Elliott Waves Are The Worst

I get emails or comments from time to time from other traders experiencing the same issues as I do and maybe you.  I like posting them here.  I really don't know if Elliott Waves suck or not.   Thanks Alex.

Rich, I have been reader of your site for 6 months already and I have been having both success and bad luck in my trading initially until I lost almost 90% of my trading capital trying to use Elliot Waves. Damn it, that's the worst method/strategy out there. Now I am trying to recover. A while ago I discovered Nicotina's strategy, it's an automated system and it has an EA available. Since then I have recovered 68% of my initial capital (during few months). The point I'm trying to make:

It's difficult out there, and it gets even more difficult if you don't have confidence. I was not confident and rather scared after I busted my account.  What worked for me to regain that confidence was Nicotina's strategy.  You would be amazed on the power of a winning strategy over your "discretion" in the market. The majority of the wins came in situations I was SURE it would be a loser.  Don't get me wrong, I believe in "discretion" but it seems "discretion" starts working only when you're CONFIDENT and playing on the casino's money. Until then, you can rely more on automated systems.  Just my 2 cents as you are returning to trading after a long break. Best wishes in the new year!!! 

Thanks again Alex.  I checked out Nicotina's strategy and it's a common strategy where you create a box based on the high and low during a particular period.  If the price breaks the top of the box, you go long.  If the price breaks the bottom of the box, you go short.  This strategy trades the GBP/JPY (a highly volatile pair) based on a box drawn of the high and low between 1:00 pm EST and 9:00 pm EST.  I've always liked these simple strategies and they're great if you're not around to watch the market.  You put two trades orders in at 9:00 pm EST and if one of them triggers, you're on your way.  The stop loss mentioned is 50 pips with a target of 100 pips.  I only read the first few threads on Forex Factory so I don't know if the strategy has changed.  Check it out for yourself if you're interested. 

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