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

Michael Covel's Trend Following

Michael Covel

Business, Investing

4.6 • 732 Ratings

🗓️ 12 September 2012

⏱️ 54 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

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/

Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast

My social media platforms:
Twitter: @covel
Facebook: @trendfollowing
LinkedIn: @covel
Instagram: @mikecovel

Hope you enjoy my never-ending podcast conversation!

Transcript

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0:00.0	This is Trend Following Radio, where great thinking comes alive.
0:10.9	Nobel Prize winners, legendary traders, bestselling authors, and the pros that know what drive us irrational human beings.
0:21.2	I am your host, Michael Covel.
0:24.0	Not filtered, raw, honest.
0:27.4	That's my passion.
0:33.1	Today on the show I have Alexander Elder, Dr. Alexander Elder.
0:54.7	And, uh, Dr. Alexander Elder. And Dr. Elder, for those that are in the trading world, they've seen his name, they've seen his books, international bestseller trading for a living. I think just about everybody that's been involved in the trading space in the last 15 plus years has that book on their shelf. So Dr. Elder, thank you for joining me today.
1:00.2	Thank you very much. Thank you for inviting me.
1:02.9	So I have to say, so just as a little family history here, and I'm going to let you tell
1:07.5	your story a little bit, but my last name is Kovel.
1:11.9	Which means, what do you call it, a Smith?
1:15.2	It's a Slavic name.
1:17.0	Okay.
1:17.4	But it's short in from Kavaleski.
1:20.9	Short in from Kavialowskis.
1:23.3	Yeah.
1:23.7	So it's Lithuanian.
1:25.6	So we're kissing cousins, so to speak, with your Estonian background.
1:30.6	Well, not really.
1:32.6	No?
1:32.8	Because, well, I come.
1:34.7	Estonia and Lithuania, even though they're very close to each other, maybe 100 miles apart,
	...

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