How You Can Make Yourself a Better Trader
Define Yourself: What Kind of Trader Are You?
October 27, 2011
By Elliott Wave International

The idea of being a successful trader is exciting. The reality of becoming one is another thing. You need to understand more than the markets — you need to understand yourself.

EWI’s Senior Analyst Jeffrey Kennedy knows what it takes. He has analyzed and traded the markets for over 15 years. Jeffrey has learned what it takes to be successful, and he has the discipline to apply that knowledge. Enjoy this excerpt from his free Club EWI eBook Best of Traders Classroom, in which he answers: What kind of trader am I?

As a trader, it is imperative that you define your approach to the markets. For instance, do you follow the trend or do you like to play breakouts? Are you a commodity trader or an index trader at heart? What’s your trading time frame, five minutes or five weeks? Moreover, how do you analyze markets, fundamentally or technically? Do you prefer using a black box type trading system or making your own calls?

My trading style is to trade with the trend. Specifically, I like to buy pullbacks in uptrends and sell bounces in downtrends. My markets are commodities, and my time frame is three to five days. If I catch a trade that has some legs to it, and it lasts a little longer, that’s fine with me. Bottom line, though, I’m a take-the-money-and-run kind of guy. This is who I am as a trader.

In addition to the Wave Principle, I include basic chart reading and bar patterns in my analysis. While I do use a few select technical studies in arriving at my decisions, I have always believed that “price” is the ultimate indicator and that everything else is secondary.

Remember, success in trading comes from the consistent application of a proven methodology. If you don’t define your methodology, then your trading style could change with each new issue of Stocks and Commodities magazine. Trying a variety of analytical techniques rather than consistently following one is a problem for traders, and it’s also a great way to lose your trading account.

Read more of Jeffrey’s lessons in his free 45-page eBook: The Best of Trader’s Classroom. This valuable eBook, adapted from the $189 set of the same name, offers the 14 most actionable lessons every trader should know.

Download your free eBook now.

This article was syndicated by Elliott Wave International and was originally published under the headline How You Can Make Yourself a Better Trader. EWI is the world’s largest market forecasting firm. Its staff of full-time analysts led by Chartered Market Technician Robert Prechter provides 24-hour-a-day market analysis to institutional and private investors around the world.

A trader’s biggest enemy and the most significant roadblock on the way to become a consistently profitable, successful currency market player is his or her own mentality. A trader’s style, personality and mental traits play the biggest role in reaching good trading results and becoming very successful in trading the forex market. Besides respecting the basic rules of forex trading, it is important to transform your thinking in a way a trader sees the world and the markets.

The Tale Of The Two Wolves

One evening, a very wise, old Indian chief was speaking with his grandson about life, telling him about the internal battle that goes on inside all people.

He said: “My son, inside all of us there exists a constant battle between two wolves.

One wolf is very evil. It forces you to deal with anger, envy, jealousy, sorrow, regret, greed, arrogance, self-pity, guilt, resentment, inferiority, lies, false pride, superiority and a self-centered, destructive ego.

The other wolf is very good. It helps you to experience joy, peace, love, hope, serenity, humility, kindness, benevolence, empathy, generosity, truth, compassion, faith, self-respect and to develop a giving, constructive ego.”

 The grandson thought about it for a minute and then asked his grandfather: “Which wolf wins?”

The wise, old Indian chief replied: “My son, the one you feed.”

(Jared Martinez: The 10 Essentials Of Forex Trading)

psychology, psychology of trading

The Single Most Reliable Indicator

In this video excerpt, Elliott Wave Financial Forecast Editor Steve Hochberg explains one of the most important things to keep in mind when assessing a market, “Extreme opinions, shared widely, constitute the single most reliable indicator of an impending change of direction for a market.” Enjoy your video excerpt.

To find out more about the Wave Principle, be sure to watch the Club EWI video series: Learn the Why, What and How of Elliott Wave Analysis. This 3-video series is a great way to get started with the Wave Principle. You can watch these videos free with a Club EWI Membership.

Watch the Club EWI video series: Learn the Why, What and How of Elliott
Wave Analysis. This 3-video series is a great way to get started with the Wave Principle. You can get these videos free with a Club EWI Membership.

Watch your free video now>>

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