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Alexander Elder: Success as a Trader and Trading Mentor

Alexander Elder is a medical doctor and psychiatrist who transitioned into a successful trader and leading trading mentor. His medical background gives him a unique insight into trading psychology, which he considers a crucial component of trading success. Here is an overview of his successful journey and valuable lessons that can be learned from his experience:

Background and Early Journey

Born in Leningrad, Russia, Elder initially studied medicine and worked as a psychiatrist in New York City after obtaining political asylum from the United States government. However, his interest in trading in the stock market led him to explore the world of trading. His first stock was KinderCare, and he later began focusing on options trading.

Main Focus: Trading Psychology

Elder believes that trading psychology is the key to success in trading. He contends that a deep understanding of psychology, combined with accurate technical analysis and good risk management, is the primary foundation of trading success. This belief is influenced by his background as a psychiatrist.

Education and Teaching

In addition to trading for himself and his clients, Elder is very active in providing education and training to traders. He founded specialized schools for traders known as 'Traders' Camp' and 'Spike Group'. His innovative approach to transferring trading knowledge has garnered much praise and has been followed by many.

Three Levels of Trading According to Elder

Elder identifies three levels in a trader's journey:

  1. Skilled Technical Analysis Trader: Traders at this level have expertise in technical analysis but have not yet understood the importance of trading psychology.
  2. Awakening to Understanding Trading Psychology: Traders begin to realize that technical analysis skills alone are not enough for success in trading. They seek new ways and deepen their understanding of trading psychology.
  3. Emotion Control and Money Management: Traders at this level understand that successful trading requires emotional control and disciplined money management strategies. They are able to control their emotions and manage risks effectively.

Alexander Elder is an inspiring example of how someone with a different background can become successful in the trading world. His unique approach, especially in emphasizing the importance of trading psychology, has helped many traders achieve success in their trading careers. 

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