Alexander Elder Quotes

• The goal of a successful trader is to make the best trades. Money is secondary.

  Alexander Elder

  Success, Money, Goal

  65 Copy quote

• Remember, your goal is to trade well, not to trade often.

  Alexander Elder

  Goal, Remember, Trade

  Alexander Elder (1993). “Trading for a Living: Psychology, Trading Tactics, Money Management”, p.53, John Wiley & Sons

  35 Copy quote

• Beginners focus on analysis, but professionals operate in a three dimensional space. They are aware of trading psychology their own feelings and the mass psychology of the markets.

  Alexander Elder

  Space, Focus, Psychology

  Alexander Elder (2002). “Come Into My Trading Room: A Complete Guide to Trading”, p.46, John Wiley & Sons

  45 Copy quote

• 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

  Regret, Real, Eye

  Alexander Elder (2014). “The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, Trade Management”, p.3, John Wiley & Sons

  37 Copy quote

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

  Alexander Elder

  Doe, Influence, Behavior

  Alexander Elder (1993). “Trading for a Living: Psychology, Trading Tactics, Money Management”, p.39, John Wiley & Sons

  37 Copy quote

• Amateurs look for challenges; professionals look for easy trades. Losers get high from the action; the pros look for the best odds.

  Alexander Elder

  Business, Odds, Challenges

  Alexander Elder (2002). “Come Into My Trading Room: A Complete Guide to Trading”, p.12, John Wiley & Sons

  39 Copy quote

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

  Alexander Elder

  Winning, Risk, Beginners

  Alexander Elder (1993). “Trading for a Living: Psychology, Trading Tactics, Money Management”, p.11, John Wiley & Sons

  37 Copy quote

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

  Alexander Elder

  Loss, Emotional, Results

  Alexander Elder (2014). “The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, Trade Management”, p.16, John Wiley & Sons

  28 Copy quote

• Successful trading depends on the 3M`s - Mind, Method and Money. Beginners focus on analysis, but professionals operate in a three dimensional space. They are aware of trading psychology their own feelings and the mass psychology of the markets. Each trader needs to have a method for choosing specific stocks, options or futures as well as firm rules for pulling the trigger - deciding when to buy and sell. Money refers to how you manage your trading capital.

  Alexander Elder

  Successful, Space, Focus

  42 Copy quote

• 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

  Fall, Psychology, Together

  Alexander Elder (1993). “Trading for a Living: Psychology, Trading Tactics, Money Management”, p.17, John Wiley & Sons

  31 Copy quote

• Losers bring money into the market which is necessary for the prosperity of the trading industry.

  Alexander Elder

  Loser, Prosperity, Trading

  Alexander Elder (2014). “The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, Trade Management”, p.5, John Wiley & Sons

  31 Copy quote

• Many traders ride an emotional roller coaster and miss the essential element of winning: the management of their emotions.

  Alexander Elder

  Winning, Emotional, Missing

  Alexander Elder (1993). “Trading for a Living: Psychology, Trading Tactics, Money Management”, p.3, John Wiley & Sons

  28 Copy quote

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

  Alexander Elder

  Ignorance, Games, Discipline

  Alexander Elder (1993). “Trading for a Living: Psychology, Trading Tactics, Money Management”, p.1, John Wiley & Sons

  25 Copy quote

• Most private traders on a losing streak keep trying to trade their way out of a hole. A loser thinks a successful trade is just around the corner, and that his luck is about to turn. He keeps putting on more trades and increases his size, all the while digging himself a deeper hole in the ice. The sensible thing to do would be to reduce your trading size and then stop and review your system.

  Alexander Elder

  Successful, Thinking, Ice

  29 Copy quote

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