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.
Introduction. WHY SELL? ABOUT THE Q&A. PART ONE PSYCHOLOGY, RISK MANAGEMENT, & RECORD-KEEPING. Chapter 1 On Buying. THE THREE GREAT DIVIDES. ONE TRADER'S TOOLBOX. Chapter 2 Trading Psychology and Risk Management. YOUR MIND AS A TRADING TOOL. RISK CONTROL. Chapter 3 On Keeping Records. GOOD RECORDS LEAD TO GOOD TRADING. TRADER'S SPREADSHEET-BASIC ACCOUNTABILITY. TRADING DIARY-YOUR KEY TO LASTING SUCCESS. HOW TO DOCUMENT YOUR TRADING PLAN. MARGRET'S METHOD-PUT IT ON THE WALL. HOW TO GRADE YOUR PERFORMANCE. TWO TYPES OF TRADING. QUESTIONS. ANSWERS. PART TWO HOW TO SELL. Chapter 4 Selling at a Target. SELLING AT A MOVING AVERAGE. SELLING AT ENVELOPES OR CHANNELS. SELLING AT RESISTANCE LEVELS. Chapter 5 Selling on a Stop. THE IRON TRIANGLE. MARKET OR LIMIT ORDERS. HARD AND SOFT STOPS. A BAD PLACE. REDUCING SLIPPAGE-TIGHTER BY A PENNY. NIC'S STOP-TIGHTER BY A DAY. WHEN TO USE WIDER STOPS. MOVING STOPS. A SAFEZONE STOP. VOLATILITY-DROP TRAILING STOPS. Chapter 6 Selling "Engine Noise." WEAKENING MOMENTUM. AN "ENGINE NOISE"EXIT FROM A SHORT-TERM TRADE. A DISCRETIONARY EXIT FROM A LONG-TERM TRADE. SELLING BEFORE EARNINGS REPORTS. THE MARKET RINGS A BELL. TRADING WITH THE NEW HIGH-NEW LOW INDEX. THE DECISION TREE FOR SELLING. QUESTIONS. ANSWERS. PART THREE HOW TO SELL SHORT. Chapter 7 Shorting Stocks. YOUR FIRST SHORTS. THE ASYMMETRY OF TOPS AND BOTTOMS. SHORTING TOPS. SHORTING DOWNTRENDS. SHORTING FUNDAMENTALS. FINDING STOCKS TO SHORT. SHORT INTEREST. Chapter 8 Shorting Non-Equity Instruments. SHORTING FUTURES. WRITING OPTIONS. FOREX. QUESTIONS. ANSWERS. PART FOUR LESSONS OF THE BEAR MARKET. Chapter 9 Bears Make Money. THE BEAR WAS BEGINNING TO STIR IN ITS CAVE. THE SENTIMENT INDICATORS ARE EARLY. THE TOP OF THE BULL MARKET. BEARISH DIVERGENCE AT THE 2007 TOP. THE BUBBLE POPS: MGM. SHORTING A HIGH-FLYER. A BEAR MARKET IS A DESTROYER OF VALUE. SWINGING IN AND OUT OF A MAJOR DOWNTREND. TRADING IN A DOWNCHANNEL. PREPARED FOR A SURPRISE. "BULL MARKETS HAVE NO RESISTANCE AND BEAR MARKETS HAVE NO SUPPORT." FOR WHOM THE BELL TOLLS OR THE HOUND BARKS TWICE. MR. BUFFETT BUYS TOO SOON. MAY I POUR SOME GASOLINE ON YOUR FIRE? KEEP SHORTING ON THE WAY DOWN. Chapter 10 Groping for a Bottom. THIS STOCK MARKET IS NOT GOING DOWN TO ZERO. A "DOUBLE HELIX"GIVES A BUY SIGNAL. JUST IN TIME FOR THE PARTY. MY FAVORITE MAJOR BOTTOM SIGNAL. SELLING A BULL. EVERY BULL STUMBLES. A SCREAMING SHORT. Conclusion. HANDLING PROFITS-THE PERSONAL DIVIDEND. THE ROAD INTO THE FUTURE. References. Acknowledgments. About the Author.
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