In April 1984, before many of us were born, Bob Prechter won the US Trading Championship, Options Division, returning 444% in a 3-month period. How did he do it?
In this free report, “What A Trader Really Needs to Be Successful,” Bob lists his top 5 tools and traits to trading successfully. Coming in at #1 is a method.
Here’s what Bob says about finding a method:
“I mean an objectively definable method. One that is thought out in its entirety to the extent that if someone asks you how you make your decisions, you can explain it to him, and if he asks you again in six months, he will receive the same answer. This is not to say that a method cannot be altered or improved; it must, however, be developed as a totality before it is implemented. A prerequisite for obtaining a method is acceptance of the fact that perfection is not achievable. People who demand it are wasting their time searching for the Holy Grail, and they will never get beyond this first step of obtaining a method. I chose to use, for my decision making, an approach which was explained in our book, ELLIOTT WAVE PRINCIPLE. I think the Wave Principle is the best way to understand the framework of a market and where prices are within that framework.”
Check out this free Introduction to the Wave Principle to see why and how Elliott waves work.