Timing the Trade the Wyckoff Way Message Board

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Strategies & Market Trends : Timing the Trade the Wyckoff Way

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To: coferspeculator who started this subject	5/20/2004 7:00:32 AM
From: coferspeculator	Read Replies (1) of 14340

Practice Trading Practice trading is one thing that everyone agrees on but it’s also the one thing that most don’t do. I noticed a number of posts on another Wyckoff message board that emphasized it. I’ll add my two cents that it’s IMO the most important part of the process. Applying all that is needed takes time. Doing it correctly isn’t easy. The practice period assures that it’s being done correctly or you won’t get the results that are needed to be successful. The goal of having two out of every three trades work out correctly is a minimum before real money should be used. Initially, I thought that a lower percentage would work, assuming that after I’d identified the mistakes I wouldn’t make them again. I was wrong. The practice period was important in my case not just because it provided a means to make sure I had a firm grasp of the methodology and how to apply it. I also discovered during this period that it allowed me to develop patience and discipline. For me, those two factors play an equal if not more important role than the understanding and use of all the elements of the methodology. How important is this? I noticed a good discussion on a stock on another Wyckoff board and the points were excellent concerning the potential of the stock for a short position. Unfortunately, the stock was much stronger than the market. One of the most basic and important rules in determining when to consider a stock as a candidate is to make sure that it is stronger or weaker than the market. I’m sure that the posters knew this. They may very well have decided to ignore this fact and offer their opinions as educational advice. Whatever the reason, it doesn’t matter. One of the first things that should have been obvious was it wasn’t a short candidate. Wyckoff offers a very neat nine test process that has to be met before a short should be considered. Anyone that has done the practice trading time would have realized immediately that the stock hadn’t met the requirements nor was the timing right. Practice trading teaches and reinforces the essentials of the method as well as developing the patience and discipline that are necessary to successfully practice it.

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