I have been trading stocks since I was 13 years old. In between classes, while my classmates headed for the lavatories to smoke cigarettes, I paved my way towards the pay phones to talk with my broker.

I am much older now. I still trade securities. Yet, I still consider myself a novice. I have read many books on trading. I thought Dr. Elder's book "Trading for a Living: Psychology, Trading Tactics, Money Management" was one of the best. I was wrong. "Entries and Exits" is even better.

Dr. Elder's latest book takes the reader into the trading rooms of 16 private traders. They live in different countries. They trade different markets. They employ different methods. Yet, each is dedicated to trading. Most are private individuals. A few - like Gerald Appel - I have followed for decades.

Each trading room visit begins with a description of the trader's background and methods. The trader then shares two trades with the reader - one successful, the other unsuccessful. They discuss the chart signals that attracted their attention. At that point, the reader is invited to decide whether or not that trade will make or lose money.

Turn the page, discover the results. Dr. Elder then offers his analysis of the trade and uses it to illustrate a principle.

This book's beauty is that it provides an intimate case study of how a real trader makes a real decision. Too often trading becomes a personal, isolated, emotional business. "Entries and Exits" offers a dispassionate opportunity to learn from others.

Great ideas are few and far between. This book, however, contains an endless mother lode. The more time spent mining it, the greater your yield. ( )