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In Sell and Sell Short, Dr. Alexander Elder explores a commonly neglected area of trading—how and when to exit a trade properly to protect gains and reduce losses. Throughout the book, he outlines strategies for establishing both stop-loss levels and profit targets before entering any position. He also presents case studies demonstrating how to adjust exits as market conditions evolve. Additionally, Elder devotes attention to the technique of short selling.
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From the Inside Flap
Study Guide for Sell and Sell Short
Before you commit funds to the market, make sure to go through the companion Study Guide to Sell and Sell Short. This guide includes 115 questions and answers—17 of which involve chart analysis. Each question encourages you to reflect on a key aspect of profitable trading. The corresponding answers offer thorough explanations, helping you understand the logic behind correct and incorrect responses.
This Study Guide is broken into three main sections, covering all essential aspects of trading:
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Strategies for buying, money management, and recordkeeping
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Techniques for selling
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Fundamentals of short selling
Each section provides its own evaluation scale, enabling you to assess your proficiency. This approach helps you identify any knowledge gaps before you begin trading. When used alongside Sell and Sell Short, this Study Guide can greatly enhance your learning process and decision-making skills in the market.
Dr. Elder emphasizes that every trader should understand the art of shorting. He explains how to spot signs of market tops and take advantage of declining trends. He also teaches the use of key indicators for short trades, such as the short-interest ratio. A separate chapter discusses how to short instruments beyond stocks—like futures, options, and forex.
Many new traders approach selling with hesitation or lack of clarity. Sell and Sell Short delivers the critical principles, instructions, and methods that all traders need to succeed. This book provides essential guidance for making smarter trading decisions and achieving long-term success in the markets.
From the Back Cover
Sell and Sell Short
Exiting a position is often the most challenging part of trading. If a stock climbs, when should you take your profits? If it drops, when should you cut your losses? And if it just stagnates, when is it time to move on? Every committed trader has to answer these questions regularly.
While novice traders typically devote most of their energy to identifying new setups, many get caught up in searching for a perfect mix of indicators. They believe that a well-timed entry will ensure a profitable trade. In contrast, professional traders know that success depends more on properly managing open positions—especially exiting at the right moment and with the right reward-to-risk ratio.
There is no such thing as perfection in trading. It’s unrealistic to expect to consistently hit the absolute high or low of a move. Successful traders focus on securing reasonable gains and capping their losses. Chasing perfect outcomes can lead to disappointment. In fact, it’s normal—and often healthy—to leave some profits on the table. The key word in profitable trading is “enough.” A seasoned trader recognizes the right time to close out.
In Sell and Sell Short, Dr. Alexander Elder illustrates how to place stop-loss orders and define profit targets before you enter a position. He includes real trading examples that show how to manage positions as trades develop. Key points covered include:
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How to manage risk by aligning your stop-loss placement with your position size and risk tolerance
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Common mistakes in stop placement—and how to avoid them
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Why moving averages are effective early-stage profit targets in upward trends
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How channels and envelopes can serve as superior targets when riding a strong trend
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Using support and resistance zones for exits and stops in long-term investments
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Techniques for modifying your targets when market conditions shift or prices surpass initial projections
While markets move both up and down, most investors focus solely on the upside—ignoring opportunities in decline. Dr. Elder demonstrates that prices tend to drop more quickly than they rise. This opens the door for quicker profits on the short side, though it requires a distinct set of tactics compared to going long.
Short selling—capitalizing on downward price movements—is a favorite tool of professional traders, who dominate this segment of the market. When you observe that retail traders are all on one side of a position and experienced pros are on the other, it’s worth asking: who is more likely to win? Aligning with the professionals gives you a better edge.
Managing your trading portfolio like a hedge fund—with a mix of long and short positions adjusted to reflect market sentiment—can create greater flexibility. Mastering short selling allows you to engage with the market from a more stable stance, rather than relying solely on bullish trends. It’s like standing on two legs instead of one during battle.
About the Author
Dr. Alexander Elder is both a trader and a trading educator. He wrote Trading for a Living, a bestseller translated into over a dozen languages; Come Into My Trading Room, named Barron’s Book of the Year in 2002; and Entries & Exits, which was recognized as SFO Magazine’s Book of the Year in 2007. Elder conducts seminars for top financial organizations worldwide and leads annual Traders’ Camps. Many of his personal trades are documented in this book.
Dr. Alexander Elder, MD, is a professional trader and educator based in New York. His bestselling works are considered must-reads for serious traders. He has also authored books about Russia and New Zealand.
Born in Leningrad and raised in Estonia, Dr. Elder entered medical school at age 16. At 23, while serving as a ship’s doctor, he defected from a Soviet vessel in Africa and was granted asylum in the United States. He practiced psychiatry in New York and taught at Columbia University. His psychiatric background gives him unique insight into trading psychology. Through his books, articles, and software reviews, Elder has established himself as a leading authority on modern trading.
Dr. Elder created the concept of Traders’ Camps—intensive week-long training programs for traders. He also founded the Spike group, where members compete weekly by sharing top stock picks. Today, he continues to actively trade and speak at conferences in the U.S. and internationally.
