Alexander Elder, MD, is a professional trader and a teacher of traders, based in New York. He is the author of several best-sellers, considered modern classics among traders. He also wrote books about Russia and New Zealand.
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. He is the founder of the Spike group whose members share their best stock picks each week in competition for prizes. He continues to trade and is a sought-after speaker at conferences in the US and abroad.
Dr. Alexander Elder’s 7 Rules for Traders :
- Decide that you want to trade for the long haul. i.e decide that you want to trade 20 years from now.
- Learn as much as you can. Read, and listen to the experts, but keep a healthy disbelief about everything.
- Do not be greedy and rush to trade take your time to learn. The market will be there with many good opportunities in the months and years ahead.
- Develop a method for analyzing the market, that is, if A happens, B is likely to happen. Markets have many dimensions use several analytics methods to confirm trades.
- Develop a money management plan. Your first goal should be of long term survival, second goal, a steady growth of capital and third goal, making high profits.
- Be aware the trader is the weakest link in the system. Learn how to avoid losses and develop your method of cutting out impulsive trades.
- Winners think, feel and act differently than loosers. You must look within yourself and strip away the illusions and change your old way of thinking, acting and being. Change is hard, but if you want to be a successful trader, you have to work on changing your personality.
His work as author and teacher includes :