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The True Meaning of Wealth

the true meaning of wealthWhen asked about the meaning of WEALTH, most responses centre around money.

Sure, money gives us options.

Yet keeping a narrow view of money can lead to a poorer outlook in other aspects of your life.

A common theme with successful traders is they rarely focus on the money.

Not because they shun monetary wealth.

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Be The Best Loser You Can

money detachmentThere is an old saying, "The best loser is the long term winner".

I completely agree.

Professionals have the ability to cope with losses and deal with periods of equity decline.

Amateurs don't.

Because they believe professional traders rarely have losses.

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Trading Lessons To Keep You In The Game

trading strategyIs your preferred trading strategy systematic? Rules based? Discretionary?

Here's the thing...

There are never any guarantees.

Even though marketers and spruikers will tell you otherwise.

Here's the thing: throughout your trading career, you are going to be wrong, and often.

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70% Coiners

bitcoinWhen Bitcoin blasted through $12,000 late last year a Noosa local, who in a previous life promoted herself as a 'health activist', launched a new crypto business.

As you do.

She spruiked:

"...a simple trick that allows you to choose your investments by knowing which coins to buy (so you don't waste money on "bad apples")..."

"Buy, Sell And Trade Bitcoin And Altcoins Easily  (And get started with no money down).."

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Positioning For Trend Changes Using Elliott Wave

number patternsLet's discuss how Elliott Wave principals can be used to identify trends and high probability turning points, including Fibonacci relationships.

The basic pattern consists of impulsive waves followed by corrective waves.

The impulsive wave contains five smaller or sub waves in the direction of the prevailing trend.

The corrective wave has three sub waves and moves against the prevailing trend.

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Roger Federer Doesn't Bleed...

tennisAfter the 2017 Roger Federer victory at Wimbledon, Jim Courier made the comment...

"He doesn't bleed. He's not human." 

It was said in reference to his psychological fortitude, his superior emotional strength.

Even though the stress was immense, Federer relied on his years of training. Followed his game plan. Allowed the cards to fall where they may. 

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Good Trade - Bad Trade

wave chartWhen I first discovered the Wave Principle, I was immediately impressed with how accurately it could position the trend at an early stage, and across numerous time frames.

Yet as powerful as that was for a trend follower like myself, it didn't end with this.

I was also able to project market turns with a great degree of accuracy.

This week's article is the start of a three-part series on Elliott Wave basics.

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The Key Idea

the key ideaThe strategy you intend to trade will usually be determined by your beliefs about the market and the objectives you're trying to achieve. Therefore, your beliefs and objectives will determine your Key Idea.

Your Key Idea is your working hypothesis; the foundations of your strategy and how it will work.

One of the most famous Key Ideas was declared by the Turtle Traders, specifically Richard Dennis. Being trend traders they acknowledged that every trend, without fail, was preceded by a breakout. From that start point they used a standard channel breakout to enter plus they had a 'fail safe' breakout entry which guaranteed they'd capture every new trend. 

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ASX Update October 2018

asx updateOur long term of the ASX remains unchanged; a corrective pattern higher has been unfolding off the 2009 lows, albeit at a much larger degree. Numerous headwinds remain, specifically:

→ Sentiment continues to weaken.
→ Banks to remain under pressure on housing weakness.
→ More evidence suggesting a cyclical high is close.
→ Cost cutting may have run its course, which has been the driving force for earnings.

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