Waves, Patterns & Projections (2003)

You say you need advice pk, thats positive, an alcoholic can only start a cure when he admits he has a problem, the same goes for traders eventually, either that, or revulsion causes them to quit. Nothing is hopeless, so get up off your back and do something about it. For a start do not reinstate your short position now, I believe you will almost certainly lose both short and mid term. Right now, at the time of this post, the Nas 100 is quoted at 1440/42, if you can get in at or below that price, s/bet, or qqq options, and have the ability to hold your position if the trade initially goes against you, you will not regret it.

And why this facination with shorting? You should only short if you have a reliable system that advises you that the index is about to fall, not becouse 'you think it is about time it should, for one economic reason or another'.

Consider this in relation to the statement ' The crowd is almost always wrong '

Most posters on this board are bearish in their trading. Go to the day traders thread, the majority are bears, and the majority are wrong.

The market has been in an up trend for 9 months, that is an undisputed fact, and for 9 months they have all been trading against the trend, and calling the market down, that is also a fact. What a handicap to carry!

By the way, it is simply not good enough to just trade the trend, after all the dow, for instance, could have a large correction, big enough to wipe you out, and still remain in it,s trend. Moving averages are not good enough to consistently allow you winning trades, and if elliot, gann and the rest were consistently accurate, all would be winners, and trading would come to a halt.

Do as I have done, bin the lot, and develop a fresh approach.

No matter how clever, or brainy, or technically efficient we think we are, there are always people who are more so, and it is logical to assume that they, using modern technology, backed by enormous resources, have tested Gann, elliott, and the rest to the limit, and had they been successful their would be no trading available now.


There are some prolific posters on this board, they post reams of theory and information, but that does not make them successfull traders. What they have never learned is the following statement, that used to be drummed into young engineering aprentices 'Keep your mouth shut, and your eyes and ears open, untill you have become a successfull tradesman. Skilled tradesman will not be bothered to help a know it all.

If they had learn't that, I may have decided to teach them how to identify consistently accurate entry point's.

Big headed of me?

No, just another FACT.

We do at least have something in common, albeit for different reasons, for me it is the attitude of many of the posters on these threads, trading wise, that causes me also to 'not give a fcuk'. Let them carry on impressing everybody, or knocking anything they cannot understand, while behind it all most are are either consistant losers, or in reality do not trade at all.