This software requires TradeStation version 8 or higher. Developed by Dr. Alexander Elder, the author of Come into My Trading Room, and John Bruns, a programmer, this disk adds to TradeStation the indicators described by Dr. Elder in his latest book, as well as his earlier book Trading for a Living:

* AutoEnvelope

* The Chandelier Stop

* Elder-ray

* Force Index

* The Impulse system, with added Impulse Release

* MACD Lines & Histogram, with a crossover forecast (MACD XOver)

* Market Thermometer

* SafeZone stops

* Smooth Rate of Change.

About Dr. Alexander Elder

Dr. Alexander Elder is a professional trader based in New York City. He is the author of a dozen books, including Come into My Trading Room (Barron’s 2002 Book of the Year) and Trading for a Living, considered modern classics among traders.

Dr. Elder was born in Leningrad and grew up in Estonia, where he entered medical school at the age of 16. At 23, while working as a ship’s doctor, he jumped a Soviet ship in Africa and received political asylum in the United States. He worked as a psychiatrist in New York City and taught at Columbia University. His experience as a psychiatrist provided him with unique insight into the psychology of trading. Dr. Elder’s books, articles, and software reviews have established him as one of today’s leading experts on trading

Dr. Elder is the originator of Traders’ Camps week-long classes for traders, as well as the Spike group for traders. He continues to trade and is a sought-after speaker at conferences in the US and abroad.

What is forex?

Quite simply, it’s the global market that allows one to trade two currencies against each other.

If you think one currency will be stronger versus the other, and you end up correct, then you can make a profit.

If you’ve ever traveled to another country, you usually had to find a currency exchange booth at the airport, and then exchange the money you have in your wallet into the currency of the country you are visiting.

Foreign Exchange
You go up to the counter and notice a screen displaying different exchange rates for different currencies.

An exchange rate is the relative price of two currencies from two different countries.

You find “Japanese yen” and think to yourself, “WOW! My one dollar is worth 100 yen?! And I have ten dollars! I’m going to be rich!!!”
When you do this, you’ve essentially participated in the forex market!

You’ve exchanged one currency for another.

Or in forex trading terms, assuming you’re an American visiting Japan, you’ve sold dollars and bought yen.

Currency Exchange

Before you fly back home, you stop by the currency exchange booth to exchange the yen that you miraculously have left over (Tokyo is expensive!) and notice the exchange rates have changed.

It’s these changes in the exchange rates that allow you to make money in the foreign exchange market.