At the age of 23, while working as a ship’s doctor, Elder jumped a Soviet ship in Africa and later received political asylum in the US.
Dr. Alexander Elder worked as a psychiatrist in New York City and also taught at Columbia University.
But it was Elder’s experience as a psychiatrist that provided him with unique insight into the psychology of trading.
Dr. Alexander Elder left the stable profession of medicine to become a professional trader and a teacher of traders.
He is famous for his book entitled, “Trading for a Living”, published in 1993 and considered by traders to be a modern classic. The book has been translated into more than a dozen languages and is used to teach aspiring traders all over the world.
Dr. Alexander Elder’s net worth is well over one million dollars.
It was Dr. Alexander Elder’s experience as a psychiatrist that provided him with unique insight into the psychology of trading
The triple screen trading system was developed by Dr. Alexander Elder in 1985. Many traders adopt a single screen or indicator that they apply to each and every trade.
Dr. Alexander Elder questions the merit of this approach.
“What if your chosen indicator is fundamentally flawed?”, asks Elder.
What if conditions in the market change so that your single screen can no longer account for all of the eventualities operating outside of its measurement?
Dr. Alexander Elder points out that the market is very complex, even the most advanced indicators can’t work all of the time and under every market condition.The triple screen trading system applies three unique tests, or screens, to every trading decision, which form a combination of trend-following indicators and oscillators.
When a beginner wins he feels brilliant and invincible Then he takes wild risk and loses everything – Dr. Alexander Elder
Dr. Alexander Elder is the originator of Traders’ Camps—week-long classes for traders. He is the founder of the Spike group whose members share their best stock picks each week in the competition for prizes.
Dr. Alexander Elder continues to trade and is a sought-after speaker at conferences in the US and abroad. He has written a string of books and has received a number of awards.
“Come into My Trading Room: A Complete Guide to Trading” was named a 2002 Barron’s Book of the Year.
“Entries & Exits: Visits to 16 Trading Rooms’” was named a 2007 SFO Magazine Book of the Year.
His latest book “The New Sell & Sell Short: How to Take Profits, Cut Losses, and Benefit from Price Declines” (2011).
In the following video Dr. Alexander Elder explains ‘How to Become a Better Trader’
Markets are actually set up so that most traders must lose money – Dr. Alexander Elder
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Dr. Alexander Elder