Tuesday, 25 June 2019

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Interesting manifestations of prestigious trader Robert Prechter:

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"When I started in the markets, wrote in 1986, the first thing I did was make a list of rules, which were born from mistakes made in my first operations. These rules were expanded to 16 for knowing what to do and not do at certain times. After several months following those rules, grabbed the paper in which they were written and threw it in the trash. The problem with my rules, since it happens to the majority of traders who begin, is that it was trying to apply them to all the operations, but in many occasions it was not possible because many of them are contradicted. After many years of trading, I've also compiled a list, but not rules, but of needs to be successful. They are only four points, and the last two are related to the first two. This list helps me to understand the extent of the problems at the time of trading and also when solving these problems. Win money is much more difficult to do of what the traders who begin believe. Requires a good level of education, requires time, thrust and a special psychological disposition. This is what you need:

  1. A method: definable and objective. Open to change and accepting that it is not perfect, but a method that you can explain easily if someone asks you how to make your decisions. I believe that the Elliott wave principle is the best to understand the market and the behavior of prices. Although there are many methods that can operate from one single, based on the moving average of 10 day. Any tool trading that we use to buy and sell can become a method, if we objectively define rules for its use.
  2. Discipline: Without discipline, there is no method. Many of my clients are former Marines. It would be exaggerating to say that the trading is like war, but those people have the strength to suppress their emotions and act in a way that would be impossible for most. It required a strong mind for trading. The pressure is enormous. If you are not disciplined, forget about the markets.
  3. Experience: Make trading without real money is worthless and can give a false sense of security. At the time of trading, we face to a set of problems and forces encountered. The only valid school is the real market. A good option is to start from the hand of a mentor. Look at how he does and what is not allowed do. It is difficult to find such people.
  4. Mental toughness: To accept that losses are part of the game. To make responsible from the losses to the market and speculators is the first step to failure. Perfection is impossible to attain. You cannot always win. It is sufficient being better than the average. Learning to manage losses will be one of your best wins.

Source: Traderpirata.com

Erick Gálvez
Author: Erick GálvezWebsite: http://www.asdforex..comEmail: This email address is being protected from spambots. You need JavaScript enabled to view it.
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ASDForex manager and professional trader since 2008. I am also Aleforex.com manager where you can view the services that I give
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