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The good, the bad, and the ugly
am 13. Oktober 1998
Elder's writing style (especially his profuse use of creative analogies) is attention-grabbing. The book is a great read in all aspects except the 60%+ of the book dealing with technical indicators. Rather than highlighting the top 3-4 indicators in each category (trend-following, leading, coincident) which have worked well for Elder, he gives his version of a comprehensive synopsis of every modern and not-so-modern indicator known to man... providing little value-added commentary in terms of the usefulness of each. (Then again, he admits that he uses 12-13 indicators at any given time.) He also repeats the characteristics of each broad category of indicators when describing each individual indicator - which is great if you do not learn unless you read the same thing 50 times, but otherwise it's extremely tedious.
Let's face it - the book is designed for position traders but as a primer for those interested in short-term trading of futures and equities, it's a potentially useful resource. Elder's book's major shortcoming is that it tries to be everything to everyone, therefore it does not deserve rave reviews from anyone but the absolute beginner who's starting from scratch.
One useful concept, proprietary to the author, is called the Triple Screen trading system. But for the intermediate and advanced trader looking for a new strategy or a twist on an existing one, I suggest you look elsewhere.