✅ Three Essential Pillars for Any Successful Trader – From Dr. Alexander Elder's Ideas
In his famous book, Dr. Alexander Elder identifies three fundamental pillars for success in the trading world:
1️⃣ Analysis (Mind):
It relies on the technical understanding of price movement using indicators such as MACD and Force Index. Elder believes that analysis alone is not enough; it must be combined with the overall market context.
2️⃣ Money Management:
The true key to survival. Do not risk more than 2% of your capital on a single trade. The primary goal is not profit, but staying in the game.
3️⃣ Psychological Discipline:
The trader's most dangerous enemy is themselves. Greed, fear, and revenge on the market are common causes of losses. Elder advises keeping a trading journal to monitor your emotions.
🔑 Summary: Without a balance between these three pillars, the fate of any trading plan is failure.
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🔍 This is information, not advice, and the market always carries risks; think with your mind and make your decision with your hands.
