iCharts Discussions

[Agbhai]

Hi

Wolfe wave formation in Natural gas daily.

Regards
Vishal

[pradeepgolfer]

you dont need subjective things like wolfe waves:natural gas hit the 100 day EMA but there was no crosover of the 10 day ema and the 20 day ema showing that the downward fall was correction and a buying opportunity.
Use simple concepts and observation in trading rather than indicators wave counts...trade what you see

[Agbhai]

What market you trade??Patterns are visual things(Wolfe wave).

[pradeepgolfer]

What is the success rate of wolfe wave?According to my experience it fails too often.You may have other experiences

I day trade only in natural gas.

[sherbaaz]

Hi pradeep,

It is not wolf wave which fails its the analysis/understanding of an individual which fails.

All tools and techniques work if you comprehand them correctly, both objectively & subjectively.

Regards,
Sherbaaz

[amitkbaid1008]

In my opinion & as per my experience patterns (whatever pattern it is or whatever reliability it has) fails too often than they succeed.

[pradeepgolfer]

NOTHING works with zero failure rate which is why you have to concentrate on money management.You should learn when to risk more-position mangement is key to success as a trader.And most books concentrate on techniques but only devote a small paragraph to money management.
Sherbazz:All tools and techniques can only analyse what information exists and as fresh information is available in the form of market action the trader has to see if that information confirms or negates his trade. The rules of the game are constantly changing.
Most traders KNOW the direction-money is lost because the position is not managed properly.

[pradeepgolfer]

Dear amitkbaid1008:

But experienced traders still make money with all the high percentage of failures since when they lose they lose a lot less than when they make a profit.Concentrate on money management and on high reward low risk setups.How do you do that? Study study study...There is a lot of education on the internet you can study free BUT money management is not there.

It is better to go with market structure-is there higher tops and botoms? just to give one example. Market patterns do give additional information but often breakouts are false.
Traders always concentrate on indicators patterns elliot waves wolfe waves. They ignore money mangement -good money management with a bad system. is better than a fantastic trading system with bad money management.

[pradeepgolfer]

And finally practice practice and more practice is the key to success in trading as in other competitive activities like sports or marketing or business.And make no mistake about it, trading is highly competitive and a beginners loss is an experienced trader's profit!

[Agbhai]

Hi
Natural Gas Update!!

Regards