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.
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|Title of Business & Economics eBook: The New Sell and Sell Short|
|Release Date: 02-16-2011|
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The New Sell and Sell Short
Chapter OneOn Buying
Trading requires confidence; but, paradoxically, it also demands humility. Since the markets are huge, there is no way you can master everything. Your knowledge can never be complete.
This is why we need to select an area of research and trading and specialize in it. Let's compare financial markets to medicine. Today's physician cannot be an expert in surgery, psychiatry, and pediatrics. Such universal expertise may have been possible centuries ago, but modern physicians must specialize.
THE THREE GREAT DIVIDES
A serious trader also needs to specialize. He must choose an area of research and trading that appeals to him or her. A trader needs to make several key choices:
Technical vs. Fundamental Analysis
Fundamental analysts of stocks study the values of listed companies. In the futures markets they explore the supply-demand equations for commodities. Technicians, by contrast, believe that the sum of knowledge about any stock or future is reflected in its price. Technicians study chart patterns and indicators to determine whether bulls or bears are winning the current round of the trading battle. Needless to say, there is some overlap between the two methods. Serious fundamentalists look at charts, while serious technicians like to have some idea about the fundamentals of the market they are trading.
Trend vs. Counter-Trend Trading
Almost every chart shows a mix of directional moves and choppy trading ranges. Powerful trends fascinate beginners: if you were to buy...