The Success Story of Dr. Alexander Elder
Biography of Dr. Alexander Elder
Dr. Alexander Elder, born in 1950 in Leningrad (now St.
Petersburg, Russia), embarked on a remarkable journey that transitioned from
psychiatry to trading, establishing himself as a prominent figure in the
financial world. At 16, he began medical studies in Estonia, and by 23, while
serving as a ship's doctor in Africa, he defected from the Soviet Union,
seeking political asylum in the United States. Upon settling in New York City,
he practiced psychiatry and taught at Columbia University, leveraging his medical
expertise to delve into the psychological aspects of trading.
A Psychiatrist's Insight into Trading Psychology
Dr. Elder's background in psychiatry provided him with a
unique perspective on the psychological challenges traders face. He emphasized
the importance of understanding one's emotions, maintaining discipline, and
developing a structured approach to trading. This psychological insight became
a cornerstone of his trading philosophy, influencing his strategies and
teachings.
Biography of Dr. Alexander Elder : Famous Swing Trader , Swing trading ,Famous Swing Trader#entrepreneur#age#net worth#investor#startup#stock market
The Birth of the Triple Screen Trading System
In 1985, Dr. Elder developed the Triple Screen Trading
System, a comprehensive approach that combines multiple indicators across
different timeframes to enhance trading accuracy. This strategy acknowledges
that no single indicator is universally reliable, so it integrates various
tools to capitalize on their strengths while mitigating weaknesses. Key
components of the system include:
- First
Screen: Identifying the primary trend using a longer timeframe, such
as weekly charts.
- Second
Screen: Analyzing potential retracements against the established trend
using technical indicators.
- Third
Screen: Executing trades based on short-term breakouts that align with
the identified trend.
The Elder-Ray Indicator: Gauging Market Strength
Developed in 1989, the Elder-Ray Indicator assesses market
strength by measuring the power behind price movements. It comprises two
components: bull power and bear power, derived from exponential moving averages
and the high/low prices of a given security. This tool helps traders evaluate
the strength of bulls and bears in the market, aiding in identifying optimal
buying, selling, shorting, and covering opportunities.
Educational Endeavors and Global Influence
In 1988, Dr. Elder founded Elder.com, initially known as
Financial Trading Seminars, to provide education for serious traders. The
company has achieved significant milestones under his guidance, including
producing webinars and ebooks for traders. Dr. Elder is also the originator of
Traders’ Camps—week-long classes for traders—and the founder of SpikeTrade, a
worldwide group of traders. His books, including The New Trading for a
Living, have been translated into 17 languages and are international
bestsellers among private and institutional traders.
Legacy and Continuing Influence
Dr. 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. His emphasis on trading
psychology, disciplined strategies, and comprehensive systems continues to
guide traders worldwide. At 75, he remains actively involved in educating
traders through his proprietary Traders' Camps and the SpikeTrade group, where
he mentors aspiring traders and seasoned professionals alike.
Conclusion
Dr. Alexander Elder's journey from psychiatry to trading showcases the profound impact of psychological understanding on financial success. His innovative strategies, such as the Triple Screen Trading System and the Elder-Ray Indicator, have equipped traders with tools to navigate the complexities of the market. Through his educational initiatives and enduring influence, Dr. Elder continues to shape the landscape of trading, empowering individuals to achieve financial independence.
