I have that book. I have read it three times. Elder's advantage is that he was first a psychologist, then a trader. His focus is primarily trading the channels on the big boards. There is an emphasis on the somewhat predictable repeatability of the big board issues. Penny trading requires a fast trigger finger since things happen very suddenly. Don't pass up this book, since his analysis of the herd mentality is excellent. Elder focuses a lot on his expensive trading camps.
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