The goal of the good trader, paradoxically, is not to make money. His goal is to trade well.
- Alexander Elder - Topics: Trader.
Many traders ride an emotional roller coaster and miss the essential element of winning: the management of their emotions.
If you let the market make you feel high or low, you will lose money.
- Alexander Elder - Topics: Trader, Stock Market.
Remember, your goal is to trade well, not to trade often.
Succesful institutional traders often talk of quitting and going to trade for themselves. Only a handful of them manage to make the transition. Most traders who leave institutions get caught up in the emotions of fear, greed, elation, and panic when they start risking their own money.
It pays to write down your plan. You need to know exactly under what conditions you will enter and exit a trade. Do not make decisions on the spur of the moment, when you are vulnerable to being sucked into the crowd. Plans are created by reasoning individuals. Impulsive trades are made by sweaty group members.
When the market deviates from your analysis, you have to cut losses without fuss or emotions.
- Alexander Elder - Topics: Money Management, Trader.
It is essential to wait for trades with a good risk / reward ratio. Patience is a virtue for a trader.
- Alexander Elder - Topics: Trader, Money Management.
The balance sheet of the euro system, isn't only gigantic in size but also shocking in quality.
- Alexander Elder - Topics: Central Bank, Eurocrisis, Fiat Currency.
