100% Rebate XM automatic Transfer to Your MyWallet Account everyday! , The Biggest XM Cashback Rebate in the World..!

Select you Language

EN - English ID - Bahasa Indonesia AR - العربيّة ZH - 简体中文 HI - हिंदी UR - اردو BN - বাংলা VI - Tiếng Việt TH - ไทย KO - 한국어z

English French German Spain Italian Dutch Russian Portuguese Japanese Korean Arabic Chinese Simplified

Success Story of the Elliott Wave Master: Glenn Neely

Glenn Neely, a trading expert, successfully tackled the main weakness of the Elliott Wave analysis technique: subjectivity. How did he resolve this issue? Just a week before the tragic events of September 11, 2001, which devastated the Twin Towers of the World Trade Center in New York, renowned trader and founder of the NeoWave Institute, Glenn Neely, predicted an extraordinary fundamental event that would shake the US markets. Although it's unclear whether his prediction was based on the Elliott Wave theory or not, Glenn Neely is undoubtedly an Elliott Wave analysis expert and a globally recognized market analyst. So, what's his success story? And what lessons can we learn from this figure?

Regretting His First Trading System Purchase

When Glenn Neely first became interested in trading, he ventured into the commodities market in 1980 while still working in the offshore oil industry. Before using a live account, Neely had read numerous trading books, but he found them all uninteresting and confusing. He then decided to purchase a trading system for the commodities market. "I paid thousands of dollars for a system and strategy that I thought was the 'holy grail' of trading. But it turned out... the results were very disappointing. That was my first lesson. No matter how much money you spend on buying a trading system, it won't guarantee your success," explained Glenn Neely.

Unraveling the Elliott Wave

Neely then paused trading on his live account for a while and started afresh. This time, he took a more serious approach to studying all aspects of trading. "For about a year, I studied all the materials I could get my hands on. It wasn't as easy as I thought, but it wasn't confusing either. When it came to the Elliott Wave theory, I wanted to delve deeper. Why do waves occur? How do upward and downward waves form? I felt something was missing, or more precisely, something was absent. If you observe the waves, there are many ways to interpret them. It's not objective. I spent a lot of time making it objective by incorporating certain techniques," Neely revealed.

Developing His Own Elliott Wave Theory

Neely then established the Elliott Wave Institute in 1983, which was later renamed the NeoWave Institute in 2000 to distinguish itself from the classical Elliott Wave theory, which he believed was "too subjective, vague, inaccurate, and tended to be monotonous." The NeoWave theory he developed is considered easier to apply and more accurate than the classical Elliott Wave. For over 10 years, Neely's NeoWave Institute has won many awards, including being one of the top ten S&P timers according to Timer Digest, thanks to the accuracy of its trading system predictions on S&P price movements. If you're interested in the NeoWave theory and want to learn more, you can visit their website at neowave.com.

Lessons to Be Learned

For novice traders, Neely advises paying attention to emotional factors in trading. "It indeed takes a relatively long time to trade without being influenced by emotions. You won't be able to learn the market's characteristics emotionally. For me, the most important thing is to understand market behavior correctly and deeply, as well as knowing exactly the size of the risk," he said.

From Glenn Neely's story, we learn that success in trading requires patience, perseverance, and in-depth research. It's also crucial not to fall into the promises of 'miraculous' trading systems and to continually innovate and develop better approaches.


Featured Post

Learning Scalping Systems for Beginner Forex Traders

Scalping is a trading strategy that focuses on making small profits over short periods of time by executing numerous trades each day. For be...

Download Platforms

(MetaTrader for PC, Mac, Multiterminal, WebTrader, iPad, iPhone, Android and Tablet)

Popular Posts