Alexander Elder is on the podcast:
My guest today is Dr. Alexander Elder, a trader, educator and author. Dr. Elder’s unique and inspiring story starts with his dissatisfaction with the system in his home country of Estonia. At 23, while working as a ship’s doctor, he jumped a Soviet Union ship in Africa and received political asylum in the United States; he also ended up on the KGB’s wanted list. Dr. Elder worked as a psychiatrist in New York City and taught at Columbia University.
The topic is his book Trading for a Living: Psychology, Trading Tactics, Money Management.
In this episode of Trend Following Radio we discuss:
- Experience as a psychiatrist provided him with a unique insight into trading
- Psychology of trading
- How a high degree of education can sometimes be a hindrance
- The most dangerous personality traits to have as a trader
- The stages of trader development
- The importance of money management
- The importance of keeping records and diaries of your trades
- The notion of exiting long positins and shorting weakness
- The similarities and differences between traders in different geographic locations
- How financial markets can be like manic depressive patients
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