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
Jump in!
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I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show.
To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/
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