Ep. 57: Dr. Alexander Elder Interview with Michael Covel on Trend Following Radio

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/

You can watch a free video here: https://www.trendfollowing.com/video/

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Hope you enjoy my never-ending podcast conversation!