This chapter is from the book
This chapter is from the book
This chapter is from the book
Market Gurus Again
These concerns lead into another discussion regarding my disdain for so-called market gurus. Anyone who purports to be a market guru must be cautiously regarded. Simply stated, there are no market gurus. Let me repeat: There are no market gurus! In fact, many of these gurus are just people who have failed to be successful traders and have resorted to selling products to make their living. It's such a shame. It is so easy to believe these people and their hype. My question is if they were really making money trading the markets with their methodology, why would they spend the majority of their time selling products? In addition, it's amazing to me that these guys have so much time to dedicate to the marketing of their financial products when the market consumes so much time as a full-time trader. It can be difficult to know the real deal from the jokers selling their products just to make money. In my experience, after thoroughly investigating many of these professionals—either going to their seminars or reading their books and talking with them personally—you quickly realize who's really trading and who is not. It's unbelievable that many of these individuals get so much exposure in the media yet they rarely trade and derive most of their income from selling products. If you want to find the most pertinent material on successfully trading the markets, you must seek out the people who have been or are in the business of trading.
Even more incredulous is the number of people who have come to me after spending thousands—if not tens of thousands of dollars—trying to learn how to trade from self-proclaimed gurus like these. Many of these people have been swindled out of their money while not learning any meaningful trading strategies. I believe that this is one of the greatest pitfalls as a beginner. Engulfed in a sea of (mis)information, it is easy to bounce from one system to the next looking for the answers to the financial markets. I have been there—searching for the answers to the market. Years ago, I struggled to find the best systems, spent thousands of dollars on books and software, and lost even more money attempting to trade these fantastic systems that held no real trading value. Sitting in front of my computer screen, I spent countless hours researching the best techniques. I was willing to look at any approach that proclaimed to have the answers to the market. Unfortunately, most of this research yielded strategies that failed to be reliable techniques in real trading situations.
From a general perspective, I must emphasize that searching for the Holy Grail to the financial markets is just not a realistic approach to achieve consistent success. What is realistic is discovering the order within the chaos in the financial markets, defining that order and being willing to take some risk in return for financial reward. I've dedicated a substantial portion of my life to the intensive study of the financial markets in an attempt to discover the best techniques that are consistently profitable. Through my years of research, I have put together a series of books and a software program that is sufficient to help anyone learn the dynamics of harmonic price action and provide a comprehensive method for effectively trading the financial markets. Whether you are a hedge fund manager with a billion in assets, a retiree trying to maximize your IRA, or a novice trader just beginning, I'm confident that these tools will help you decipher price action better than any other system. In my opinion, the Harmonic Trading methodology offers some of the most reliable and pertinent technical information to identify profitable opportunities and interpret price action.