Dr Alexander Elder has made his money through a very unique method: he learned how to get inside the head of stock traders. His background as a successful psychiatrist helped him become well known in the stock trading and investing industry, especially since the only stock he ever purchased when he first started out was for KinderCare.
Born in Russia during the Communist occupation, Elder defected to the United States when he turned 23. He was trained as a psychiatrist and worked in New York City before becoming a professor at Columbia University. He started trading with a single stock, drawing on his training as a psychiatrist to learn how to be successful. He has gone on to teach up and coming industry professionals how to trade and make money doing it, traveling around the country to speak and mentor them.
The longer Elder worked in the field of stock trading the more he was able to get into the heads of other traders to determine what made them click. He didn’t just study them during their decision making process when it came to purchasing stock, he also studied them during the purchase and afterwards. He was able to learn and understand the details that surround the transaction, the minor nuances that many others never picked up on. It is this edge that has helped Elder become an ‘enigma’ in the industry. It has also helped him become successful and he teaches people new to the trading field how to do the sa
During Elder’s career as a stock trader he developed three types of traders within the industry. According to his three types there are: trader who is well versed in the industry but does not understand that there is a human component to it; the trader that is well versed but understands that success is not guaranteed and will use his knowledge of good trades for future trades; and the trader that understands that money management and control is what is required to trade successfully, not the other way around
Elder had no problem admitting that trading requires a great deal of discipline and work in order to be successful in the industry. This is something that many new stock traders do not understand. He has gone as far as informing anyone who attends his seminars of this fact and that many new investors will fail if they do not do their research and attempt to tap into the psyche of the human mind. He continues to mentor those new to the industry he feels has the right personality to trade.
In addition to stock trading, Elder also learned how to work stock options and futures. He built up his fortune with the last, limiting his psychiatry practice. He is most well known today for being an advocate of the mantra that there is no real secret to successful stock trading and investing.
Elder is the author of numerous books on stock trading and investing, including:
* “Trading For A Living” by Alexander Eld