ProfitSource software
- Thread starter Geoff
- Start date
from ryan jones:
. . .
Over the years, there has been no small abundance of traders who have latched onto things such as Elliot Wave, Fibonacci numbers and other common approaches to the market. In all of those years, having talked with thousands upon thousands of traders, I have NEVER talked to one who has had any consistent or long-term success using this type of approach. NEVER.
That is a very, very strong statement, and one you need to pay close attention to. There is MAJOR flaw associated with these approaches that almost dooms the trader to failure from the beginning.
. . .
Those who trade the Elliot Wave try and fit the market movement into some sort of category, only to realize that the market wasnât done. Those who trade Fibonacci numbers try and force a number on a move, and then when they are wrong, they have a back up number.
. . .
. . .
Over the years, there has been no small abundance of traders who have latched onto things such as Elliot Wave, Fibonacci numbers and other common approaches to the market. In all of those years, having talked with thousands upon thousands of traders, I have NEVER talked to one who has had any consistent or long-term success using this type of approach. NEVER.
That is a very, very strong statement, and one you need to pay close attention to. There is MAJOR flaw associated with these approaches that almost dooms the trader to failure from the beginning.
. . .
Those who trade the Elliot Wave try and fit the market movement into some sort of category, only to realize that the market wasnât done. Those who trade Fibonacci numbers try and force a number on a move, and then when they are wrong, they have a back up number.
. . .
It's Shit