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Author Message  colin_twiggs Moderator Username: colin_twiggs Post Number: 39 Registered: 09-2002 Rating: N/A Votes: 0 Friday, October 11, 2002 - 06:51 pm:     Elder's Come into My Trading Room reviewed by Chrish I must be one of the few people that have not read his earlier book and there may well be quite a bit of overlap. I found it a good read with some useful ideas. I enjoy reading how other people trade, especially those in the game for a while. He is a psychiatrist and has extensive sections on psychology as well as an emphasis on money (risk) management. He still uses his Triple Screen approach that I think was in the earlier book. Also Force Index,Elder Rays etc.He has a bias towards shorter term swing trading. He uses Chandelier stops for longer term trades. He presents his method for trading channels as well as his Impulse System which is a combination of 13 day EMA and MACD histogram grafted onto triple screen. Choosing stops is both important and difficult. Van Tharps book (Trade Your Way to Financial Freeedom) impressed on me the need to keep the gap between entry and initial stop as small as possible (he calls this a 1R loss) so that the good trades have a high payoff ratio or high "R multiple". Of course the stop has to be rational as well. Tharp is also an ATR fan for stops. Elders new SafeZone stop seems to me a refinement of the ATR based stop - dividing the range into up and down penetrations and basing the stop on a multiple of the average adverse volatility and ignoring volatility in the direction of the trade. This seems a logical approach. It is easy to set up in Excel but I cant do it in Metastock ( but others might ). I found a Tradestation version but I dont have that. It is a bit cumbersome using Excel but I think I could make it work but I have not traded this way yet. So in summary ther may be some repetition of his older material but some new ideas that I found worth the price of admission. Chris

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