If you don't know who this gentleman is, I'll tell you -- a recondite TA writer, intransigent in his stance for Deflation and its concomitant stock market crash, he is the Elliottwave guru I salute for my lack of skills, hehehe.
Unfortunately he is not adept in the art of consummating a marriage.
What do I mean?
Well, since October 2002, he and Miss Dow Jones, despite their passion for each other, have left us in perennial suspense as to the outcome of their union, with a stalemate as each stands on either side of the matrimonial bed, gazing lovingly at each other:
Miss Dow: I offer you my honor.
Mr. Prechter: I honor your offer!
This has been repeated, back and forth for 3+ years and neither has made a move yet.
What a waste! :))
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Here then are 6 secrets from him:
What Every Trader Needs To Be Successful:
No. 1 A method. Any time you enter or exit a market, it must be for a predetermined reason that will also apply in the future.
No. 2 Discipline to follow the method. Without discipline, you really have no method in the first place.
3. Experience. The School of Hard Knocks is the only school that will teach you the emotional aspects of investing, and the tuition is expensive.
No. 4 Acceptance of responsibility. Don't blame the news, "insiders," "floor traders," or "THEM" for your losses. Accept responsibility, and you will retain control of your ultimate success to the extent that the market allows.
No. 5 Accommodation of losses. The perfect trading system does not exist, so your method must deal with taking losses.
No. 6 Acceptance of huge gains. When the big winner finally comes along, you need the self-esteem and confidence in your method to take all that it promises.
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