Monday April 5, 2021 - 15:33:06 GMT
Share This Story
Global-View.com - www.global-view.com
Words of Wisdom by a Global-View Member
This post from a long time and highly respected Global-View member caught my attention, As a reullt, I thought it would be a good idea to share it with you. Scroll down below the post to see my added comments.
haifa ac 06:36 GMT March 27, 2021
Let's Celebrate!!: Reply
I am a Wyckoff trader. My mentor was David Weis. I wrote two books on the subject (one on Point and Figure). Wyckoff has not worked in recent years because his basic tenet is that the role of THE MARKET is to provide a HEDGING mechanism to allow business and risk takers to shell some of that risk on the public. I do not think he took into account Zero interest rates environment for such a long time.Sticking to Wyckoff in recent years cost me a lot of money because I could not adjust my basic thinking.
Bottom line is that in the end you never trade against the market but only against yourself and your own weaknesses. The reason it takes so many years to become a good and consistent trader is that it is a long, tedious and tiresome Chautauqua to learn to know all your weaknesses. Nothing works in the market all the time and to have the mental freedom to adjust to "new" market modus operendi requires mental agility and lack of EGO that many traders cannot achieve.
Another important point about trading is that the world of electronic trading and the availability of data to so many people who never before had access to it--is rather young (New York Burse opened around 1880 --Jesse Liveremore era) and trying to turn technical analysis into "science" in such a short time is a very arrogant and stupid way to think you can master the vast world of finance. (think of the development of science from ancient Persians to Einstein--took thousands of yars!!) You do not hear today about Denis'es turtles, or Prechter Elliott waves. Market Wizards do not exist and as Ed Seykota said--"good traders do not TALK-- they trade."
So, as the market matures and more historical evidence is being collected---you realize that the epigram: " I worked very hard to find the KEY to the market until I found it and then the S.O.Bs changed the lock on me"-- is a sad truism.
Again-- you only trade against your own weaknesses---try to discover and face them as soon as you can..
Those who have followed my posts over the years know I am very transparent, more of a trader than a marketer. However, after reading AC’s post on the forex forum I almost feel compelled to mention the only program I have seen in my many years of trading that has stood the test of time. If you haven’t guessed by now it is The Amazing Trader and the strategies that go along with it. The reason is that it can be used in all market conditions, which sets it aside from any other system or strategy or program I have seen. There is an old saying, You can only lead a horse to water but you can’t make it drink so decide for yourself.
Sign up for the Amazing Trader
Sign up for the AT Strategy Guide (includes 2 months Amazing Trader access)
Jay Meisler, co-founder Global-View.com and creator of The Amazing Trader
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."