Traders Identity, The Key to Succeed in Trading

Trading is a profession that many enter with big dreams, we all have been guilty one way or the other of the illusion of making a living out of trading. Many aspects are part of a trader been able to success like self-control, greed, fear among them. We believe that one of the most important aspects for a trader to know and control is Identity.
Identity by definition is who you are, the way you think about yourself, the way you are viewed by the world and the characteristics that define you.
The market is by nature an entity which tests each trader into the most possible extremes, we fear to lose, we want more, we want to make money fast, we live a dream many times. Many traders do not understand the nature of the Market which many ways is needed to relate to each trader own nature or Identity. Market comes with combinations of time frames and this is aspect in which many fail to understand the oscillations and how each trader is not suitable for each time frame, as we always have said the lower the hardest it becomes, but also the stronger the trader mentality needs to be because of the number of oscillations.

Elliott wave Theory cycle degrees is represented as follow:
Grand Super Cycle: multi-century
Super Cycle: multi-decade (about 40–70 years)
Cycle: one year to several years (or even several decades under an Elliott Extension)
Primary: a few months to a couple of years
Intermediate: weeks to months
Minor: weeks
Minute: days
Minuette: hours
Subminuette: minutes

As we can see, the lower the degree the lower the time frame, but also the hardest it gets, let us explain the most popular degrees.
Intermediate is a degree which can be traded in the Monthly or Weekly chart and trade can last a year more and less, this type of trade is very reliable due to the fact that in one year there is only 12 months and 52 weeks which indicated 12 monthly charts or 52 weekly charts.
Minors, is a degree which can be seen in the Weekly and Daily charts and is very reliable, there are 52 Weekly charts and 365 Daily charts.
Minutes is a degree which is also reliable because can be seen in the Daily charts and 4 Hour charts, there are 365 Daily charts and 1248 4 Hours charts.
Below this degree, the Market becomes more dangerous and consequently more demanding of discipline and self-understanding of each one strength and weakness. Every single tool of Technique will be tested to a higher degree because the number of oscillations will increase tremendously.
Minuette is the degree which can be seen in the 4 Hour and 1 Hour charts which make the trade a small swing trade and can last a few days, ideally the trader will be trading the 4 Hour pullback and entering base in the 1 Hour chart, there are 1248 4 Hour charts and 7488 1 Hour chart in a year.
Subminuette is the most popular degree and the hardest to trade, most of the traders ending losing and not lasting more than 2 years and this degree is the major reason, there are many reasons or myths like the lack of equity which forced traders to trade in this degree, but with the right money management a trader can trade into more reliable higher degrees. Read this article in which we explain how to do it the right way. An Important Lesson on Money Management. There are 7488 1 Hour charts in a year, but when trading this degree, a trader will be entering the base in 15 minutes pullbacks which can be counted as 29952 charts or periods in a year.
As we have explained, the degrees are related to the time frames, but the most important is knowing your self and trying to find the degree that fixes you better, most of the traders tend to trade in the riskiest degrees, but also tend to trade in degrees which do not fit your personality. Even when we all Humans, we do not have the same personality, we are different in how to handle emotions, stress, fear, and greed consequently, we all cannot trade the same degree. Based in the math the higher the degree the better and instead of the Subminuette which is the most popular the Minutes is the better fit for the equity and most personalities, only traders with a higher degree of self-discipline and huge understanding of how to invest in the long run and money management should be trading the below Minuette degrees due the challenging which comes with them. As always, we trying to help traders around the world to become better traders and be able to last and make the dream of becoming professional traders a reality.

 


 

Become a Successful Trader and Master Elliott Wave like a Pro. Start your Free 14 Day Trial at - Elliott Wave Forecast.

FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.