Jacko I'm not taking your comments in a negative way and furthermore I think itme replied to all of your oberservations in a very debonair manner. But I just have 1 question for people as yourself What system have you come up with for us to critique. By the way when your wave count is correct ELLIOT WAVE TRADING is how forex is traded to a tee. I have made very close to 1000 pips since Sept. 11 2006 using my own ELLIOT WAVE TRADING SYSTEM. Its people like itme that has motivated me to come up with my own system that works for me maybe you should do the same Mr. Jacko. Oh and by the way Please dont take what I have previously said personal I just wanted to give you something to think about to maybe help you to become a better trader.
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Just some observations, if I may. And PLEASE take them in the positive and constructive fashion that they are intended. As I have said previously, your methodologies (as shown by your results) are heading deeper and deeper into a blind alley and the accumulated losses are now growing almost exponentially.<o></o>
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I think that you may also have recognized that fact by your post below:<o></o>
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I am convinced that you are a very intelligent person as evidenced by your posts. <o></o>
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However, you have said in a number of your posts that you are tired/exhausted and are making a few mistakes, so from a trading point of view I would just like to alert you to a few things that perhaps you have not thought through. <o></o>
1. By adjusting the stops in your trades, you significantly reduce your reward to risk ratios. In a number of your posts you have significantly adjusted the stops on your trades and your risk reward ratios of your adjusted trades have usually declined to approximately half of the original ratios.
Furthermore, some of your Target Prices are very deep discounts/premiums to the existing prices which has the tendency to initially inflate the reward risk ratio.<o></o>
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2. In some of these trades, the trades were (temporarily) profitable to a relatively small degree after the positions were taken. Following the sage advice from merlin, if you had incorporated a trailing stop in these trades you would have made a profit (albeit small). Invariably, you then went into negative territory on these trades and was stopped out.<o></o>
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3. Those trades have now gone into loss. This contradicts a fundamental axiom of trading: NEVER let a profit turn into a loss<o></o>
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4. At present, your win rate is less than 20% (and dropping quickly)<o></o>
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Another way of looking at this is that over 80% of the Elliott Wave (and the Q factor) has missed the target, whether that be <o></o>
(i) a result of incorrect wave count,<o></o>
(ii) confusion over what constitutes a wave.<o></o>
(iii) your tiredness <o></o>
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Also note: This figure does not include the trades that never occurred because the predicted entry point (as predicted by the Elliott Wave and Q factor) did not get met.<o></o>
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Whatever the reason, it would tend to imply to a neutral observer that Elliot Wave is not a "sufficiently reliable" model to generate consistent profits from predicted entry point or exit points.<o></o>
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5. Your last five forays into the GBP/USD and EUR/USD have been terrible losses. Your accumulated losses are growing alarmingly quickly and the losses are now beyond what any realistic model would accept as reasonable. <o></o>
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While I accept that you place a disclaimer that the trading signals are for research purposes only, any person (that is, any impressionable newbie) who tried to successfully trade these trades would have been financially devastated. <o></o>
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As you are aware, I am not a believer in Elliott Wave theory. I thoroughly checked out the model some time ago and found it seriously wanting in its ability to predict Forex (or any tradable commodity).<o></o>
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However, as I have said above, I am only trying to alert you to some pertinent issues in your strategies.<o></o>
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If you are already aware of those issues, then please disregard this post.<o></o>
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Good luck in your future trading.<o></o>
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P.S. I am still at a loss as to why your trader friend who has a 80% success rate using a 25 pip stop, and has recently won 12 trades in a row wont help you.
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