Thread: Should I attempt Elliot Wave?

I feel I am at a point in studying Forex right now. I think that with a couple of good books and 6-12 months more trading that is live, I could step into the world of time trading. But, Elliot wave is appealing to me. Should I try to learn it? It looks like I could devote the time necessary to understand it (decades, I hear) because I'm a college student. However, on the other hand I believe I might be profitable with no. Also, the books mentioned previously are http://www.amazon.com/Trading-Zone-C...474911-5586317 and http://www.amazon.com/Quantitive-Tra...ie=UTF8s=books, if any one is wondering.

Thanks,

Originally Posted by ;

But Elliot wave is appealing to me. Should I attempt to learn it?
Thanks,
andersenws

God no, do not waste your time. Elliot waves are correct after the actuality. You can not even make sure you are in a good wave sequence until the most significant wave (3) is over. If you are lucky, you get a little retracement (wave 4) and an then a little higher high (wave 5) and it gets all confusing which the EW guys call A-B-C unless doesn't work out. Proceed to the library and look for a publication by Bob Prechter, 5 minutes with this and you realize that you are making things a lot harder than they must be. Prechter, condsidered by many to be the authority on EW missed the entire tech bubble using elliot waves.

I went to seminars on EW, bought books, bought some very expensive EW scanning software, watched videos and tried for over a year to make it work for me so I feel mildly qualified to offer an opinion on the topic.

Best wishes regardless of your choice.

Originally Posted by ;

Elliot waves are almost always right after the fact.

Almost all of the EW stuff Ive seen prices a pretty price. You know why? Because hindsight trading is the best thing. It makes the teacher look awesome, and makes the pupil always need to keep studying (and spending) more.

I agree with Phil.

The two posters that are prior and I agree.

I spent a LOT of time together with EWT, subscribed to newsletters, researched, then studied some more. It didn't help the bottom line. I do recommend learning the fundamentals; there are some useful concepts there.

Thank you for the replies, I leaned against it. The time required to learn it appeared excessive, and as I said, I believe there are ways to earn money in Forex.

Originally Posted by ;

Thank you for the replies, I had been leaning against it. Appeared excessive, and as I mentioned, I believe there are ways to earn money in Forex.

Andersenws

dude know candlesticks..it's everything you Want

Listen the ideal way to generate money in FX is using EWT the so called big everybody talks to a tee about use EWT. Bankers too. Trust me from an inside source. Take a look at my thread. Count is right you create money plain and simple. I have been killing the cable that the last couple of days. Im at a cad trade today that I think im in wrong but the fantastic thing about EWT is if you're in a commerce wrong you dont need to panic and take a huge reduction you can just await your retrace then get out for little profit or very small reduction. Hope this helps. Also should you choose to use EWT DONT BY THE SOFTWARE you'll loose money.

Originally Posted by ;

Thank you for the replies, I was leaning against it. Appeared excessive, and as I mentioned, I think there are simpler ways to make money in Forex.

andersenws

Originally Posted by ;

EWT, fibs, channels support and resistance, rsi and price action.

That's a quote out of your journal today when asked what you're using. Authentic EW traders don't use all that stuff. It is used by you because because EW by itself is feeble at best.

I started using the stuff recently. Just like the start of the week on tuesday. For better entry to the pip. Philmcgrew have a look at the remainder of the thread yet allow me to post my stats until I stopped posting them.

Originally Posted by ;

That is a quote from your journal today when asked what you use. Authentic EW traders do not use all that things. Because because EW alone is feeble at best, it is used by you.

I received trading signs out of the assumed ellioticians around the planet for a year, they were horrible and I wouldn't use them if they paid me. There is absolutely nothing helpful about it topic if that is what you're looking for, but in a practical sense. Only my opinion.