Alexander Elder - Trading for a Living (1993)

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The market does not know you exist. You can do nothing to influence it. You can only control your behavior.

Alexander Elder

Every winner needs to master three essential components of trading; a sound individual psychology, a logical trading system and good money management. These essentials are like three legs of a stool – remove one and the stool will fall, together with the person who sits on it.

Alexander Elder

To be a good trader, you need to trade with your eyes open, recognize real trends and turns, and not waste time or energy on regrets and wishful thinking.

Alexander Elder

The markets are unforgiving, and emotional trading always results in losses.

Alexander Elder

Traders lose because the game is hard, or out of ignorance, or lack of discipline or because of both.

Alexander Elder

When a beginner wins he feels brilliant and invincible Then he takes wild risk and loses everything.

Alexander Elder