What does it take to be a consistently profitable trader?
1. A sound and clearly defined winning trading method and the discipline to follow it.
2. Sufficient capital.
3. Money management skills.
4. Emotional self control and discipline.
5. Patience to wait on high probability set-ups.
Some traders just want to be involved in all market moves. When the market is up, down or side-ways; they are always buying or selling.
The lack of these two- DISCIPLINE and PATIENCE- has ruined many traders' accounts repeatedly. The problem is that they keep on doing the same thing and hoping for a better moment.
Another problem is BOREDOM. Some cannot sit before their computers analyzing market price actions. They think if they don't pull the trigger to buy or sell, they are not market players. Some, especially the newbies, who can't wait for their MA cross over or EA buy or sell arrow, take actions without knowing how the markets work.
There is a way price actions play out that any winning trader must understand.
In case you don't know, you are playing against major market players who have made the financial market place their homes and financial activities,trading and speculation, their lives. They have spent decades of their lives or some thousand hours learning how market activities play out and how to come out WINNING. They have the right tools, the experience, the funds and the information to make winning decisions.
Some of them who are traders use trading methods that have won the market over and over again spanning across 100 years. These price data are as old as price. They understand the psychology of traders since financial trading started as a business. They understand that people don't change from one generation to the other. They are driven by fear and greed. They capitalize on these information to win the markets.
Financial trading and speculating, like every other business or profession, should bring passion, persistence, desire, hardwork, resilience, developed skills e.t.c.
Trading financial instruments, I think, should have been reserved only for experts who have had the right training, education and mind set to trade. For the sake of liquidity, anyone who has the capital can participate. There is no other logical reason to allow people who are not equipped with the right tool to participate knowing how risky it is.
What is Liquidity?
Liquidity is an important characteristic of trading financial instruments that makes it possible for any holder of an instrument to sell any volume at the current or future price anytime; or to buy any volume of an instrument now or later at current or future price.
This feature made the world of financial trading boundless.
Trade of any kind is driven by demand and supply. When a trader wants to buy an article, there must be another that wants to sell and vice-versa. That's the normal market phenomenon.
Imagine the government had limited financial speculation to the pros only. If these guys want to buy or sell in large volume, who will be there to provide the liquidity? i.e buy from or sell to them?
This is why they need other people to participate, the more people the better organized and liquid the business. So, the rule shouldn't be dis-appealing to encourage many participants. These other people, who are not well equipped with inside information, are called 'Retail Traders'. That's the category you and I fall.
If, as reported, 95% of retail traders lose repeatedly, where do their funds go to? Your guess is as good as mine. It's a zero-sum game.
The question now is: if 95% of retail traders lose, how do the 5% win?
These '5%' are those that possess all the attributes/qualities I listed at the beginning. They have sound and clearly defined winning trading methods and possess the discipline to follow through.
The trading method they imbibe are older than some of them. One of these methods is the ELLIOT WAVE PRINCIPLE or THEORY to forecast market movement.
ABOUT ELLIOT WAVE PRINCIPLE
Where traditional studies fall short, the wave principle kicks to distinguish high probability set ups from the ones traders should ignore. It also helps to identify high probability price targets.
While most technical studies do a good job of illuminating the way for traders, they yet fall short for one major reason: they limit the scope of a trader's understanding of current market price action and how it relates to the overall picture of the market.
The wave principle, on the other hand, does not only give this pertinent information but also reveals the maturity of a trend and a definable price target.
Among others, there are 5 important ways the wave principle helps a trader.
1. It identifies the direction of the dominant trend.
2. It identifies counter trends i.e when the current price action moves in the opposite direction of the dominant trend.
3. It determines the maturity of a trend and a counter trend.
4. It provides price targets for trend termination and continuation.
5. It provides information on specific point where a trade fails.
If one is equipped with these information, it's almost certain that one will be among the elite '5%' if one is discipline enough to apply all the elliot wave rules.
Personally, I have seen the elliot wave principle work; both as an analyst and a trader, on any market, be it Forex, Commodities, Etfs, Energies,Indices or Metals; and in all time frames.
It's very good for intraday , swing or long term traders.
If you are a consistent follower of this blog, you would have discovered that my analysis using elliot wave principle have been accurate about 70-80% of the time. I have put an average of 6 hours daily over the last 2 years to become an elliot wave specialist.
I have put together two categories of elliot wave mentorship program to help traders who want to be part of the elite '5%' group. Traders who want to trade objectively in a definitive and disciplined manner using a trading method that has been proven to be effective and profitable since the 1930s.
Knowing that elliot wave principle has been used by market experts since the 1930s, gives a user a lot of confidence which boosts positive psychology. Knowing that there are clearly stated rule to abide by and specific defined patterns to trade makes one to be patient and well disciplined.
ABOUT THE MENTORSHIP COURSE
So, what else do you need to be among this elite group? - good management skills, which will be discussed extensively in the mentorship Facebook chat room.
So what are the 2 categories.
FIRST CATEGORY
For those that understand the basics of elliot waves but find it hard to apply to their trades. People who trade the wave count and not price patterns. The mentorship course will nurture them on how to analyse the markets using elliot wave theory and how to recognize tradable patterns.
WHAT YOU WILL LEARN.
1. The basic tenets of elliot waves theory.
2. How to spot my three favourite elliot wave patterns. These
patterns have made me feel very comfortable while trading. They are just
very reliable.
3. How to confirm with simple technical tools.
These technical tools can even be adopted as a system. Many people I
shared with went on to neglect the patterns and focus on this technical
tools.
When combined together with these patterns, you can trade with confidence.
4. Specific entry level for each pattern. You will not pick tops or bottoms, but learn specific levels to enter the market.
5. I will not bore you will too much of elliot wave stuffs, we will
only discuss the formation and geometry of these patterns on any time
frame and any market. No boring wave count.
6. You will learn how to manage your trade by understanding how price responds to each pattern.
7. You will learn how to spot profit taking levels.
8. You will learn when to run with your profits and cut down your loss.
9. You will learn how to use a simple money management model to take
sequential profits and run with highly profitable trades just like I am
doing with CadJpy now.
HOW DO WE INTEND TO ACHIEVE THESE?
1. You will receive some of my elliot wave materials for general reading.
2. Lessons will be delivered four times a week (pdf) for you to download and read.
First week : General elliot waves studies
Second week: First pattern discussed
Third week: Second pattern discussed
Fourth week: Third pattern discussed
Fifth week: Supporting technical tools
Sixth Week: Live trade examples
3. For each lesson there will be examples
from past charts activities. For each lesson taught, all participants
and I will brainstorm with many examples from the chart until the lesson
is nailed.
4. Assignments will be given to all participants to label specific charts.
5. Participants will learn how to use Mt4/Mt5 analytical tools for easy analysis.
6. I will ensure to answer all questions in the best way I can.
7. Training will be delivered through a facebook secret group.
8. Many more that I plan to reveal and those I will end up revealing in the 'questions and answers' section.
Price of training: #20000 or $150 only.
Duration: 6 weeks
If you want to consider how much you have lost trading and how much
you set to gain from the knowledge, then the fee is so small.
SECOND CATEGORY
This course is for elliot wave novices who are not new to technical analysis. They understand basic technical analysis but need a winning edge that elliot wave theory gives.
WHAT YOU WILL LEARN.
First Month.
What You Will Learn
1. How the elliot wave principle improves trading.
2. Elliot wave principles from start to finish.
3. How to spot intra day, short term and long term activities of price using elliot wave principle.
4. How to use fibonacci tools to improve your trading.
5. How to identify the 13 elliot wave patterns and trade the easiest and most reliable of them.
6. How to avoid possible losing trades.
Second Month
All the contents of the category A course. You can read again.
Price of training: #30000 or $200
Duration: 8 Weeks
Mode Of training: Same as category A
MATERIALS FOR ALL PARTICIPANTS:
The best of elliot wave materials from R.N Elliot, other pioneers and researchers of elliot wave principles and some of my latest discoveries (unpublished).
How to enroll.
1. Send an interest message to forexmaster05@yahoo.com or to +2348134820569.
2. You will receive the payment details
3. Make payment and notify me.
4. Once your payment is confirmed, details on how to start the training will be sent to you.
Sanmi Adeagbo
THANK YOU
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