A great deal of different personalities
are attracted in the world of finance. Some are really inclined from
the very beginning, but there are those who are just sucked in but
still manages to stand out despite unfamiliarity of the field.
Among those who stood tall was Dr.
Alexander Elder. The famous financial figure was born in USSR but
emigrated to the United States when he was still 23. He graduated
from a medical school in his mother country but settled in the US to
teach at Columbia University. At first glance, stock trading is
really a far fetched career from medicine. Queer as some would say,
and an extremely different path which seems to be outlandish when
compared with one another. Despite the alienation from his original
career path, it's hybrid composition bore to new heights. A
combination which allowed him to penetrate the wits of his colleagues
and use it to his advantage.
Dr. Elder, being a psychiatrist by
profession, was bestowed with the ability to understand how the mind
goes. He was immersed on the world of traders which gave him a first
hand account and thus permitted him to really understand what's going
on inside a trader's mind. His contribution to the industry was
delivered through a distinction of traders according to their
understanding of the behaviors on the market.
According to Dr. Elder, the three
classification of traders are:
- Traders who understands the concepts and details of Technical analysis but cannot decipher the traders' motives behind it.
- Traders who realizes that the technical analysis will not suffice to ensure success.
- Traders who understands that in order to be successful, control and money management are the key to victory rather than the statistics from the market.
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