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Traube was born in Berlin, the son of a middle-class Jewish family, and studied at the universities of Munich and Greifswald. In 1883 he finished his Ph.D. with a dissertation entitled Varia libamenta critica. He finished his Habilitation in classical and medieval philology in 1888 with a part of his book on Carolingian poetry. He became a professor in Munich in 1904 and in 1905 discovered he had leukemia, from which he died two years later.