I started trading Nifty futures but identifying elliott waves and its numerous extensions and corrections certainly takes a lot of time. I traded based on the basic knowledge of elliott waves and found it difficult to trade futures. Also, the commissions and brokerages are high for intraday nifty futures. So I decided to go with trading wave 3 (the longest wave) for 1:1 risk in the beginning and then expand on the trailing stop losses technique when I get enough practise. I am reading "Trading in the Zone" right now and trying to understand the psychological aspects of trading. As they say, it is 80% emotional, money management and 20% trading system. So I need to stress more on the psychological barrier of risk management and losing trades.
For now, I will be trading Wave 3 on individual equity stocks for quite some time with lots of discipline. I hope I stick to my plan for long. After I get well versed with that, I plan to expand into trading the actual elliott waves and wedges. This is pure price action stuff and there is no need of any indicators. Indicators are liars!!!
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