The Success Story of Dr. Alexander Elder
Biography of Dr. Alexander Elder
Dr. Alexander Elder is celebrated as a trading genius,
having achieved remarkable success in both stock and forex trading, placing him
among the elite traders in the United States. His background in psychology has
been pivotal in his trading journey, providing him with a profound
understanding of trading psychology that has significantly contributed to his
success. Despite his medical background, Dr. Alexander Elder's transition into
trading may seem surprising at first glance. However, his journey was driven by
a clear mission and purpose, not mere chance.
Drawing from his extensive experience in financial markets,
Dr. Elder has meticulously crafted a trading system that has been widely
adopted by new traders, yielding impressive results and contributing to his
enduring legacy in trading circles.
From Physician to Trading Legend: Alexander Elder's Journey
Alexander Elder was born in 1950 in Petersburg, Russia (now
known as St. Petersburg), and spent his formative years in Estonia.
Early Ambitions and Escape from Communism
At the age of 16, Elder embarked on his medical education at
Tartu University in Estonia. His life took a dramatic turn at 23 when he seized
an opportunity to escape communist rule while working as a ship doctor on a
Soviet vessel in Africa. This bold move led to him being granted political
asylum in the United States.
New Beginnings in America
Upon arriving in the U.S., Elder found refuge under the care
of the Tolstoy Foundation, a charitable organization based in New York. He
quickly integrated into American society, beginning his career as a
psychiatrist in New York City and teaching at prestigious institutions like
Columbia University. During this time, he also served as an editor at the book
department of The Psychiatric Times.
Transition to Trading and Education
Driven by a passion for financial markets and armed with his
background in psychology, Elder eventually shifted gears from psychiatry to
become a full-time trader and trading educator. This career shift marked the
beginning of his journey to becoming a renowned figure in the world of trading
and investing. Dr. Alexander Elder's Early Life and Journey to America
Dr. Alexander Elder, renowned for his book "The New
Trading for a Living," was born in Leningrad, Russia (now St. Petersburg),
and grew up in Estonia. At a remarkably young age of 16, he began his medical
studies in Estonia, setting the stage for his academic and professional
journey.
Alexander Elder's Enduring Influence in Trading
Alexander Elder's path to success was far from
straightforward, marked by perseverance and a deep commitment to trading.
Inspirational Beginnings
While staying at the Tolstoy Foundation in New York, Elder
forged a friendship with an American lawyer who introduced him to the book
"How to Buy Stocks" by Louis Engel. This pivotal moment ignited his
interest in stock trading and revealed the potential for financial gain in the
markets.
Biography of Dr. Alexander Elder : Famous Swing Trader , Swing trading , Famous Swing Trader , Biography , Strategies and life lessons
Early Ventures and Learning Curve
Elder's first foray into trading began with earnings from a
job that enabled him to purchase a BMW motorcycle. Selling the bike financed
his initial investment in KinderCare, a move that kickstarted his journey as a
trader. He delved into the complexities of stock and options trading before
finding his stride in futures trading, where he achieved significant success.
Balancing Careers
Despite his burgeoning trading career, Elder maintained his
psychiatry practice part-time, demonstrating a remarkable ability to balance
his professional pursuits.
Educator and Entrepreneur
In 1988, Elder founded Elder.com, previously known as Financial
Trading Seminars, dedicated to educating aspiring traders. His passion for
teaching extended to creating Traders' Camp, a coaching program that has guided
countless traders towards proficiency. Additionally, he launched SpikeTrade, a
community for professional and semi-professional traders, fostering
collaboration and knowledge-sharing.
Author and Thought Leader
Elder's influence extends beyond classrooms and trading
floors through his acclaimed books, notably the international bestseller
"The New Trading for a Living," which has been translated into 17
languages. His other works, including "Entries & Exits," "To
Trade or Not to Trade," and "Step-by-Step Trading," further
cement his reputation as a thought leader in trading education.
Speaker and Mentor
Elder's role as a sought-after speaker at seminars and
conferences has empowered traders of all levels, particularly beginners, with
practical strategies and insights to navigate the complexities of financial
markets.
Alexander Elder's multifaceted career exemplifies resilience, innovation, and a relentless pursuit of knowledge, making him a revered figure in the world of trading and investing.
Alexander Elder is renowned for his comprehensive trading
strategies, prominently featuring the Triple-Screen Trading System in his
teachings.
Triple-Screen Trading System:
Elder's Triple-Screen System employs a multi-timeframe
approach to identify and confirm market trends. The first screen establishes
the trading bias using longer timeframes like weekly charts. It sets the foundation
for subsequent analysis.
The second screen zooms in on potential retracements against
the established bias, employing technical indicators to pinpoint entry
opportunities. Elder emphasizes adjusting to daily charts for finer analysis
post the weekly overview.
The third screen acts as the execution phase, focusing on
short-term breakouts that align with the identified trend from the first
screen. The strategy emphasizes entering trades when trends across different
timeframes synchronize, optimizing timing and reducing risk.
Force Index
Elder's Force Index, an oscillator he developed, assesses
market strength by measuring the power behind price movements. It comprises
three key components: direction, magnitude, and volume. These elements combine
to delineate high and low thresholds, providing insights into market sentiment.
When paired with a moving average, the Elder-Force Index
becomes a potent tool for gauging shifts in bullish or bearish momentum. This
integration enhances its ability to forecast market trends and potential
reversals effectively.
Alexander Elder's approach underscores the importance of
integrating multiple indicators and timeframes, offering traders a robust
framework for making informed trading decisions amidst market volatility. His
insights continue to guide traders worldwide through his books, articles, and
educational seminars.
Dr. Alexander Elder's Approach to Trading Success
Dr. Alexander Elder has always stressed the importance of
keeping detailed records of every trade he makes. For him, this isn't just
about tracking profits and losses but understanding the thought process behind
each decision. He believes that learning from both successful and unsuccessful
trades is essential for improving your trading strategy over time.
The Role of Control and Money Management
According to Elder, successful trading isn't just about
picking the right stocks or timing the market. It's about maintaining control
over your emotions and managing your money wisely. These factors determine his
trading decisions and help him anticipate future market movements while
minimizing risks.
The 3Ms Technique
Dr. Elder introduces the concept of the 3Ms—mind, method,
and money—which he considers crucial for professional traders. The
"mind" aspect involves understanding your own emotions and the
psychology of the market. "Method" focuses on following a disciplined
approach to trading, whether it's stocks, options, or futures.
"Money" refers to how traders manage their capital, ensuring they
don't overextend themselves and can withstand market fluctuations.
Elder's Impact and Dedication
Through his influential book, "The New Trading for a
Living," Dr. Elder has left a lasting mark on the financial world. His
unique trading system and emphasis on psychology have helped countless traders
achieve success. Today, he continues to dedicate himself to educating aspiring
traders, aiming to empower more individuals to achieve financial independence
through the art of trading.
Influence and Educational Initiatives
Dr. Alexander Elder is highly sought after as a speaker on
trading topics, sharing his knowledge and expertise with audiences worldwide.
He is actively involved in educating traders through his proprietary Traders'
Camps and the SpikeTrade group, where he mentors aspiring traders and seasoned
professionals alike.
In 1988, Elder founded Elder.com, originally known as
'Financial Trading Seminars'. Since its inception, the company has achieved
significant milestones under Elder's guidance, continuing to empower traders
and help them navigate the complexities of financial markets.
