Alexander Elder
Born: 01-01-1950
Alexander Elder is a renowned trader, author, and educator known for his expertise in financial markets. Born in Leningrad, he became a psychiatrist before turning his analytical skills to trading. Elder is best known for his influential book "Trading for a Living," which integrates psychology, technical analysis, and trading systems. His teachings emphasize the importance of discipline and risk management, making him a respected figure in the trading community worldwide.
Book summaries for books written by Alexander Elder
Quotes
There is no such thing as a sure thing in the markets.
Successful traders understand that losing is a part of the game.
A trading plan is a set of rules that define your entry, exit, and money management criteria.
The market is a pendulum that forever swings between unsustainable optimism and unjustified pessimism.
To be a successful trader, you must have a plan, be disciplined, and be prepared to change.
Amateurs focus on rewards. Professionals focus on risk.
Every trader needs an edge, a reason to believe they will succeed.
The first rule of trading is to survive.
You can always learn from your mistakes, but you must survive them first.
Understanding yourself is essential to understanding the market.
The market does not care about you, it is indifferent to your feelings.
Being successful in trading requires patience, discipline, and a willingness to learn.