17 Top Trading Lessons from Alexander Elder:
"When the market deviates from your analysis, you have to cut losses without fuss or emotion."
1/17
1/17
"Markets are actually set up so that most traders must lose money."
2/17
2/17
"An astute trader aims to enter the market during quiet times and take profits during wild times."
3/17
3/17
"If you let the market make you feel high or low, you will lose money."
4/17
4/17
"To help ensure success, practice defensive money management. A good trader watches his capital as carefully as a professional scuba diver watches his air supply."
5/17
5/17
"It is hard enough to know what the market is going to do; if you don't know what you are going to do, the game is lost."
6/17
6/17
"To win in the markets, we need to master three essential components of trading: sound psychology, a logical trading system, and an effective risk management plan."
7/17
7/17
"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."
8/17
8/17
"There are good trading systems out there, but they have to be monitored and adjusted using individual judgment. You have to stay on the ballโyou cannot abdicate responsibility for your success to a mechanical system."
9/17
9/17
"Being simply โbetter than averageโ is not good enough. You have to be head and shoulders above the crowd to win a minus-sum game."
10/17
10/17
"The market does not know you exist. You can do nothing to influence it. You can only control your behavior."
11/17
11/17
"Remember, your goal is to trade well, not to trade often."
12/17
12/17
"The goal of a successful trader is to make the best trades. Money is secondary."
13/17
13/17
"The markets are unforgiving, and emotional trading always results in losses."
14/17
14/17
"Losers bring money into the market, which is necessary for the prosperity of the trading industry."
15/17
15/17
"When a beginner wins he feels brilliant and invincible. Then he takes a wild risk and loses everything."
16/17
16/17
"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."
17/17
17/17
These are 17 of the top trading lessons from Alexander Elder:
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