So when you start to look at the different strategies available, for example, like for myself, I try looking at Elliot wave but I couldn’t reconcile with it because my worldview is very different from the worldview that Elliot wave users use.
To me, my worldview is that I believe that the market is moved by people ok so what’s more important is what are the tools I can use to help me understand the market participants.
If you’re talking about Elliot wave, a firm believer of Elliot wave believe that things move in a very scientific and harmonized way. That means it’s like assuming that the way market moves is how the wave comes up in high tide low tide high tide low tide in that manner.
So my worldview is that it’s not as simple as that because the way that people react is not scientific.
So that’s the reason why to me my worldview doesn’t fit Elliot wave but some people claim that Elliot wave helped them trade very well so that’s why their world view they believe in that that’s why they are willing to apply.
That’s actually a very crucial factor because if you have a worldview that clashes with a strategy that you’re looking at, you will not find the motivation and the discipline to apply to learn deeply about it and apply it.
You get my point?
Once you identify a certain worldview and if you identify a certain strategy or methodology and it makes a lot of sense to you, it has to make a lot of sense to you, if it makes a lot of sense to you, you’ll be able to say that ok when I look at this strategy, I understand the reason why this strategy makes money and why the other strategy I feel that it doesn’t make money.
So once you have identified that, you have the motivation, you have the discipline to study deeper.
Interested to receive mentorship opportunities like this with Philip?
Find out more at traderwave.com/innercircle
Latest posts by Philip Teo (see all)
- Why choose Technical Analysis over Fundamental Analysis - April 20, 2019
- What is the most ideal trading horizon for a part time retail trader - April 18, 2019
- How can I identify the ideal trading style based on my personality - April 16, 2019