Alexander Elder
Alexander Elder was born in Leningrad, grew up in Estonia, was educated as a psychiatrist, escaped from a Soviet ship in Africa, and received political asylum in the United States. His experience as a practicing psychiatrist and his interesting geo-political background have provided him an excellent view of the trading scene. According to the Commodity Traders Consumer Report, “Elder is a living advertisement for the American dream” I was riveted back in the mid-nineties when I read the opening words of two of his books, which read “You can be free. You can live and work anywhere in the world, be independent from the routine and not answer to anybody” But, as the good doctor points out, it is not always an easy painless journey. As, has been pointed out, many folks interested in trading lose money. Elder’s prescription for success rests on the three pillars of Mind, Method and Money Management. Train your mind, develop a method for trading, and design a money management system that keeps you in the game by limiting losses. Here is an example of a typical quote from one of his books: "A loser thinks a successful trade is just around the corner, and that his luck is about to turn. He keeps putting on more trades and increases his size, all the while digging himself a deeper hole in the ice. The sensible thing to do would be to reduce your trading size and then stop and review your system." I have found Dr. Elder’s books to be very educational. Read and re-read his stuff. It will take you and your trading to higher levels of success.
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