Even if there is a lot of buzz about Nicola Delic and Elliot Wave DNA you should know the following:
Nicola Delic looks to be a real deal – just search for him on google and you will see why. He is not only a real guy but also shares some real information to traders for free – without any charge. For example this is what I found in his latest report he shares called Dark Numbers:
Tip #1 – Limit Your Trading. We need to protect ourselves from over trading, this usually seems like something everyone ignores but how many times have you made a nice profit trading at the start of a day and returned everything to the market on the same or next day? Yes this happens to more or less everyone so try to have a daily limit for the number of positions you are going to open in a single day. This tip is mainly for Day Traders and if you are one of them try to limit your trading to no more than 3-4 trades per day and after that, step outside and do something not related to trading. Go work out at the gym, spend time with the family or go and have coffee with friends, go and do whatever you want just don’t trade!
It doesn’t matter if you are in profit or loss at the end of the day, if you are in profit that’s great! You will just protect yourself from returning your profit back to the broker. If you ended the day with a loss you will protect yourself from trying to recover those losses faster and that usually ends up going completely wrong!
Tip #2 – If there are any High Impact News Releases Tighten your Stop Losses or avoid trading at least 15 minutes before and after these events.
Tip #3 – Be A Selective Trader. You won’t always get the same amount of profit for each trade that you see on your charts so you need to be selective and trade only signals that can make you the most profit. To make it simple, define the minimum Risk To Reward that you need to follow, and that only means how much money you are risking on each trade which is equivalent to the profit you earn on each trade. Try a minimum Risk To Reward Ratio of 1:1. This means that if you risk $100 you are standing to make $100. An ideal Risk To Reward Ratio would be 1:2 which means that on a trade with a $100 risk you stand to make $200 if the trade is profitable.
Tip #4 – Keep A Trading Journal. A trading journal might sound boring to most traders and it was the same for me too but it is only after I started mine that I truly became a successful trader. I keeping adding to my journal every day. Now, the best and easiest way to start a trading journal will be to open a Notepad file and start documenting your trades. It does not need to be fancy at all, you can document your trades by writing them in this format:
Pair – Time Frame – Buy/Sell – R:R – Reason
He also shares a nice system called FibCashCompass which can be applied to all timeframes and currency pairs with equal success but he recommends only these pairs: EURUSD, GBPUSD, USDCHF, USDJPY, AUDUSD, USDCAD, EURJPY and GBPJPY. Some of the best results are on H1 and H4 timeframes as there are fewer whipsaws and the moves are much larger. Just remember to change the DrawPeriod setting on the FIBCC2 indicator to accommodate the larger timeframes.