I was fortunate to have been trained by one very senior trader and one of the best Eliott Wave Analysis expert. He trained me and another trader friend who was very arrogant and I learnt a lot from this great teacher and a fine gentleman. He taught me to be humble, to be always ready to learn, always have a second plan of action ready if the most preferred one fails, always be flexible in the market etc...
As both of us were taking EWT lessons and applying to realtime markets...many times we got absolute accurate entries and sometimes our analysis totally failed. But the arrogant trader friend thought that the market MUST behave as per his analysis and views. At one point of time , he rang up our teacher and said " Sir I have a good news for you " sir asked "what is the good news "? He said I just completed the market analysis ...and there are only 2 people in the entire world who know for sure what the market is going to do tomorrow...."
Our teacher was surprised by our trader friends ego and said" oh...that is great , but who are these 2 persons ? " Trader friend replied " One is me.....and the other one is you" ....our teacher gave a good laugh and said " boy...please exclude me from the persons who know for sure...that makes only you as the only person in the entire world who knows for sure what the market is going to do tomorrow....I never claim that I know anything for sure...I just assess the probabilities "
This trader friend later on his charishma and big talk joined a big group as a trading advisor and suffered huge losses...and had to be thrown out and he finally went out of trading business...the losses were so big that it made a dent in the group's networth....if only he had listened to the teacher's words and the meaning of those words, things would have been very different....
Real incident...
Smart_trade