Tag: michael covel

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 positions 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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