A POST TO AN ELLIOTT WAVE COUNTERS BLOG

Hi Dan,

 

I just want to share some thoughts. First off, what a terrific blog you have got going and I believe you are doing the EW community a fine service. I have been a subscriber to other paid services and your work technically and anecdotally is up there.

 

I can hear the frustration in your notes, and I have to confess as a long time hedge fund manager I too am feeling the heat, but I want you to know that I think we are extremely close, and as long time bears all say "surprises on the downside" so stay open to less clear wave patterns.

 

I personally love EW trading and it influences all aspects of my life, yet it is important to acknowledge that its success rate at catching turns is probably less than 50%; however, as a trader it gives you a vital edge in terms of where to place stop losses and profit objectives, therefore it can be a highly profitable trading system for disciplined traders.

 

My point therefore is to stick with the EW aspect of ones trading but to very importantly build a robust money management component to ones trading as with out it you can become the worlds best bankrupt Elliott Wave counter.

 

An ending thought; my experience tells me that having the emotional fortitude to withstand all these false starts is what is required to be a successful EW trader. The harder it gets to trade often the more profitable the trade.

 

Wishing everyone good luck on catching most of P3 whenever it may start (if it hasn't already).

 

M