In every profession there are people that
get stuck in their own belief system and can make what ever they see conform
to what they want it to look like. As for history not repeating itself,
I will have to disagree with you. All technical analysis is based upon
the fact that certain things continue to happen with a great degree of
consistence. That is what make technical analysis work. The thing
that gets in the way is the human factor. This is the case in every
failed enterprise as well as every success.
Those who can understand what they are looking at
and how to use that knowledge will always succeed. Those that follow
rotely are doomed to fail at some point. It is the ability to apply the
knowledge with as little bias as possible that creates success. That is
one of the reasons that I preach, look at both moves up and down all the
time. What has to happen for prices to rise and what has to happen for
prices to fall? The problem with most traders is that they only look in
one direction and caught up in their belief system and don't look at what will
make their decision wrong. They usually use financial pain as an exit
level rather than a price point that says they are
wrong.
I have used the same system for over 35 years and
never had to change it, adjust it or tweak it and it has worked
successfully in all kinds of markets and it still works today. So
does history repeat itself? All of the time. Minute by minute to
year after year.
Just one man's opinion,
----- Original Message -----
Sent: Friday, February 22, 2008 7:35
AM
Subject: Re: [RT] Download Free Elliott
Wave Theorist (normally priced at $29)
Just Prector .. He's been predicting doom all through out the bull market
we've been in including through nearly all of the tech bubble which would
have wiped out most people following his advice. He now admits to
under-estimating the length of wave C but only after no one had any money
left who had been believers. His view is that even though the market
makeup changes, people do not change but even that is flawed because when he
looks at the conditions in 1929, the people in that market had an entirely
different geographical and financial makeup than today. There was no
one world market.. no world economy, no ADR's. Stocks were being
purchased for .10 on the dollar. I wasn't alive then but I don't
believe there were mutual funds. So, the players are vastly different,
the game is different and the rules are different but he doggedly sticks to
his theme that it's all the same and history will repeat itself. A
view that has been extremely costly to his followers.
Bob
At 12:39 AM 2/22/2008, you wrote:
Does
this mean you're not a Prector fan or not an Elliot Wave
fan?
Just curious if there is a distinction, and if so,
why?
Thanks
In a message
dated 2/22/2008 12:03:38 A.M. Eastern Standard Time,
bobskc@xxxxxxxxxnet writes:
- Prector is still around huh? Every time the market sinks a
bit, his name returns to the media so it's not really surprising I
guess. By the time he was right about the markets from the '90's,
his followers had to all be busted but I guess there is a new crop
now.
- Bob
- At 10:31 PM 2/21/2008, you wrote:
- Download Free Elliott Wave Theorist (normally priced at
$29)
- EIliott Wave International is giving away one of Bob Prechter's
most recent Elliott Wave Theorists. You can read his publication free
of charge. Single issues are normally priced at $29.
- http://www.elliottwave.com/a.asp?url="">club/free-theorist.aspx?code=aff&cn=6tgt
- No virus found in this incoming message.
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2/21/2008 11:05 AM
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