Wall Street is unnerved again today (Sept. 9), as prices saw another dramatic drop. Even the most experienced traders often suffer losses in volatile markets. So how do some people manage to achieve long-term success in bull and bear markets alike?
In January of this year, career trader Roberto Hernandez shared the story of his painful initiation into the markets. After suffering heavy losses at first -- and then again even after becoming an expert in Elliott Wave analysis -- he said
"I discovered that being a good analyst is a totally different thing from being a good trader. I had all the tools to be a good analyst. But I didn't have the tools to be a good trader."
Hernandez's trading career got out of the red after he attended a seminar by the "Man
in the Black" -- Dick Diamond. Today, Roberto's firm discipline and trading method has earned him a spot alongside his legendary teacher, co-instructing the Market Mentor Trading Course (
learn more here>>).
Back in January, Hernandez agreed with Bob Prechter that this bear market is far from over. In turn, Roberto offered this word of caution to traders who choose to speculate in this environment:
"If you are not experienced with trading in volatile markets, this is not the time to cut your teeth. Most novices see the markets jump up and down and they want to catch every move, so they trade more often. That's a mistake; I've learned you have to scale back and trade with the larger trend.
So how does he do it? Here's a brief example of the method he teaches.
Please note: Hernandez says that the goal of the course is to gain the discipline not to lose money -- which is especially timely in this market right now.
As you've just seen, Roberto incorporates Elliott Wave analysis into his work, alongside the Walter Bressert oscillator and the Relative Strength Index from Metastock, plus Diamond's Market Mentor Edge tool.
"Although Dick doesn't use Elliott wave analysis himself, or teach it at the course, personally I use Elliott a lot, for the direction of the market. I just use the oscillators to confirm my wave counts. During Dick's course I tell students that the Wave Principle can work beautifully, but sometimes the wave counts conflict with each other. Oscillators are great at helping you decide which count to go with."
You will learn how to use the remarkable tools from this video --
and understand the role discipline plays when it comes to staying out of the market -- when you attend the Market Mentor Trading Course.