from the book, it will save you from learning this major life lesson the hard way and save you from huge equity draw downs.
Your long term success as a trader is determined by your ability to learn from your mistakes and not repeat them. The best way to do this is to keep detailed records on a spreadsheet and charts of each trade and a diary of why you traded. You must look squarely at each loss and win. If you learn from each bad trade and limit your loss to less than 2%, it can turn into a long term positive.
This review only scratches the surface of this great book. It is packed with very helpful principles, real trades, humor, and is just outstanding. I really grew as a trader years ago from reading and implementing Dr. Elder's best selling classics "Come into my Trading Room" and "Trading for a Living". If your dream is to trade for a living some day or just trade successfully this is the book to buy.
I was also very glad that Dr. Elder added in trades from the bear market of 2008-2009. I found his explanation of his trades very interesting and informative. There were reviews of some charts from that time period that showed signals of the bottom and when it was time to quit selling and selling short and start buying again.
48 of 55 people found the following review helpful.
Another Master Piece Delivered .. In Fancy glossy Paperback !
By Big Data Paramedic
I have read Dr.Alexander Elder's every single trading book, few of them Re-read again and again.And trust me, this book is one of such rare breed of books. With his previous books, the message was so influential, that I joined "Spike Trade" for few months. You might have guessed, Yes, I am little biased,but this review is purely based on the quality of the book.
MIND IS NEVER COLOR BLIND:
Before I get into the content of the book, I wish every author who writes a book on stock market (with Charts) should realize color helps understand the message the author wants to convey. Tons of charts in the book alone are worth more than the price of the book. I have read several books on stock markets,but they all miss the visual appeal of descriptive charts. They have some black and white charts with few lines and no descriptions on the charts itself.
NEWBIES - AMATEURS - SEMIPROFESSIONALS:
First of all , this book should not be your starting point for Alexander Elder's books. For Newbies the suggested order...
1. Trading for a Living: Psychology, Trading Tactics, Money Management ( You will need to read it twice)
2. Start making journals and learn from your trading experiences
3. Come Into My Trading Room: A Complete Guide to Trading (Masterpiece...Read 4 or 5 times to absorb the spirit and content of the book.)
4. Entries & Exits: Visits to 16 Trading Rooms (Wiley Trading) (Read once)
5. The New Sell and Sell Short (Wiley Trading) (Read couple of times)
7. Understand Metastock, Tradestation, esignal type tools.
8. Attend his seminar if you can afford.
LATE STAGE AMATEURS - EARLY STAGE SEMI PROFESSIONALS :
If you have read the above books and show fairly consistent equity curve , how will this book help? . It is a great refresher.
> How Confident are you identifying bullish or bearish Divergence?
> How often have they turned out to be correct?
> Do you still have spreadsheet and mental notes separately?
> Do you review them?
> What have you done to become a better trader?
> How many times have your stops been hit? Why?
> How many times did you get out late / Early .. Why?
> Do you compress the entire life of the charts to see how the stock is doing compared to it's historic averages?
Elder's books were the single largest reason for me not getting wiped out in the stock market. But this book brought me back to the reality that getting past amateur to semi professional is not an easy breeze.I have to be more honest with myself in making the notes, reading it and so on.
EXERCISES:
The exercises are boring; but so is serious trading . Please take time to do the exercises sincerely. Assuming you read the book and took the tests sincerely, you can skip the tests when you read it second or third time ( highly recommended)
GOLD STANDARDS:
The next few lines of this review , if you read and follow will have far more impact on your trading career than any individual book. For beginners/Semi Professionals/part time traders . Similar to "Driver License" being mandatory to Drive, I wish the following books below are mandatory requirements before anyone opens an online account. The books listed below are "gems" if you are not a "buy and hold" investor.
1. Trading for a Living: Psychology, Trading Tactics, Money Management
2. Come Into My Trading Room: A Complete Guide to Trading
3. How I Made $2,000,000 in the Stock Market
4. How to Make Money in Stocks: A Winning System in Good Times and Bad, Fourth Edition
5. Reminiscences of a Stock Operator (Wiley Investment Classics)
6. Trade Like an O'Neil Disciple: How We Made 18,000% in the Stock Market (Wiley Trading)
6 of 7 people found the following review helpful.
Elder Statesman Does NOT Fall Short
By Sailor Dunc
A flight instructor would be justified in sensing something was seriously amiss in students blissfully unconcerned about the details of all the going down and at some point landing bits. Yet a great deal of the trading literature is just like that. Often you find only vague platitudes on this entire side of the venture. Is it any wonder a majority crash and burn?
While the new edition can stand on its own as an overview of his trading advice, it's brave FOCUS on when to sell and advocacy to short "when you hear that bell" makes it stand out. Often an author will blow off spending much time of playing the downdrafts of markets, assuring you the pattern and strategy under discussion will "work just the same" going the other way. Just flip it around for a "mirror image". This might work in zero-gravity. For share prices, suspended between sky and a hole in the ground by the good ol' laws of physics and human nature, nothing could be further from the truth. Elder points out the resulting asymmetry. Precious knowledge around many tops or bottoms. For those that employ Inverse ETFs, where up IS down, it would be dangerous to forget which direction depends on hope's flapping wings and which the pull of earth.
One of things I also appreciate about Elder is his hands on emphasis. The text in this book is short on debating market theory and long on assessing basic context and price action. His use of indicators is lean and mean. In the New Sell, Elder sticks to a few Moving Averages plus the MACD and (his own volume+ based) Force Index. He correlates them to price action for confirmations of direction, a sense of momentum and possible alerts in divergences. There are other tools one could use for a similiar effect. But his discussions and detailed examples using the latter two are very interesting.
At a time when there is easy money to made churning out titles for the forex frenzy, Elder deserves credit for NOT jumping on the bandwagon. This book's scathing coverage of that playing field is a treat.
Not to be a party pooper, each chapter of the new edition does come with homework. Oh mannnn! But it's all good. For one thing it forces the reader to pass judgment at that hard right edge of the chart. Gone is the omnipotent vantage point of most chart reprints. Furthermore the answer sections contain more nuggets and value added discussion.
With no disrespect, there are other authors that cut through the noise and grab ME more than Elder has so far. Yet in a genre crowded with calls to "Come Into MY Trading" web, Elder deserves his status as one of the more respected statesmen. This book is a good example of why. It is a well written, attractively presented, honest, roll-up-the-sleeves contribution. It's many points help us do our own homework with better glasses and sharper senses. What else can one ask for? Happy landings!
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