The tactics are just as important as the idea
itself. You learn this in addition to making
Your main concern with the markets should be something like this:
"How can I make consistent profits while keeping my losses low?"
The secret lies with the methods I follow. First of all, I don't get into a trade unless there is a compelling evidence of an 'edge'. I am always aware that my wave counts could be wrong. But this fact never bothers me. What I am after is for that sweet spot where I can reap handsome rewards if I am right, or get out of a bad trade with the least damage to the bottom line. Such wonderful opportunities come up with an amazing frequency that it is OK for me to sit on my hands doing nothing while I wait for the next good trade. Occasionally, I start off with a very promising set up, but after a while it fizzles out. This too doesn't bother me because who knows when the next big winner will show up? We have to take all the promising ones and hope for the best.
People keep feeding me with ideas. Sometimes it is the headlines I read that makes me look at a stock. But my decision to get involved is based purely on what my analysis tells me about that sweet spot! Perhaps the secret is all about placing only a few bets, Big bets, and infrequent bets. I never place a bet where the odds are not skewed in my favor.